How Does National Culture Affect Corporate Investment Efficiency?

被引：1
|
作者：
Quoc Trung Tran [1 ]
Quoc Dat Tran [1 ]
机构：
[1] Foreign Trade Univ, Ho Chi Minh City Campus, Ho Chi Minh City, Vietnam
来源：
GLOBAL BUSINESS REVIEW | 2022年
关键词：
National culture; investment efficiency; individualism; uncertainty avoidance; power distance; RISK-TAKING; RELIGIOUS BELIEFS; CAPITAL STRUCTURE; DIVIDEND POLICY; AGENCY COSTS; FINANCE; STOCK; FIRM; CASH; INDIVIDUALISM;
D O I：
10.1177/09721509221088898
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Corporate investment efficiency may be determined by changes in overinvestment and/or underinvestment. Prior studies showed that national culture dimensions affect firm investment efficiency. However, they failed to address whether overinvestment or underinvestment is the effective mechanism to transmit these effects. With a research data of 280,092 year-firms from 44 countries, we find that national culture affects corporate investment efficiency through underinvestment. Individualism and masculinity are positively related to investment efficiency while uncertainty avoidance and power distance are negatively related to investment efficiency.
引用
收藏
页数：18
相关论文
共 50 条
  • [1] How does national culture affect corporate risk-taking?
    Maria Diez-Esteban, Jose
    Farinha, Jorge Bento
    Diego Garcia-Gomez, Conrado
    EURASIAN BUSINESS REVIEW, 2019, 9 (01) : 49 - 68
  • [2] How does national culture affect corporate risk-taking?
    José María Díez-Esteban
    Jorge Bento Farinha
    Conrado Diego García-Gómez
    Eurasian Business Review, 2019, 9 : 49 - 68
  • [3] Does corporate investment efficiency affect corporate disclosure practices?
    Elberry, Noha
    Hussainey, Khaled
    JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2020, 21 (02) : 309 - 327
  • [4] Does Corporate Governance Affect Labor Investment Efficiency?
    Oh, Hyunmin
    Park, Sambock
    SUSTAINABILITY, 2022, 14 (08)
  • [5] National culture and corporate investment: does uncertainty matter?
    Al Mubarak, Ahmed
    Giouvris, Evangelos
    CROSS CULTURAL & STRATEGIC MANAGEMENT, 2024, 31 (03) : 485 - 509
  • [6] Does supply network location affect corporate investment efficiency?
    Shi Jinyan
    Yang, Jianheng
    Li, Yanxi
    RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE, 2020, 51
  • [7] Does the participation in poverty alleviation affect corporate investment efficiency?
    Zhen, Hongxian
    Guo, Dong
    Wang, Sanfa
    Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice, 2022, 42 (05): : 1197 - 1213
  • [8] Does digital empowerment affect corporate green investment efficiency?
    Liao, Feimei
    Hu, Yaoyao
    Sun, Yinghao
    Ye, Songqin
    ENVIRONMENT DEVELOPMENT AND SUSTAINABILITY, 2024, 26 (09) : 23085 - 23111
  • [9] Does gambling culture affect firms' investment efficiency?
    Lin, Nan
    Chen, Han
    Zhang, Pengdong
    Liu, Weiqian
    FINANCE RESEARCH LETTERS, 2022, 49
  • [10] How does credit market distortion affect corporate investment efficiency? The role of managerial forecast
    Wang, Yizhong
    Chen, Lifang
    Huang, Ying Sophie
    Li, Yong
    FINANCE RESEARCH LETTERS, 2018, 25 : 266 - 273
12345