The corporate social responsibility (CSR) plays a vital role in enhancing culture and religious activities which are critical factors of firms’ financing decisions. This study investigates the moderating role of CSR on the relationship of culture, religion and financing decisions in Asian emerging economies. Findings suggest that predominant religion as well as cultural traits have a substantial bearing on the proportion of a firm's capital structure. Cultural dimensions such as power distance and uncertainty avoidance have negative while individualism has positive effect on firms’ capital structure. Further, the firms operating in Islamic religion countries have less debt ratios as compared to the firms operating in Christianity and Hinduism that rely more on debt financing. CSR negatively moderates the relationship of culture, religion and firms’ financing decisions. Capital structure disparities between enterprises with distinct country-of-origin cultures and religions should be better understood to have the optimal level of financing.

中文翻译：

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文化和宗教对融资决策的影响：企业社会责任的调节作用

企业社会责任（CSR）在增强文化和宗教活动方面发挥着至关重要的作用，而文化和宗教活动是企业融资决策的关键因素。本研究调查了企业社会责任对亚洲新兴经济体文化、宗教和融资决策关系的调节作用。研究结果表明，主要宗教和文化特征对公司资本结构的比例有重大影响。权力距离、不确定性规避等文化维度对企业资本结构有负向影响，而个人主义则有正向影响。此外，与更多依赖债务融资的基督教和印度教国家经营的公司相比，在伊斯兰宗教国家经营的公司的债务比率较低。企业社会责任对文化、宗教和企业融资决策的关系产生负面调节。应更好地理解具有不同原籍国文化和宗教的企业之间的资本结构差异，以实现最佳融资水平。