LEADER 06769oam 22015014 450 001 9910817309203321 005 20200520144314.0 010 $a1-4755-1562-6 010 $a1-4755-4383-2 035 $a(CKB)2670000000278914 035 $a(EBL)1606951 035 $a(SSID)ssj0001032620 035 $a(PQKBManifestationID)11656973 035 $a(PQKBTitleCode)TC0001032620 035 $a(PQKBWorkID)10988323 035 $a(PQKB)10374125 035 $a(MiAaPQ)EBC1606951 035 $a(Au-PeEL)EBL1606951 035 $a(CaPaEBR)ebr10627135 035 $a(OCoLC)870245043 035 $a(IMF)WPIEE2012210 035 $a(IMF)WPIEA2012210 035 $a(EXLCZ)992670000000278914 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aEffects of Culture on Firm Risk-Taking : $eA Cross-Country and Cross-Industry Analysis /$fRoxana Mihet 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (51 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/210 300 $aDescription based upon print version of record. 311 $a1-4755-8516-0 311 $a1-4755-0560-4 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $a5. 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 327 $aD. Data Sources and DefinitionsE. Summary Statistics Tables 330 3 $aThis paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism. Domestic firms in such countries tend to take substantially more risk in industries which are more informationally opaque (e.g. finance, mining, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These cultural norms do not proxy for legal constraints, insurance safety nets, or economic development. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/210 606 $aCorporate governance 606 $aCulture 606 $aAsset prices$2imf 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aCapital and Ownership Structure$2imf 606 $aCentral bank policy rate$2imf 606 $aCompetition$2imf 606 $aCorporate Culture$2imf 606 $aCorporate Finance$2imf 606 $aDeflation$2imf 606 $aDiversity$2imf 606 $aEconomic History: Financial Markets and Institutions: General, International, or Comparative$2imf 606 $aEconomic sectors$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFinancial markets$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aFinancial sector development$2imf 606 $aFinancial services industry$2imf 606 $aFinancial services$2imf 606 $aFinancing Policy$2imf 606 $aFirm Objectives, Organization, and Behavior: General$2imf 606 $aForeign corporations$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGoodwill$2imf 606 $aInflation$2imf 606 $aInterest rates$2imf 606 $aInterest Rates: Determination, Term Structure, and Effects$2imf 606 $aInternational Business$2imf 606 $aMacroeconomics$2imf 606 $aMultinational Firms$2imf 606 $aMultinationals$2imf 606 $aPrice Level$2imf 606 $aPrices$2imf 606 $aSocial Responsibility$2imf 606 $aValue of Firms$2imf 607 $aUnited States$2imf 615 0$aCorporate governance. 615 0$aCulture. 615 7$aAsset prices 615 7$aBanking 615 7$aBanks and Banking 615 7$aCapital and Ownership Structure 615 7$aCentral bank policy rate 615 7$aCompetition 615 7$aCorporate Culture 615 7$aCorporate Finance 615 7$aDeflation 615 7$aDiversity 615 7$aEconomic History: Financial Markets and Institutions: General, International, or Comparative 615 7$aEconomic sectors 615 7$aFinance 615 7$aFinance: General 615 7$aFinancial Markets and the Macroeconomy 615 7$aFinancial markets 615 7$aFinancial Risk and Risk Management 615 7$aFinancial sector development 615 7$aFinancial services industry 615 7$aFinancial services 615 7$aFinancing Policy 615 7$aFirm Objectives, Organization, and Behavior: General 615 7$aForeign corporations 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGoodwill 615 7$aInflation 615 7$aInterest rates 615 7$aInterest Rates: Determination, Term Structure, and Effects 615 7$aInternational Business 615 7$aMacroeconomics 615 7$aMultinational Firms 615 7$aMultinationals 615 7$aPrice Level 615 7$aPrices 615 7$aSocial Responsibility 615 7$aValue of Firms 676 $a332.1/52 700 $aMihet$b Roxana$01610213 801 0$bDcWaIMF 906 $aBOOK 912 $a9910817309203321 996 $aEffects of Culture on Firm Risk-Taking$93937874 997 $aUNINA