National culture and corporate risk-taking around the world

被引：20
|
作者：
Frijns, Bart [1 ,2 ]
Hubers, Frank [1 ]
Kim, Donghoon [3 ]
Roh, Tai-Yong [4 ]
Xu, Yahua [5 ]
机构：
[1] Open Univ, Heerlen, Netherlands
[2] Auckland Univ Technol, Auckland, New Zealand
[3] Korea Adv Inst Sci & Technol, Coll Business, Daejeon, South Korea
[4] Liaoning Univ, Shenyang, Peoples R China
[5] Cent Univ Finance & Econ, Beijing, Peoples R China
来源：
GLOBAL FINANCE JOURNAL | 2022年 / 52卷
关键词：
National culture; Corporate risk-taking; Individualism; DEBT; SELF; INDIVIDUALISM; DIMENSIONS; IDENTITY; DISTANCE; TIME; BIAS;
D O I：
10.1016/j.gfj.2022.100710
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
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页数：11
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