06769oam 22015014 450 991081730920332120200520144314.01-4755-1562-61-4755-4383-2(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 Mihet1st ed.Washington, 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 governanceCultureAsset pricesimfBankingimfBanks and BankingimfCapital and Ownership StructureimfCentral bank policy rateimfCompetitionimfCorporate CultureimfCorporate FinanceimfDeflationimfDiversityimfEconomic History: Financial Markets and Institutions: General, International, or ComparativeimfEconomic sectorsimfFinanceimfFinance: GeneralimfFinancial Markets and the MacroeconomyimfFinancial marketsimfFinancial Risk and Risk ManagementimfFinancial sector developmentimfFinancial services industryimfFinancial servicesimfFinancing PolicyimfFirm Objectives, Organization, and Behavior: GeneralimfForeign corporationsimfGeneral Financial Markets: General (includes Measurement and Data)imfGoodwillimfInflationimfInterest ratesimfInterest Rates: Determination, Term Structure, and EffectsimfInternational BusinessimfMacroeconomicsimfMultinational FirmsimfMultinationalsimfPrice LevelimfPricesimfSocial ResponsibilityimfValue of FirmsimfUnited StatesimfCorporate governance.Culture.Asset pricesBankingBanks and BankingCapital and Ownership StructureCentral bank policy rateCompetitionCorporate CultureCorporate FinanceDeflationDiversityEconomic History: Financial Markets and Institutions: General, International, or ComparativeEconomic sectorsFinanceFinance: GeneralFinancial Markets and the MacroeconomyFinancial marketsFinancial Risk and Risk ManagementFinancial sector developmentFinancial services industryFinancial servicesFinancing PolicyFirm Objectives, Organization, and Behavior: GeneralForeign corporationsGeneral Financial Markets: General (includes Measurement and Data)GoodwillInflationInterest ratesInterest Rates: Determination, Term Structure, and EffectsInternational BusinessMacroeconomicsMultinational FirmsMultinationalsPrice LevelPricesSocial ResponsibilityValue of Firms332.1/52Mihet Roxana1610213DcWaIMFBOOK9910817309203321Effects of Culture on Firm Risk-Taking3937874UNINA