The unequal distribution of resources and unjust utilization of the environment not only imperil the global ecological equilibrium but also undermine the sustainable development of the global economy. By delving into enterprises' offsite investment behavior amidst environmental inequality,...

Using hand-collected data on merchant guild culture and a sample over 2003-2019, this study examines the effect of merchant guild culture on the cost of debt. Our findings reveal that merchant guild culture is negatively associated with the cost of debt, suggesting that merchant guild culture...