Anmerkungen:
In: Applied Financial Economics, Vol. 14, No. 8, 2014
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 10, 2014 erstellt
Beschreibung:
This study extends the current state of research on corporate governance and firm value determinants by introducing culture as a proxy for risk aversion. We focus on individuals' risk aversion and connect it to Hofstede's cultural dimensions of uncertainty avoidance. In a cross-country empirical analysis with 47 countries, we find that uncertainty avoidance is negatively associated with valuation of firms. Our findings suggest that cross-country variation in risk aversion as well as in corporate governance impact firm valuation. The results are robust to controlling for other determinants of firm value and using different datasets