Do Anglo‐Saxon directors affect leverage?
研究了瑞士上市公司中盎格鲁-撒克逊背景的董事对公司杠杆率的影响，发现这类董事倾向于提高杠杆率，结果在多种检验下稳健。
Abstract We investigate the impact of Anglo‐Saxon directors on leverage of Swiss listed companies. Higher leverage increases a company's risk profile, and individuals with an Anglo‐Saxon cultural background are considered less risk averse than others. Using a sample of 1556 firm‐year observations from 2005 to 2015, we find empirical evidence supporting our hypothesis that Anglo‐Saxon directors increase leverage. The result is robust to the inclusion of a battery of control variables, fixed effects, and instrumental variable estimation.