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100   $a20121206d2012      uy         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   $aWashington, D.C. $cInternational Monetary Fund$dc2012
215   $a1 online resource (51 p.)
225  0$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   $aCulture
615  0$aCorporate governance.
615  0$aCulture.
676   $a332.1/52
700   $aMihet$b Roxana$01610213
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910817309203321
996   $aEffects of Culture on Firm Risk-Taking$93937874
997   $aUNINA