View More View Less
  • 1 Bucharest University of Economic Studies, Bucharest, Romania
  • | 2 Bucharest University of Economic Studies, Bucharest, Romania
  • | 3 Bucharest University of Economic Studies, Bucharest, Romania
  • | 4 Bucharest University of Economic Studies, Bucharest, Romania
Restricted access

Purchase article

USD  $25.00

1 year subscription (Individual Only)

USD  $700.00

In the recent years, an increasing number of papers deepened cross-disciplinary studies, examining how different cultural values influence financial variables. The main objective of our paper is to test if the dominant world religions (Buddhist, Christian, Hindu, Islamic, and Judaic), and, moreover, some Christian denominations (Catholicism, Protestantism and Eastern Orthodox Christianity) are related to some patterns in capital structure. Our paper considers distinctly the category of countries in which Agnostics, Atheists and non-religious people are predominant.

The results are promising. Companies located in the states with predominance of Islamic religion have a lower leverage, while the ones from predominantly Catholic, Eastern Orthodox, Hindu and Judaic countries, as well as those in mainly Agnostic, Atheist and non-religious ones, are indebted more than those from mainly Protestant countries. The debt maturity seems to be correlated to the dominant religions or denominations, with companies in the predominantly Eastern Orthodox, Buddhist and Agnostic, Atheist and non-religious countries relying more on short term debt, and those in the majority Catholic, Judaic and Hindu countries on long term debt.

  • Aggarwal, R. - Goodell, J. W. (2010): Financial Markets versus Institutions in European Countries: Influence of Culture and Other National Characteristics. International Business Review, 19(5): 502520.

    • Search Google Scholar
    • Export Citation
  • Arruñada, B. (2010): Protestants and Catholics: Similar Work Ethic, Different Social Ethic. Economic Journal, 120(547): 890918.

  • Ayub, M. (2007): Understanding Islamic Finance. Chichester: John Wiley & Sons.

  • Bae, K. H.Kang, J. K.Wang, J. (2011): Employee Treatment and Firm Leverage Ratio: A Test of the Stakeholder Theory of Capital Structure. Journal of Financial Economics, 100(1): 130153.

    • Search Google Scholar
    • Export Citation
  • Barro, J. R.McCleary, R. M. (2003a): Religion Adherence Data, http://scholar.harvard.edu/barro/ publications/religion-adherence-data

    • Search Google Scholar
    • Export Citation
  • Barro, J. R.McCleary, R. M. (2003b): Religion and Economic Growth across Countries. American Sociological Review, 68(5): 760781.

    • Search Google Scholar
    • Export Citation
  • Barro, J. R.McCleary, R. M. (2006): Religion and Economy. Journal of Economic Perspectives, 20(2): 4972.

  • Baxamusa, M.Jalal, A. (2014): Does Religion Affect Capital Structure? Research in International Business and Finance, 31: 112131.

    • Search Google Scholar
    • Export Citation
  • Berkowitz, D.Pistor, K.Richard, J. F. (2003): The Transplant Effect. American Journal of Comparative Law, 51(1): 163201.

  • Booth, L.Aivazian, V. A.Demirguc-Kunt, A.Maksimovic, V. (2001): Capital Structure in Developing Countries. Journal of Finance, 56(1): 87130.

    • Search Google Scholar
    • Export Citation
  • Caballé, J. (2016): Intergenerational Mobility: Measurement and the Role of Borrowing Constraints and Inherited Tastes. SERIEs, Journal of the Spanish Economic Association, 7(4): 393420.

    • Search Google Scholar
    • Export Citation
  • Cheng, S. R.Shiu, C. Y. (2007): Investor Protection and Capital Structure: International Evidence. Journal of Multinational Financial Management, 17(1): 3044.

    • Search Google Scholar
    • Export Citation
  • Chui, A. C. W.Lloyd. A. E.Kwok, C. C. Y. (2002): The Determination of Capital Structure: Is National Culture a Missing Piece to the Puzzle? Journal of International Business Studies, 33(1): 99127.

    • Search Google Scholar
    • Export Citation
  • Cook, D. O.Tang, T. (2010): Macroeconomic Conditions and Capital Structure Adjustment Speed. Journal of Corporate Finance, 16(1): 7387.

    • Search Google Scholar
    • Export Citation
  • Cronqvist, H.Makhija, A. K.Yonker, S. E. (2012): Behavioral Consistency in Corporate Finance: CEO Personal and Corporate Leverage. Journal of Financial Economics, 103(1): 2040.

    • Search Google Scholar
    • Export Citation
  • Cyert, R. M.March, J. G. (1963/1992): A Behavioral Theory of the Firm. 2nd ed., Englewood Cliffs, NJ: Prentice Hall.

  • De Bondt, W. F. M.Thaler, R. H. (1995): Financial Decision-Making in Markets and Firms: A Behavioral Perspective. In: Maksimovic, V.Ziemba, W. T. (eds): Finance, Series of Handbooks in Operations Research and Management Science. North Holland: Elsevier Science B.V., pp. 539558.

    • Search Google Scholar
    • Export Citation
  • De Jong, A.Kabir, R.Nguyen, T. T. (2008): Capital Structure around the World: The Roles of Firm- and Country-Specific Determinants. Journal of Banking and Finance, 32(9): 19541969.

    • Search Google Scholar
    • Export Citation
  • De Miguel, A.Pindado, J. (2001): Determinants of Capital Structure: New Evidence from Spanish Panel Data. Journal of Corporate Finance, 7(1): 7799.

    • Search Google Scholar
    • Export Citation
  • Deesomsak, R.Paudyal, K.Pescetto, G. (2004): The Determinants of Capital Structure: Evidence from the Asia Pacific Region. Journal of Multinational Financial Management, 14(4): 387405.

    • Search Google Scholar
    • Export Citation
  • Delcoure, N. (2007): The Determinants of Capital Structure in Transitional Economies. International Review of Economics and Finance, 16(3): 400415.

    • Search Google Scholar
    • Export Citation
  • Dević, A.Krstić, B. (2001): Comparatible Analysis of the Capital Structure Determinants in Polish and Hungarian Enterprises – Empirical Study. Economics and Organization, 1(9): 85100.

    • Search Google Scholar
    • Export Citation
  • Dixon, W. J.Yuen, K. K. (1974): Trimming and Winsorization: A Review. Statistische Hefte, 15: 157170.

  • Fan, J. P. H.Titman, S.Twite, G. (2012): An International Comparison of Capital Structure and Debt Maturity Choices. Journal of Financial and Quantitative Analysis, 47(1): 2356.

    • Search Google Scholar
    • Export Citation
  • Fauver, L.Houston, J. F.Naranjo, A. (2004): Cross-Country Evidence on the Value of Corporate Industrial and International Diversification. Journal of Corporate Finance, 10(5): 729752.

    • Search Google Scholar
    • Export Citation
  • Firth, M.Lin, C.Wong, S. M. L. (2008): Leverage and Investment under a State-Owned Bank Lending Environment: Evidence from China. Journal of Corporate Finance, 14(5): 642653.

    • Search Google Scholar
    • Export Citation
  • Fourie, J.Rosselló, J.Santana-Gallego, M. (2015): Religion, Religious Diversity and Tourism. Kyklos, 68(1): 5164.

  • Gatchev, V. A.Spindt, P. A.Tahran, V. (2009): How Do Firms Finance Their Investments? The Relative Importance of Equity Issuance and Debt Contracting Costs. Journal of Corporate Finance, 15(2): 179195.

    • Search Google Scholar
    • Export Citation
  • Gaudin, P. (1995): Les Grandes Religions. Paris: Editions Marketing.

  • Goergen, M.Renneboog, L. – da Silva, L. C. (2005): When do German Firms Change Their Dividends? Journal of Corporate Finance, 11(1-2): 375399.

    • Search Google Scholar
    • Export Citation
  • Gonzales, V. M.Gonzales, F. (2008): Influence of Bank Concentration and Institutions on Capital Structure: New International Evidence. Journal of Corporate Finance, 14(4): 363375.

    • Search Google Scholar
    • Export Citation
  • Gradstein, M.Milanovici, B. (2004): Does Liberte = Egalite? A Survey of the Empirical Links between Democracy and Inequality with Some Evidence on the Transition Economies. Journal of Economic Surveys, 18(4): 515537.

    • Search Google Scholar
    • Export Citation
  • Guiso, L.Sapienza, P.Zingales, L. (2003): People’s Opium? Religion and Economic Attitudes. Journal of Monetary Economics, 50: 225282.

    • Search Google Scholar
    • Export Citation
  • Guiso, L.Sapienza, P.Zingales, L. (2006): Does Culture Affect Economic Outcomes? Journal of Economic Perspectives, 20(2): 2348.

    • Search Google Scholar
    • Export Citation
  • Helble, M. (2007): Is God Good for Trade? Kyklos, 60(3): 385413.

  • Herţeliu, C. (2007): Statistical Indicators System Regarding Religious Phenomena. Journal for the Study of Religions and Ideologies, 6(16): 115131.

    • Search Google Scholar
    • Export Citation
  • Herţeliu, C.Ileanu, B. V.Ausloos, M.Rotundo, G. (2015): Effect of Religious Rules on Time of Conception in Romania from 1905 to 2001. Human Reproduction, 30(9): 22022214.

    • Search Google Scholar
    • Export Citation
  • Herţeliu, C.Isaic-Maniu, A. (2009): Statistical Indicators for Religious Studies: Indicators of Level and Structure. Journal of Applied Quantitative Methods, 4(4): 524530.

    • Search Google Scholar
    • Export Citation
  • Hilary, G.Hui, K. W. (2009): Does Religion Matter in Corporate Decision Making in America? Journal of Financial Economics, 93: 455473.

    • Search Google Scholar
    • Export Citation
  • Hofstede, G. (1983): The Cultural Relativity of Organizational Practices and Theories. Journal of International Business Studies, 14(2): 7589.

    • Search Google Scholar
    • Export Citation
  • Hussein, K.Omran, M. (2005): Ethical Investment Revisited: Evidence from Dow Jones Islamic Indexes. Journal of Investing, 14(3): 105119.

    • Search Google Scholar
    • Export Citation
  • Iannaccone, L. R. (1998): Introduction to the Economics of Religion. Journal of Economic Literature, 36(3): 14651495.

  • Isakov, D.Weisskopf, J. P. (2014): Are Founding Families Special Blockholders? An Investigation of Controlling Shareholder Influence on Firm Performance. Journal of Banking and Finance, 41: 116.

    • Search Google Scholar
    • Export Citation
  • Jiang, F.Jiang, Z.Kim, K. A.Zhang, M. (2015): Family-Firm Risk-Taking: Does Religion Matter? Journal of Corporate Finance, 33: 260278.

    • Search Google Scholar
    • Export Citation
  • Küçük, N. (2016): Gender Inequality in the Muslim Majority Countries: Myths versus Facts. Acta Oeconomica, 66(2): 213231.

  • La Porta, R.Lopez-de-Silanes, F.Shleifer, A.Vishny, R. W. (1997): Legal Determinants of External Finance. Journal of Finance, 52(3): 11311150.

    • Search Google Scholar
    • Export Citation
  • La Porta, R.Lopez-de-Silanes, F.Shleifer, A.Vishny, R. W. (1998): Law and Finance. Journal of Political Economy, 106(6): 11131155.

    • Search Google Scholar
    • Export Citation
  • La Porta, R.Lopez-de-Silanes, F.Shleifer, A.Vishny, R. W. (1999): The Quality of Government. Journal of Law, Economics & Organization, 15(1): 222279.

    • Search Google Scholar
    • Export Citation
  • La Porta, R.Lopez-de-Silanes, F.Shleifer, A. (2008): The Economic Consequences of Legal Origin. Journal of Economic Literature, 46(2): 285332.

    • Search Google Scholar
    • Export Citation
  • Loderer, C. F.Roth, L.Waelchli, U.Joerg, P. (2010): Shareholder Value: Principles, Declarations, and Actions. Financial Management, 39(1): 532.

    • Search Google Scholar
    • Export Citation
  • Lööf, H. (2004): Dynamic Optimal Capital Structure and Technical Change. Structural Change and Economic Dynamics, 15(14): 449468.

  • Mallin, C. A. (2004): Corporate Governance. New York: Oxford University Press.

  • Mayer, C.Schoors, K.Yafeh, Y. (2007): Sources of Funds and Investment Activities of Venture Capital Funds: Evidence from Germany, Israel, Japan and the United Kingdom. Journal of Corporate Finance, 11: 586608.

    • Search Google Scholar
    • Export Citation
  • Meyer, M. (2016): Is Homo Economicus a Universal Paradigm in Economic Theory? Annals of Economics and Finance, 17(2): 433443.

  • Miller, A. S.Hoffmann, J. P. (1995): Risk and Religion: An Explanation of Gender Differences in Religiosity. Journal for the Scientific Study of Religion, 34(1): 6375.

    • Search Google Scholar
    • Export Citation
  • Milly, M.Sultan, J. (2012): Portfolio Diversification during Financial Crisis: Analysis of Faith- Based Investment Strategies. In: Building Bridges across Financial Communities: the Global Financial Crisis, Social Responsibility, and Faith-Based Finance. Harvard Law School, ILSP, Islamic Finance Project, pp. 539558.

    • Search Google Scholar
    • Export Citation
  • Modigliani, F.Miller, M. H. (1958): The Cost of the Capital, Corporation Finance, and the Theory of Investment. American Economic Review, 48(3): 261297.

    • Search Google Scholar
    • Export Citation
  • Nivorozhkin, E. (2005): Financing Choices for Firms in EU Accession Countries. Emerging Markets Review, 6(2): 138169.

  • Rajan, R. G.Zingales, L. (1995): What Do We Know about Capital Structure? Some Evidence from International Data. Journal of Finance, 50(5): 14211460.

    • Search Google Scholar
    • Export Citation
  • Renneboog, L.Horst, J. T.Zhang, C. (2008): Socially Responsible Investments: Institutional Aspects, Performance, and Investor Behavior. Journal of Banking and Finance, 32(9): 17231742.

    • Search Google Scholar
    • Export Citation
  • Renneboog, L.Spaenjers, C. (2012): Religion, Economic Attitudes, and Household Finance. Oxford Economic Papers, 64(1): 103127.

  • Schneider, B. (1987): The People Make the Place. Personnel Psychology, 40(3): 437453.

  • Schneider, F.Lindsbauer, K.Heinemann, F. (2015): Religion and the Shadow Economy. Kyklos, 68(1): 111141.

  • Sekely, W. S.Collins, J. M. (1988): Cultural Influences on International Capital Structure. Journal of International Business Studies, 19(1): 87100.

    • Search Google Scholar
    • Export Citation
  • Shleifer, A.Summers, L. H. (1990): The Noise Trader Approach to Finance. Journal of Economic Perspectives, 4(2): 1933.

  • Stulz, R. M.Williamson, R. (2003): Culture, Openness and Finance. Journal of Financial Economics, 70(3): 313349.

  • Sweeney, R. J.Warga, A. D.Winters, D. (1997): The Market Value of Debt, Market versus Book Value of Debt, and Return to Assets. Financial Management, 26(1): 521.

    • Search Google Scholar
    • Export Citation
  • Torgler, B. (2006): The Importance of Faith: Tax Morale and Religiosity. Journal of Economic Behavior and Organization, 61(1): 81109.

    • Search Google Scholar
    • Export Citation
  • Wald, J. K. (1999): How Firm Characteristics Affect Capital Structure: An International Comparison. Journal of Financial Research, 22(2): 161187.

    • Search Google Scholar
    • Export Citation
  • Walkshäusl, C.Lobe, S. (2012): Islamic Investing. Review of Financial Economics, 21(2): 5362.

  • Weber, M. (1934): Die Protestantische Ethik und der Geist des Kapitalismus. Tübingen: J.C.B. Mohr. English edition: The Protestant Ethic and the Spirit of Capitalism. London: Routledge (1992).

    • Search Google Scholar
    • Export Citation
  • Wu, L.Yue, H. (2009): Corporate Tax, Capital Structure, and the Accessibility of Bank Loans: Evidence from China. Journal of Banking and Finance, 33(1): 3038.

    • Search Google Scholar
    • Export Citation
  • Zaher, T. S.Hassan, K. M. (2001): A Comparative Literature Survey of Islamic Finance and Banking. Financial Markets, Institutions and Instruments, 10(4): 155190.

    • Search Google Scholar
    • Export Citation
  • Zheng, X.El Ghoul, Z.Guedhami, O.Kwok, C. C. Y. (2012): National Culture and Corporate Debt Maturity. Journal of Banking and Finance, 36(2): 468488.

    • Search Google Scholar
    • Export Citation
Submit Your Manuscript
 
The author instruction is available in PDF.
Please, download the file from HERE.

 

The description of the refereeing procedure is available in PDF.
Please, download the file from HERE.

 

 

Senior editors

Editor(s)-in-Chief: Prof. Dr. Mihályi, Péter

Editor(s): Ványai, Judit

Editorial Board

  • Ádám Török (Chairman) / University of Pannonia; Budapest University of Technology and Economics
  • Edina Berlinger / Corvinus University of Budapest, Department of Finance
  • Péter Halmai / Budapest University of Technology and Economics; National University of Public Service
  • István Kónya / Institute of Economics Centre for Regional and Economic Studies, University of Pécs
  • János Köllő / Institute of Economics Centre for Regional and Economic Studies
  • István Magas / Corvinus University of Budapest, Department of World Economy; University of Physical Education, Department. of Sports and Decision Sciences
 

Advisory Board

  • Ǻslund, Anders, Institute of International Economics, Washington (USA)
  • Kolodko, Grzegorz, Kozminski University, Warsaw (Poland)
  • Mau, Vladimir, Academy of National Economy (Russia)
  • Messerlin, Patrick A, Groupe d’Economie Mondiale (France)
  • Saul Estrin, London School of Economics (UK)
  • Wagener, Hans-Jürgen, Europa Universität Viadrina (Germany)

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary

Indexing and Abstracting Services:

  • EconLit
  • Elsevier GEO Abstracts
  • GEOBASE
  • International Bibliographies IBZ and IBR
  • JEL
  • Referativnyi Zhurnal
  • RePEc
  • SCOPUS
  • Social Science Citation Index
  • Index Copernicus

 

2020  
Total Cites 275
WoS
Journal
Impact Factor
0,875
Rank by Economics 325/377 (Q4)
Impact Factor  
Impact Factor 0,534
without
Journal Self Cites
5 Year 0,500
Impact Factor
Journal  0,38
Citation Indicator  
Rank by Journal  Economics 347/549 (Q3)
Citation Indicator   
Citable 37
Items
Total 37
Articles
Total 0
Reviews
Scimago 13
H-index
Scimago 0,292
Journal Rank
Scimago Economics and Econometrics Q3
Quartile Score  
Scopus 225/166=1,4
Scite Score  
Scopus Economics and Econometrics 392/661 (Q3)
Scite Score Rank  
Scopus 0,668
SNIP  
Days from  289
sumbission  
to acceptance  
Days from  447
acceptance  
to publication  

2019  
Total Cites
WoS
212
Impact Factor 0,914
Impact Factor
without
Journal Self Cites
0,728
5 Year
Impact Factor
0,650
Immediacy
Index
0,156
Citable
Items
45
Total
Articles
45
Total
Reviews
0
Cited
Half-Life
3,9
Citing
Half-Life
9,5
Eigenfactor
Score
0,00015
Article Influence
Score
0,052
% Articles
in
Citable Items
100,00
Normalized
Eigenfactor
0,01891
Average
IF
Percentile
28,437
Scimago
H-index
12
Scimago
Journal Rank
0,439
Scopus
Scite Score
214/165=1,3
Scopus
Scite Score Rank
Economics and Econometrics 355/637 (Q3)
Scopus
SNIP
0,989

 

Acta Oeconomica
Publication Model Hybrid
Submission Fee none
Article Processing Charge 900 EUR/article
Printed Color Illustrations 40 EUR (or 10 000 HUF) + VAT / piece
Regional discounts on country of the funding agency World Bank Lower-middle-income economies: 50%
World Bank Low-income economies: 100%
Further Discounts Editorial Board / Advisory Board members: 50%
Corresponding authors, affiliated to an EISZ member institution subscribing to the journal package of Akadémiai Kiadó: 100%
Subscription fee 2021 Online subsscription: 588 EUR / 732 USD
Print + online subscription: 688 EUR / 860 USD
Subscription fee 2022 Online subsscription: 600 EUR / 750 USD
Print + online subscription: 704 EUR / 880 USD
Subscription Information Online subscribers are entitled access to all back issues published by Akadémiai Kiadó for each title for the duration of the subscription, as well as Online First content for the subscribed content.
Purchase per Title Individual articles are sold on the displayed price.

Acta Oeconomica
Language English
Size B5
Year of
Foundation
1966
Publication
Programme
2021 Volume 71
Volumes
per Year
1
Issues
per Year
4
Founder Magyar Tudományos Akadémia
Founder's
Address
H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address
H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher
Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)