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  • National culture and corporate cash holdings around the world

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    ChenPUB1528.pdf (993.5Kb)
    Author(s)
    Chen, Yangyang
    Dou, Paul Y.
    Rhee, S. Ghon
    Truong, Cameron
    Veeraraghavan, Madhu
    Griffith University Author(s)
    Veeraraghavan, Madhu
    Year published
    2015
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    Abstract
    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 ...
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    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.
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    Journal Title
    Journal of Banking and Finance
    Volume
    50
    DOI
    https://doi.org/10.1016/j.jbankfin.2014.09.018
    Copyright Statement
    © 2015 Elsevier. Licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Licence (http://creativecommons.org/licenses/by-nc-nd/4.0/) which permits unrestricted, non-commercial use, distribution and reproduction in any medium, providing that the work is properly cited.
    Subject
    Banking, Finance and Investment not elsewhere classified
    Applied Mathematics
    Economic Theory
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/172406
    Collection
    • Journal articles

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