Does Cultural Difference Affect Investment–Cash Flow Sensitivity? Evidence from OECD Countries
Abstract
We investigate the influence of national culture on corporate investment–cash flow sensitivity. We conjecture that national culture shapes managerial perceptions of information asymmetry and agency problems, thus impacting the investment–cash flow relationship. We document empirical evidence in support of our claim. By linking the investment–cash flow sensitivity to cultural differences, our findings show that, while collectivism has an...
Paper Details
Title
Does Cultural Difference Affect Investment–Cash Flow Sensitivity? Evidence from OECD Countries
Published Date
Feb 28, 2020
Volume
31
Issue
3
Pages
636 - 658
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