National culture and firms' cash holdings: The role of indulgence and its boundaries

被引：6

作者：

Alipour, Ali ^{[1
,2
,5
]}

Yaprak, Attila ^{[3
,4
]}

机构：

[1] Ozyegin Univ, Fac Business, Dept Management, Istanbul, Turkiye

[2] Ozyegin Univ, Fac Business, 34794 Alemdag Cekmekoy,Room 231, Istanbul, Turkiye

[3] Wayne State Univ, Mike Ilitch Sch Business, Mkt & Int Business, Detroit, MI USA

[4] Mike Ilitch Sch Business, 2771 Woodward Ave,Room 267, Detroit, MI 48201 USA

[5] Ozyegin Univ, Fac Business, Dept Int Business, Istanbul, Turkiye

来源：

JOURNAL OF BUSINESS RESEARCH | 2024年 / 172卷

关键词：

Cash holdings; Indulgence vs restraint; National culture; Leverage; Firm size; Shareholder protection; CORPORATE GOVERNANCE; INTERNATIONAL EVIDENCE; DETERMINANTS; DIMENSION; DYNAMICS; IMPACT; MATTER;

D O I：

10.1016/j.jbusres.2023.114414

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the influence of indulgence vs restraint (IVR), an understudied national culture dimension of Hofstede's framework, on firms' cash holdings to shed light on how culture influences this firm behavior and the boundaries of this effect. We argue that, when compared to their restrained-society counterparts, indulgent -society firms will hold higher cash levels due to their greater propensity for risky investments (precautionary motive) and their managers' weaker moral constraints (agency motive). We also argue that firms' leverage and risky investment levels will intensify, and firm size and countries' shareholder protection levels will attenuate the positive effect of indulgence on firms' cash holdings. The results of our HLM analyses on 16,997 firms across 39 countries verify our arguments and contribute to a more enhanced understanding of national culture's role in firms' cash holdings.

引用

页数：14

共 55 条

[1]

Aiken L. S., 1991, Multiple regression: Testing and interpreting interactions

[2] The financial determinants of corporate cash holdings: Evidence from some emerging markets [J].