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.
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页数：18
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