This paper explores whether national culture explains the deviation from the optimal investment, as measured by under- and over-investment, and the impact of this deviation across cultural dimensions on shareholders’ wealth. Using an international sample of firms listed in 38 countries, we...

We analyze institutional ownership in listed ADRs over the last two decades and investigate new determinants of institutional ownership in these ADRs. Using a unique dataset, we find that institutional investors invest more in ADRs without underlying stocks listed in the home market (i.e.,...

The paper examines the impact of culture on executive compensation. Using a sample of 8025 firms from 17 countries and employing GLOBE cultural dimensions, we find that culture has a significant explanatory power in cross-country executive compensation practices. We contribute to the existing...

This paper explores whether national culture explains the deviation from the optimal investment, as measured by under- and over-investment compared to the optimal investment level, and the impact of this deviation across cultural dimensions on shareholders’ wealth. Using an international...

We examine the sensitivity of corporate investment to stock-market valuations (measured by Tobin's q) and internal funds (measured by cash flow) in a setting that captures the unique country institutional characteristics of the Middle East and North Africa (MENA) region. We report a higher...