Effects of culture on firm risk-taking: a cross-country and cross-industry analysis

被引：122
|
作者：
Mihet, Roxana [1 ]
机构：
[1] Int Monetary Fund, Res Dept, Washington, DC 20431 USA
来源：
JOURNAL OF CULTURAL ECONOMICS | 2013年 / 37卷 / 01期
关键词：
National culture; Corporate risk-taking; Industry opacity; NATIONAL CULTURE; INDIVIDUALISM; UNCERTAINTY; GOVERNANCE; VALUES; WEALTH; MATTER; LAW;
D O I：
10.1007/s10824-012-9186-2
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism. Domestic firms in such countries tend to take substantially more risk in industries which are more informationally opaque (e.g., finance, mining, oil refinery, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These results hold even after controlling for legal constraints, insurance safety nets, and economic development.
引用
收藏
页码：109 / 151
页数：43
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