Corporate culture and trade credit
基于2002至2021年美国企业数据，研究发现企业文化强的公司能从供应商处获得更多商业信用，且这一效应在管理能力高或社会资本高的地区更显著。
We examine how corporate culture affects a customer firm's ability to secure trade credit. Using a large US firm-level dataset of 46,020 firm-year observations spanning from 2002 to 2021, we document a positive and statistically significant association between strong corporate culture and the amount of trade credit received. Our results are robust to alternative specifications and endogeneity concerns, mitigated through two-stage least squares (2SLS) regressions using instrumental variables, entropy balancing, Heckman (1979) two-step correction and Oster (2019) test for omitted variable bias. The positive linkage is higher for companies with highly competent managers and those located in regions with high social capital. Our findings have implications for fostering trust and cooperation in business relationships. • Firms with strong corporate culture receive more trade credit from their suppliers. • It is more pronounced for firms with higher managerial ability and located in high social capital regions. • The findings remain consistent to alternative specifications and endogeneity concerns. • Corporate culture promotes trust and cooperation in customer-supplier relationships.