Managerial Social Capital and Financial Development: A Cross‐Country Analysis
研究了管理者社会资本（通过社交网络形成的非正式关系带来的好处）对金融发展的影响，基于1999-2012年跨国样本发现社会资本水平越高，金融发展越好，其中非正式和非职业关系作用最大。
Abstract This study examines the issue of whether managerial social capital, defined as aggregate benefits of social obligations and informal contacts formed through social networks, has an impact on financial development. Utilizing a large cross‐country sample for the period 1999–2012, we provide evidence that higher levels of social capital have a positive effect on financial development. We are able to examine different types of social connections for our sample firms and find that informal and nonprofessional relationships matter the most for financial market development. These findings are robust to alternative model specifications, variable measurement, and estimation techniques.