Attitudes Toward Noncompliance and the Demand for External Financing
研究发现，对违反道德原则容忍度更高的人更可能借贷，有违法记录的企业高管也拥有更大额度的抵押贷款，表明违规行为通过降低心理成本放松了资本市场的参与约束。
We study the link between the individual propensity to violate moral principles and the demand for finance based on two data sets: the World Values Survey and a data set with the legal records of U.S. chief executive officers (CEOs). We find that individuals who are more tolerant of moral principle violations are more likely to borrow. Corporate executives with legal records are also associated with larger mortgages. Reverse causality and attitudes toward risk are unlikely explanations for our findings. We contend that noncompliance relaxes participation constraints in capital markets by lowering the psychological costs of entering and breaking a contract.