National Culture and Corporate Risk-Taking Around the World
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Frijns, B
Hubers, F
Kim, D
Roh, TY
Xu, Y
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Elsevier BV
Abstract
This paper examines the effect of national culture on corporate risk-taking worldwide. Specifically, we focus on one particular cultural trait – Individualism – a culture dimension linked to risk-taking and overconfidence. Using a sample of 48 countries from 1998 to 2019 (a total of 111,697 firm-year observations), we document a positive relationship between Individualism and corporate risk-taking. This result is robust to potential endogeneity concerns, alternative default horizons, an alternative measure for corporate risk-taking, and alternative measures of Individualism.
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3502 Banking, Finance and Investment, 35 Commerce, Management, Tourism and Services, 3507 Strategy, Management and Organisational Behaviour, 1502 Banking, Finance and Investment, Finance, 3501 Accounting, auditing and accountability, 3502 Banking, finance and investment
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Global Finance Journal, ISSN: 1044-0283 (Print), Elsevier BV, 52, 100710-100710. doi: 10.1016/j.gfj.2022.100710
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© 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license.
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Except where otherwise noted, this item's license is described as © 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license.