Does Local Capital Supply Matter for Public Firms’ Capital Structures?
研究发现，上市公司总部所在地的老年人和女性比例越高，公司越倾向于使用债务融资，因为这类人群的保守投资偏好增加了当地债务资本的稳定供给。
Abstract Publicly listed firms respond to capital supply conditions shaped by local investing preferences. Public firms headquartered in areas with higher proportions of senior citizens and women use more debt financing. These demographics are associated with conservative investing, leading to a higher and more stable local supply of debt capital. The demographics–leverage relation is more pronounced for firms that cannot easily tap public bond markets, which is the majority of public firms. Changes in firms’ financing activities around exogenous shocks to credit supplies, including interstate banking deregulation and the 2008–2009 financial crisis, support the local capital supply hypothesis.