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" Local Does as Local Is: Information Content of the Geography of Individual Investors' Common Stock Investments," Zoran Ivković & Scott Weisbenner, 2005." Distance, Lending Relationships, and Competition,"Ĩ0, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.Įb89e625-09a5-4385-b973-f, Tilburg University, School of Economics and Management.Ģ003-123, Tilburg University, Center for Economic Research. " Distance, Lending Relationships and Competition,"Ģ002-16, Tilburg University, Center for Economic Research.ġ22f97cc-f8b2-4b3b-9351-9, Tilburg University, School of Economics and Management. Taken together, our results provide strong evidence that both intrafirm geographic and cultural dispersion materially impact both an organization’s information environment and funding costs.
Additionally, we present evidence that the impact of both physical and cultural distance is increasing following the global financial crisis. Similarly, firms with more culturally disparate investments also exhibit enhanced informational opacity, as evidenced by increased capital costs. Specifically, firms with more geographically disperse investments exhibit higher capital acquisition costs than their more geographically concentrated counterparts. Consistent with this paradigm, we find that firms with geographically disperse investments exhibit enhanced informational opacity. As a consequence of both the heavily regulated operating environment faced by these firms, as well as the capital intensive nature of this industry, funding costs should be of pronounced importance to firms within this sector. Specifically, using a sample of publicly traded real estate companies across the Asia-Pacific region, we examine how intrafirm geographic and cultural distance impacts a firm’s capital acquisition costs. This paper investigates the influences of intrafirm geographic and cultural dispersion, the distance between the location of a firm’s investments and its headquarters, on the firm’s information environment.
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