... Financing decisions National culture G30 G32 G41 The key argument of our work is that cultural factors affect the financing behavior of firms. Scholars have developed various measures to quantify different aspects of national culture and make them comparable across countries. Triandis...

... and excluded IPOs that were spin-offs and offerings that raised less than $2.5 million. Their study examined the discrete financing decisions of these firms between 1984 and 1992. Their investigation did not indicate that firms strongly avoid external financing, as the pecking order theory predicts. They found...