National culture and corporate risk-taking around the world

被引：22

作者：

Frijns, Bart ^{[1
,2
]}

Hubers, Frank ^{[1
]}

Kim, Donghoon ^{[3
]}

Roh, Tai-Yong ^{[4
]}

Xu, Yahua ^{[5
]}

机构：

[1] Open Univ, Heerlen, Netherlands

[2] Auckland Univ Technol, Auckland, New Zealand

[3] Korea Adv Inst Sci & Technol, Coll Business, Daejeon, South Korea

[4] Liaoning Univ, Shenyang, Peoples R China

[5] Cent Univ Finance & Econ, Beijing, Peoples R China

来源：

GLOBAL FINANCE JOURNAL | 2022年 / 52卷

关键词：

National culture; Corporate risk-taking; Individualism; DEBT; SELF; INDIVIDUALISM; DIMENSIONS; IDENTITY; DISTANCE; TIME; BIAS;

D O I：

10.1016/j.gfj.2022.100710

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the effect of national culture on corporate risk-taking worldwide. Specifically, we focus on one particular cultural trait - Individualism - a culture dimension linked to risk-taking and overconfidence. Using a sample of 48 countries from 1998 to 2019 (a total of 111,697 firm-year observations), we document a positive relationship between Individualism and corporate risk-taking. This result is robust to potential endogeneity concerns, alternative default horizons, an alternative measure for corporate risk-taking, and alternative measures of Individualism.

引用

页数：11

共 60 条

[1] Lost in translation? The effect of cultural values on mergers around the world [J].