National culture and corporate risk-taking around the world

Autor: Bart Frijns, Frank Hubers, Donghoon Kim, Tai-Yong Roh, Yahua Xu
Přispěvatelé: Faculty of Management, RS-Research Line Resilience (part of LIRS program), Department of Accounting and Finance, RS-Research Line Innovation (part of LIRS program), RS-Research Line Learning (part of LIRS program)
Jazyk: angličtina
Rok vydání: 2022
Předmět:
Zdroj: Frijns, B, Hubers, F, Kim, D, Roh, TY & Xu, YH 2022, ' National culture and corporate risk-taking around the world ', Global Finance Journal, vol. 52, no. May 2022, 100710 . https://doi.org/10.1016/j.gfj.2022.100710
Global Finance Journal, 52(May 2022):100710. Elsevier
ISSN: 1044-0283
Popis: 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.
Databáze: OpenAIRE
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