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dc.contributor.authorChen, Yangyang
dc.contributor.authorDou, Paul Y.
dc.contributor.authorRhee, S. Ghon
dc.contributor.authorTruong, Cameron
dc.contributor.authorVeeraraghavan, Madhu
dc.date.accessioned2018-03-29T04:07:12Z
dc.date.available2018-03-29T04:07:12Z
dc.date.issued2015
dc.identifier.issn0378-4266
dc.identifier.doi10.1016/j.jbankfin.2014.09.018
dc.identifier.urihttp://hdl.handle.net/10072/172406
dc.description.abstractThis 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.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.relation.ispartofpagefrom1
dc.relation.ispartofpageto18
dc.relation.ispartofjournalJournal of Banking and Finance
dc.relation.ispartofvolume50
dc.subject.fieldofresearchBanking, Finance and Investment not elsewhere classified
dc.subject.fieldofresearchApplied Mathematics
dc.subject.fieldofresearchEconomic Theory
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode150299
dc.subject.fieldofresearchcode0102
dc.subject.fieldofresearchcode1401
dc.subject.fieldofresearchcode1502
dc.titleNational culture and corporate cash holdings around the world
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
dcterms.licensehttp://creativecommons.org/licenses/by-nc-nd/4.0/
dc.description.versionPost-print
gro.rights.copyright© 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.
gro.hasfulltextFull Text
gro.griffith.authorVeeraraghavan, Madhu


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