National Culture, Corporate Governance Practices, and Firm Value*
نویسندگان
چکیده
We examine why corporate governance varies widely across countries and across firms, and why such variation matters. Using a new database from Governance Metrics International on corporate governance practices across a large number of countries and firms for 2006-2011 and employing a hierarchical linear model specification, we find that the national cultural dimension of individualism is positively associated with, whereas the national cultural dimension of uncertainty avoidance is negatively associated with, firmlevel corporate governance practices. Within countries, there is a positive association between firm-level corporate governance practices and firm value; however, across countries, the association is negative or zero.
منابع مشابه
National Culture, Corporate Governance Practices, and Firm Performance
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