Frijns, BHubers, FKim, DRoh, TYXu, Y2025-06-252025-06-252022-01-25Global Finance Journal, ISSN: 1044-0283 (Print), Elsevier BV, 52, 100710-100710. doi: 10.1016/j.gfj.2022.1007101044-0283http://hdl.handle.net/10292/19364This 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.© 2022 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).http://creativecommons.org/licenses/by/4.0/3502 Banking, Finance and Investment35 Commerce, Management, Tourism and Services3507 Strategy, Management and Organisational Behaviour1502 Banking, Finance and InvestmentFinance3501 Accounting, auditing and accountability3502 Banking, finance and investmentJournal ArticleOpenAccess10.1016/j.gfj.2022.100710