Do National Differences in Social Capital and Corporate Ethical Behaviour Perceptions Influence the Use of Collateral? Cross-Country Evidence

Journal of Business Ethics 172 (4):765-784 (2020)
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Abstract

We study the impact of social capital and perceptions about corporate ethical behaviour on the use of collateral in corporate borrowing. Using a dataset of more than 17,500 firms operating in over 100 transition and developing countries, we find evidence that country-level social capital and better perceptions about corporate ethical behaviour are negatively associated with the likelihood to pledge collateral. In addition, these country-level characteristics influence the value of collateral relative to the loan value.

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