06724oam 22014774 450 991078648580332120230801225445.01-4755-1562-61-4755-4383-2(CKB)2670000000278914(EBL)1606951(SSID)ssj0001032620(PQKBManifestationID)11656973(PQKBTitleCode)TC0001032620(PQKBWorkID)10988323(PQKB)10374125(MiAaPQ)EBC1606951(Au-PeEL)EBL1606951(CaPaEBR)ebr10627135(OCoLC)870245043(IMF)WPIEE2012210(IMF)WPIEA2012210(EXLCZ)99267000000027891420020129d2012 uf 0engur|n|---|||||txtccrEffects of Culture on Firm Risk-Taking : A Cross-Country and Cross-Industry Analysis /Roxana MihetWashington, D.C. :International Monetary Fund,2012.1 online resource (51 p.)IMF Working PapersIMF working paper ;WP/12/210Description based upon print version of record.1-4755-8516-0 1-4755-0560-4 Includes bibliographical references.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 Mechanisms5. 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 ResultsD. Data Sources and DefinitionsE. Summary Statistics TablesThis 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 do not proxy for legal constraints, insurance safety nets, or economic development.IMF Working Papers; Working Paper ;No. 2012/210Corporate governanceCultureBanks and BankingimfCorporate FinanceimfFinance: GeneralimfMacroeconomicsimfFinancing PolicyimfFinancial Risk and Risk ManagementimfCapital and Ownership StructureimfValue of FirmsimfGoodwillimfFirm Objectives, Organization, and Behavior: GeneralimfEconomic History: Financial Markets and Institutions: General, International, or ComparativeimfCorporate CultureimfDiversityimfSocial ResponsibilityimfMultinational FirmsimfInternational BusinessimfGeneral Financial Markets: General (includes Measurement and Data)imfPrice LevelimfInflationimfDeflationimfFinancial Markets and the MacroeconomyimfInterest Rates: Determination, Term Structure, and EffectsimfFinanceimfMultinationalsimfBankingimfForeign corporationsimfCompetitionimfAsset pricesimfFinancial sector developmentimfCentral bank policy rateimfEconomic sectorsimfFinancial marketsimfPricesimfFinancial servicesimfFinancial services industryimfInterest ratesimfUnited StatesimfCorporate governance.Culture.Banks and BankingCorporate FinanceFinance: GeneralMacroeconomicsFinancing PolicyFinancial Risk and Risk ManagementCapital and Ownership StructureValue of FirmsGoodwillFirm Objectives, Organization, and Behavior: GeneralEconomic History: Financial Markets and Institutions: General, International, or ComparativeCorporate CultureDiversitySocial ResponsibilityMultinational FirmsInternational BusinessGeneral Financial Markets: General (includes Measurement and Data)Price LevelInflationDeflationFinancial Markets and the MacroeconomyInterest Rates: Determination, Term Structure, and EffectsFinanceMultinationalsBankingForeign corporationsCompetitionAsset pricesFinancial sector developmentCentral bank policy rateEconomic sectorsFinancial marketsPricesFinancial servicesFinancial services industryInterest ratesMihet Roxana1578660DcWaIMFBOOK9910786485803321Effects of Culture on Firm Risk-Taking3858245UNINA