Yazar
Alipour, Ali, Yaprak, A.
Basım Tarihi
2024-02
Basım Yeri
-
Elsevier
Konu
Cash holdings, Indulgence vs restraint, National culture, Leverage, Firm size, Shareholder protection
Tür
Süreli Yayın
Dil
İngilizce
Dijital
Evet
Yazma
Hayır
Kütüphane
Özyeğin Üniversitesi
Demirbaş Numarası
0148-2963
Kayıt Numarası
bcfac4fb-0ed0-4f05-b5c2-f07a08996b9a
Lokasyon
Business Administration
Tarih
2024-02
Örnek Metin
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
