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  • Individualism, Uncertainty Avoidance, and Earnings Momentum in International Markets

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    Author(s)
    Dou, Paul
    Truong, Cameron
    Veeraraghavan, Madhu
    Griffith University Author(s)
    Veeraraghavan, Madhu
    Year published
    2016
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    Abstract
    This study examines whether cultural dimensions such as individualism and uncertainty avoidance can explain the variation in the profitability of the earnings momentum strategies in international markets. Using the time‐varying cultural indices of Tang and Koveos (2008) for 30,383 firms from 41 countries over the period 1995–2008, we show that the level of individualism in a country is positively associated and the level of uncertainty avoidance is negatively associated with earnings momentum profits. Our findings are robust to the inclusion of a comprehensive set of control variables and alternative cultural metrics. The ...
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    This study examines whether cultural dimensions such as individualism and uncertainty avoidance can explain the variation in the profitability of the earnings momentum strategies in international markets. Using the time‐varying cultural indices of Tang and Koveos (2008) for 30,383 firms from 41 countries over the period 1995–2008, we show that the level of individualism in a country is positively associated and the level of uncertainty avoidance is negatively associated with earnings momentum profits. Our findings are robust to the inclusion of a comprehensive set of control variables and alternative cultural metrics. The central message is that we emphasize the necessity to go beyond the assumption of perfect rationality and to account for innate differences among international investors to explain how accounting information is incorporated into stock prices. We recommend that cultural dimensions be included in cross‐country research to account for innate differences among international investors.
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    Journal Title
    Contemporary Accounting Research
    Volume
    33
    Issue
    2
    DOI
    https://doi.org/10.1111/1911-3846.12155
    Copyright Statement
    © 2016 The Canadian Academic Accounting Association. This is the peer reviewed version of the following article: Individualism, Uncertainty Avoidance, and Earnings Momentum in International Markets, Contemporary Accounting Research, Volume 33, Issue 2, Pages 851-881, 2016, which has been published in final form at https://doi.org/10.1111/1911-3846.12155. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (hhttp://olabout.wiley.com/WileyCDA/Section/id-828039.html)
    Subject
    Accounting, Auditing and Accountability not elsewhere classified
    Accounting, Auditing and Accountability
    Publication URI
    http://hdl.handle.net/10072/172399
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    • Journal articles

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