Religious atmosphere and the cost of equity capital: Evidence from China

doi:10.1016/j.cjar.2018.01.001

CORC > 上海财经大学 > 上海财经大学

	Religious atmosphere and the cost of equity capital: Evidence from China
	Hu, Ning 1; Chen, Hong 2; Liu, Muhua 3
刊名	CHINA JOURNAL OF ACCOUNTING RESEARCH
	2018-06
卷号	11 期号:2 页码:151-169
关键词	Religious atmosphere Cost of equity capital Complementary relationship Mediation effect
ISSN号	1755-3091
DOI	10.1016/j.cjar.2018.01.001
英文摘要	The cost of equity capital (ICC) is a crucial component of investment decisions and corporate performance evaluations. This study explores the effect of a region's religious atmosphere on ICC and finds that ICC tends to be lower when stronger religious atmosphere is created. We further use the mediation effect method to clarify the specific channel through which religious atmosphere reduces ICC, and find that earnings quality, corporate investment efficiency and corporate social responsibility partially mediate the effect of religious atmosphere on ICC. Moreover, the relationship between religious atmosphere and ICC is more pronounced in firms with stronger external law environments and higher audit quality, indicating that formal institutions and religious tradition complement each other. (C) 2018 Sun Yat-sen University. Production and hosting by Elsevier B.V.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000432474400004
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/621]
专题	上海财经大学
通讯作者	Hu, Ning
作者单位	1.Shanghai Univ Finance & Econ, Sch Accountancy, Shanghai, Peoples R China; 2.Auditing Bur Baoan Dist, Shenzhen, Peoples R China; 3.Shenzhen Univ, Coll Econ, Shenzhen, Peoples R China
推荐引用方式 GB/T 7714	Hu, Ning,Chen, Hong,Liu, Muhua. Religious atmosphere and the cost of equity capital: Evidence from China[J]. CHINA JOURNAL OF ACCOUNTING RESEARCH,2018,11(2):151-169.
APA	Hu, Ning,Chen, Hong,&Liu, Muhua.(2018).Religious atmosphere and the cost of equity capital: Evidence from China.CHINA JOURNAL OF ACCOUNTING RESEARCH,11(2),151-169.
MLA	Hu, Ning,et al."Religious atmosphere and the cost of equity capital: Evidence from China".CHINA JOURNAL OF ACCOUNTING RESEARCH 11.2(2018):151-169.