National Culture and Corporate Cash Holdings around the World
National Culture and Corporate Cash Holdings around the World
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DOI：
10.2139/ssrn.1976694
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发表时间：
2011-09
期刊：
影响因子：
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通讯作者：
Yangyang Chen;Yiwen Dou;S. Rhee;Cameron Truong;M. Veeraraghavan
中科院分区：
文献类型：
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作者：
Yangyang Chen;Yiwen Dou;S. Rhee;Cameron Truong;M. Veeraraghavan
本文探讨了文化因素是否可以解释全球以及美国企业现金持有量的变化。我们发现了四个主要发现。首先，在国际背景下，公司现金持有量与个人主义负相关，与不确定性规避正相关。第二，个人主义和不确定性回避影响持有现金的预防性动机。第三，美国个人主义国家的公司持有的现金少于集体主义国家的公司。第四，我们发现，个人主义是正相关的公司的资本支出，收购和回购，而不确定性规避是负相关的。在控制了治理因素、企业属性和国家特征后，我们的研究结果保持不变。
This paper examines whether cultural dimensions explain the variation in corporate cash holdings around the world as well as within the United States. We establish four major findings. First, in an international setting, corporate cash holdings are negatively associated with individualism and positively associated with uncertainty-avoidance. Second, individualism and uncertainty avoidance influence the precautionary motive for holding cash. Third, firms in individualistic states in the United States hold less cash than firms in collectivistic states. Fourth, we show that individualism is positively related to the firm’s capital expenditures, acquisitions, and repurchases while uncertainty avoidance is negatively related. Our findings remain unchanged after controlling for governance factors, firm attributes, and country characteristics.