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What is Schwartz's Cultural Dimensions Theory

Handbook of Research on Global Business Opportunities
Comprises seven universal value types, which can be determined from 45 basic values. These seven value types are grouped into three bipolar cultural dimensions, reflecting how societies solve three fundamental problems: (Intellectual and Affective) Autonomy versus Embeddedness, Mastery versus Harmony, and Hierarchy versus Egalitarianism.
Published in Chapter:
Bank vs. Bond Finance: A Cultural View of Corporate Debt Financing
Wolfgang Breuer (RWTH Aachen University, Germany), Benjamin Quinten (RWTH Aachen University, Germany), and Astrid J. Salzmann (RWTH Aachen University, Germany)
Copyright: © 2015 |Pages: 27
DOI: 10.4018/978-1-4666-6551-4.ch014
This chapter enhances the growing research field of Cultural Finance by analyzing the relationship between cultural value types—in particular, Autonomy and Embeddedness—and the corporate debt choice of either bank or bond financing. The authors derive their hypotheses from a slight modification and re-interpretation of the Chemmanur and Fulghieri (1994) approach of “relationship lending.” Referring to the importance of specific human capital investments and individuals' future orientation, they show that firms in autonomy cultures tend toward bank finance, whereas firms in embeddedness cultures show a preference for financing by issuing bonds. In a cross-country analysis with 71 countries, the authors find empirical evidence for their established hypotheses.
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