Merchant gang culture and financial slack: Empirical evidence from listed companies

The phrase "merchant gang culture" refers to the established norms and corporate philosophy developed over time through commercial practices. This study examines how this culture influences the financial slack. Specifically, this paper explores the relationship between corporate merchant gang culture and financial slack. The data utilized for this research spans the years 2011 to 2021. Increasing the intensity of corporate merchant gang culture can effectively strengthen corporate financial slack. Moreover, the mechanism analysis demonstrates that corporate financial slack is improved by the intensity of corporate merchant gang culture, primarily through financing constraint reduction and business credit improvement effects.