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Article Dans Une Revue Research in International Business and Finance Année : 2023

Too sunny to borrow: Sunshine and borrower discouragement

Jérémie Bertrand
Laurent Weill

Résumé

We test the hypothesis that sunshine affects the discouragement of borrowing firms. Using a sample of approximately 45,000 firms from 124 countries for the period 2010–2020, we find that higher sunshine is associated with a greater probability of being discouraged for the borrowing firm. Furthermore, we establish that the discouraging impact of sunshine on the decision to apply for a loan is only observed in low latitude zones. We explain these findings by arguing that more sunshine creates a negative mood in hot regions. Additional results suggest that managerial features affect the discouraging impact of sunshine.
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Dates et versions

hal-04278562 , version 1 (10-11-2023)

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Jérémie Bertrand, Laurent Weill. Too sunny to borrow: Sunshine and borrower discouragement. Research in International Business and Finance, 2023, 65, pp.101988. ⟨10.1016/j.ribaf.2023.101988⟩. ⟨hal-04278562⟩
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