We show that culture and diversity strongly influence welfare systems around the globe. To disentangle culture from institutions, we employ regional instruments as well as data on the prevalence of the pathogen Toxoplasma Gondii, linguistic differences, and the frequency of blood types. The...

Based on a sample of cross-border mergers and acquisitions (M&A) by Chinese enterprises in different target countries between 2010 and 2020, this paper explores the impact of cultural differences on M&A performance and the moderating effects of regional cultural diversity and government...