Does Corporate Headquarters Location Matter for Firm Capital Structure?
研究美国公司总部所在地对资本结构的影响，发现同区域企业融资政策趋同，且这种效应不受当地信贷市场和法律因素影响，表明地方文化和社会互动等非经济因素起重要作用。
This paper studies the impact of corporate headquarters location on capital structure policies. We show that firms exhibit conformity in their financing policies to those of geographically proximate firms and that the location of corporate headquarters helps explain the cross‐sectional variation of capital structure in the United States. The location effect is robust to local credit market conditions and to state laws on corporate takeover and payout restrictions. The results suggest that noneconomic factors, such as local culture and social interactions among corporate executives, play a significant role in influencing corporate financial policies of firms headquartered in the same metropolitan area.