Cultural Values and Corporate Risk-Taking
We investigate the role of natural culture in corporate risk-taking using measures of income variability, R&D spending, and use of long-term debt. We identify three dimensions of national culture that should influence corporate risk-taking, and we isolate the effects of country-level and firm-level variables by using a hierarchical linear modeling approach. The three specific cultural values that we study – harmony, individualism, and uncertainty avoidance-have both direct and indirect effects on our various measures of risk-taking. These results survive when we control for firm-level and country-level characteristics.
anti-self-dealing index creditor rights disclosure earnings smoothing harmony individualism rule of law uncertainty avoidance
Dale Griffin Heng Yue Kai Li Longkai Zhao
Sauder School of Business University of British Columbia 2053 Main Mall, Vancouver, BC V6T 1Z2 Guanghua School of Management Peking University Beijing 100871 P.R. China
国际会议
广州
英文
1-42
2009-07-07（万方平台首次上网日期，不代表论文的发表时间）