Ramirez, Andres; Tadesse, Solomon - William Davidson Institute, University of Michigan - 2007
, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against … more cash. At the same time, however, the multinationality of the firm moderates the effects of culture on the firm … multinationality of the firm is positively correlated with holdings of cash. On the other hand, the effect of national culture on firm …