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• W2368093732 abstract "Social contracts have an extensive and far-reaching influence on economic activities.A number of studies have suggested that social contracts can promote science and technology progress,human capital accumulation,and economic growth(Acemoglu et al.,2007;Nunn,2007;Vogel,2007;Costinot,2009).Although some leading scholars theoretically emphasize that culture is an important factor that can provide implicit rules for contract making and contract fulfillment.Up to date,little empirical research has been done from the culture perspective,mainly for the measurement problems of culture.China is a several-thousand-year Oriental civilization and has a magnificent culture history.Traditional ethical and moral ideas play an important role in all kinds of social activities.Chinese attach great importance to moral ideas and neglect formal contract.Just as Fei Xiaotong,a famous Chinese sociologist pointed out that Chinese society basically is a relationship-type society which is based on moral and ethical ideas,and disparity structure is a prominent feature of the society.Therefore,culture will exert a far-reaching influence on social activities,including social contracting.By using theories and achievements from sociology,ethics,demography and ethnology for reference,we choose two essential elements from traditional culture to investigate their impact on social contracting.These two essential elements of traditional Chinese culture are ancestral ideas and ethics,and the concrete form of social contract is corporate debt maturity structure.On one hand,we analyze the mechanism of how ancestral ideas and ethics affect corporate debt maturity structure and put forward the hypothesis.On the other hand,we empirically test the hypothesis with a sample of 1432 China listed companies from 290 prefecture-level city.As far as we know,this is the first time that sex ratio at birth and the minority ethnic population ratio are adopted as proxies from ancestral ideas and ethics.As to the methodology in this paper,multiple linear regression models are used.The empirical results show that ancestral ideas and ethics affect corporate debt maturity structure and these effects have heterogeneity based on ownership.The detailed results are shown as follows.First,ancestral ideas positively affect corporate debt maturity structure.The stronger the ancestral ideas,die longer the corporate debt maturity structure,indicating that ancestral ideas may play a role in promoting interpersonal trust and cooperation and benefit social contracting.Second,national ethics can also promote corporate debt maturity structure.Firms located in minority populated areas have a longer corporate debt maturity structure,other factors controlled.Third,the ancestral effect and the national ethics effect depend on the heterogeneity of ownership.Compared to state-owned enterprises(SOEs),non-SOEs are more obviously affected by ancestral ideas and ethics.We make three contributions to the literature.First,consistent with the prediction of Hilary and Hui(2009)that culture affects firms' behaviors,we document that firms' contractual environment can also be affected by the surrounding culture.And even more particularly,we come up with the main hypothesis that corporate debt maturity structure is imprinted by culture.Second,we empirically choose two proxies for ancestral ideas and ethics,which will prompt empirical research in this area.Third,this paper has meaningful policy implication for market development.Besides depending on formal institutional improvement,we should cherish the informal institution such as ancestral ideas and ethics." @default.
• W2368093732 created "2016-06-24" @default.
• W2368093732 creator A5071384200 @default.
• W2368093732 date "2013-01-01" @default.
• W2368093732 modified "2023-09-23" @default.
• W2368093732 title "Traditional Culture,Informal institution and Social Contract:A Microeconomic Evidence Based on Ancestral Ideas,National Ethics and Corporate debt maturity structure" @default.
• W2368093732 hasPublicationYear "2013" @default.
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