National culture and corporate cash holdings around the world

被引：222

作者：

Chen, Yangyang ^{[1
]}

Dou, Paul Y. ^{[2
]}

Rhee, S. Ghon ^{[3
]}

Truong, Cameron ^{[1
]}

Veeraraghavan, Madhu ^{[4
]}

机构：

[1] Monash Univ, Clayton, Vic 3800, Australia

[2] Macquarie Univ, N Ryde, NSW 2109, Australia

[3] Univ Hawaii, Honolulu, HI 96822 USA

[4] TA Pai Management Inst, Manipal, Karnataka, India

来源：

JOURNAL OF BANKING & FINANCE | 2015年 / 50卷

关键词：

Cash holdings; National culture; Individualism; Uncertainty avoidance; RELIGIOUS BELIEFS; CAPITAL STRUCTURE; FLOW SENSITIVITY; EUROPE CLUSTER; FIRMS HOLD; MARKET; GOVERNANCE; DEMAND; RISK; SELF;

D O I：

10.1016/j.jbankfin.2014.09.018

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines whether cultural dimensions explain the variation in corporate cash holdings around the world as well as within the United States. We establish four major findings. First, in an international setting, corporate cash holdings are negatively associated with individualism and positively associated with uncertainty-avoidance. Second, individualism and uncertainty avoidance influence the precautionary motive for holding cash. Third, firms in individualistic states in the United States hold less cash than firms in collectivistic states. Fourth, we show that individualism is positively related to the firm's capital expenditures, acquisitions, and repurchases while uncertainty avoidance is negatively related. Our findings remain unchanged after controlling for governance factors, firm attributes, and country characteristics. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：1 / 18

页数：18

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