We explicitly examine the role of culture in corporate takeover decisions. Prior research suggests that the risk … aversion of CEOs affects their takeover decisions. In this paper, we argue that managerial risk aversion at a national level is …, measured by Hofstede's (2001) uncertainty avoidance score, show less takeover activity, engage more in diversifying takeovers …

The quiet life hypothesis argues that, when managers are insulated from the discipline of the takeover market, they … quiet life hypothesis, where managers adopt riskier CSR strategies and investments when they are more exposed to takeover … words, they prefer to live a “quiet life”. Exploiting a distinctive measure of takeover vulnerability principally based on …