We evaluate the effect of country-level uncertainty avoidance on capital structure decisions. Our analysis reveals that uncertainty avoidance has a negative effect on long-term debt that is essentially offset by a positive effect on short-term debt, therefore resulting in a negligeable effect on...

We hypothesize that Hofstede’s uncertainty avoidance index has a moderating effect on the firm-level determinants of capital structure. Using a large panel of listed firms around the world, we show that uncertainty avoidance amplifies the positive impact of firm size and asset tangibility and...

This article examines the determinants of life insurance consumption in OECD countries. Consistent with previous results, we find a significant positive income elasticity of life insurance demand. Demand also increases with the number of dependents and level of education, and decreases with life...