Riding out of a financial crisis: The joint effect of trust and corporate ownership
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- dc.contributor.author Amore, Mario Daniele
- dc.contributor.author Epure, Mircea
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:33Z
- dc.date.available 2024-11-14T10:09:33Z
- dc.date.issued 2020-07-01
- dc.date.modified 2024-11-14T10:07:11Z
- dc.description.abstract We study how generalized trust shapes the ability of firms with different ownership forms to obtain trade financing and perform during a financial crisis. Exploiting geographic variations in trust across Italian regions and the occurrence of the 2008-09 financial crisis in a difference-indifferences setting, we show that generalized trust makes family firms less able to obtain trade financing during the crisis. This finding maps into performance results: trust alleviates the negative effect of a crisis for non-family firms, while it aggravates the negative effect for family firms. This latter result depends crucially on a firmâ s corporate governance: trust does not harm family firms whose board is open to non-family directors. Collectively, our findings illustrate how culture interacts with corporate attributes in shaping a firmâ s prospects.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1733
- dc.identifier.citation
- dc.identifier.uri http://hdl.handle.net/10230/68549
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1733
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword trust
- dc.subject.keyword trade financing
- dc.subject.keyword family firms
- dc.subject.keyword financial crisis
- dc.subject.keyword performance
- dc.subject.keyword Finance and Accounting
- dc.title Riding out of a financial crisis: The joint effect of trust and corporate ownership
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper