The role of culture in firm-bank matching
利用包含两个文化群体贷款申请的全样本数据，研究发现企业更倾向于向文化相近的银行申请贷款，且该效应在信息不透明的企业中更强，表明需求侧因素在形成同文化借贷关系中起关键作用。
We assemble a unique dataset containing population-level information on loan applications in a region hosting two cultural groups to study the role of culture in firm borrowing decisions. We find that firms are more likely to apply for loans from culturally close banks. This effect is stronger for opaque firms, but not for less performing firms, indicating that firms do not expect preferential treatment from same-culture banks. Loan applications to culturally distant banks increase sharply with firms’ size and age, suggesting a role of information asymmetry in firm-bank matching. In contrast, we find no effect of cultural proximity on loan supply. Overall, our results show that demand-side factors play a key role in the formation of same-culture lending relationships.