TY  - BOOK
AU  - Mihet,Roxana
TI  - Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis 
T2  - IMF Working Papers; Working Paper
SN  - 1475505604 :
SN  - 1018-5941
PY  - 2012///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Comparative
KW  - imf
KW  - Corporate Culture
KW  - Corporate Risk-Taking
KW  - Economic History: Financial Markets and Institutions: General
KW  - Firm Objectives
KW  - Industry Opacity
KW  - Japan
KW  - Norway
KW  - Poland
KW  - Switzerland
KW  - United States
N2  - This 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
UR  - http://elibrary.imf.org/view/IMF001/13058-9781475505603/13058-9781475505603/13058-9781475505603.xml
UR  - http://www.imfbookstore.org/IMFORG/9781475505603
ER  -