نویسنده
Alipour, Ali, Yaprak, A.
تاریخ انتشار
2024-02
محل انتشار
-
Elsevier
موضوع
Cash holdings, Indulgence vs restraint, National culture, Leverage, Firm size, Shareholder protection
نوع
دوره ای
زبان
انگلیسی
دیجیتال
بله
نسخه خطی
خیر
کتابخانه
دانشگاه اوزیغین
شناسه دارایی کتابخانه
0148-2963
شماره ثبت
bcfac4fb-0ed0-4f05-b5c2-f07a08996b9a
محل کتابخانه
Business Administration
تاریخ
2024-02
متن نمونه
We examine the influence of indulgence vs restraint (IVR), an understudied national culture dimension of Hofstede's framework, on firms’ cash holdings to shed light on how culture influences this firm behavior and the boundaries of this effect. We argue that, when compared to their restrained-society counterparts, indulgent-society firms will hold higher cash levels due to their greater propensity for risky investments (precautionary motive) and their managers’ weaker moral constraints (agency motive). We also argue that firms’ leverage and risky investment levels will intensify, and firm size and countries’ shareholder protection levels will attenuate the positive effect of indulgence on firms’ cash holdings. The results of our HLM analyses on 16,997 firms across 39 countries verify our arguments and contribute to a more enhanced understanding of national culture's role in firms’ cash holdings.
Tanımlayıcı
WOS:001129925100001
DOI
10.1016/j.jbusres.2023.114414
Cilt
172
