Feng YHao WFang JWongchoti U2024-07-112024-07-112024-06Feng Y, Hao W, Fang J, Wongchoti U. (2024). In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk. Emerging Markets Review. 60.1566-0141https://mro.massey.ac.nz/handle/10179/70148We investigate whether religious site density around a firm's headquarters is related to corporate default risk in China. We find that public firms surrounded by a higher number of Buddhist and Taoist temples are associated with lower default risk. In contrast to the widely documented impact of Western religiosity on corporate behavior, our mechanism tests indicate that lower default risk related to religious site density is primarily driven by better corporate governance and not by a surge in corporate conservatism. Finally, we find that this default risk lowering effect is more pronounced when firms also possess greater political resources.(c) 2024 The Author/sCC BY 4.0https://creativecommons.org/licenses/by/4.0/ReligionDefault riskChinese marketBuddhismTaoismPolitical interventionCorporate governanceConservatismManagerial early life experienceAltman's Z-scoreJournal article10.1016/j.ememar.2024.1011281873-6173journal-articlehttps://www.sciencedirect.com/science/article/pii/S1566014124000232?utm_campaign=STMJ_219742_AUTH_SERV_PA&utm_medium=email&utm_acid=103899013&SIS_ID=&dgcid=STMJ_219742_AUTH_SERV_PA&CMX_ID=&utm_in=DM458849&utm_source=AC_101128S1566014124000232