We examine the use of trade credit in Western Europe by relying on a sample of 182,296 small firms for the period 2003–2013. Building on information asymmetry theory, we explore how a country's culture can impact SMEs use of trade credit. We discover that countries' cultural norms play a key role in explaining trade credit differences in Europe. We find that in countries with high power distance, high individualism, high masculinity, and high uncertainty avoidance rely more on trade credit.

中文翻译：

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民族文化和小企业对贸易信贷的使用：来自欧洲的证据

我们依靠 2003 年至 2013 年期间 182,296 家小公司的样本，研究了西欧贸易信贷的使用情况。基于信息不对称理论，我们探讨了一个国家的文化如何影响中小企业对贸易信贷的使用。我们发现国家的文化规范在解释欧洲的贸易信贷差异方面起着关键作用。我们发现，在权力差距大、个人主义高、阳刚之气高、不确定性规避程度高的国家，更多地依赖贸易信贷。