Research on Clan Culture and Corporate Financing Behavior based on multiple linear regression model

In this study, we investigate the impact of clan culture on corporate financing behavior. Based on the data from the Chinese industrial enterprises database from 2004 to 2014, we find that there is a positive association between clan culture and firms’ loan access as well as commercial credit supplies, while corporate trade credit financing is negatively influenced. Our results remain robust after addressing the endogeneity issue with various methods.