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

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 relation...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Mihet, Roxana (Autor)
Autor Corporativo: International Monetary Fund. Research Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Place of publication not identified] : International Monetary Fund, 2012.
Colección:IMF working paper ; WP/12/210.
Temas:
Acceso en línea:Texto completo

MARC

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245 1 0 |a Effects of culture on firm risk-taking :  |b a cross-country and cross-industry analysis /  |c [prepared by] Roxana Mihet. 
264 1 |a [Place of publication not identified] :  |b International Monetary Fund,  |c 2012. 
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505 0 |a Cover; Table of Contents; I. Introduction; II. Literature Review; III. Data; A. Measuring National Culture; B. Limitations of Cultural Variables; Tables; 1. Correlation Matrix of National Cultural Dimensions; C. Measuring Firm Risk-Taking; D. Measuring Industry Informational Opacity; 2. Industry Informational Opacity; E. Control Variables; IV. Hypotheses Development; A. Direct Effects of Culture; B. Indirect Effects of Culture; 3. Correlation Matrix between National Culture and Governance Indicators; 4. Correlation Matrix between National Culture and Protection Mechanisms. 
505 8 |a 5. Correlation Matrix between National Culture and Industry IndicatorsV. Empirical Model; VI. Results and Discussion; A. Direct Effects of Culture; 6. Effects of National Culture on Corporate Risk-Taking; B. Indirect Effects of Culture; VII. Accentuating/ Moderating Factors; 7. Accentuating/Moderating Factors; VIII. Further Identification Test: Foreign vs. Domestic Firms; 8. Foreign Firms. Risk-Taking Behavior and Culture; IX. Concluding Remarks; X. References; Appendix; A. Measuring National Culture; B: Measuring Industry Informational Opacity; C. Regression Results. 
520 |a 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, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These cultural norms d. 
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650 0 |a Corporate culture  |x Econometric models. 
650 6 |a Gouvernement d'entreprise. 
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650 6 |a Culture d'entreprise  |x Modèles économétriques. 
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650 7 |a Corporate governance.  |2 fast  |0 (OCoLC)fst00879649 
650 7 |a Risk  |x Econometric models.  |2 fast  |0 (OCoLC)fst01098121 
710 2 |a International Monetary Fund.  |b Research Department. 
776 0 8 |i Print version:  |a Mihet, Roxana.  |t Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis.  |d Washington : International Monetary Fund, ©2012  |z 9781475505603 
830 0 |a IMF working paper ;  |v WP/12/210. 
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