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The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship
Bena, Jan - 2009
Using a dynamic model of a step-by-step innovation race between financially constrained firms, I study how financial … constraints affect innovation activity. The novel theoretical results derive from an analysis of the interaction between the … incentive effect of competition on innovation and the effect competition has on the degree of credit rationing. I find that the …
Persistent link: https://www.econbiz.de/10013155947
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The Effect of Credit Rationing on the Shape of the Competition-Innovation Relationship
Bena, Jan - Center for Economic Research and Graduate Education and … - 2008
Using a dynamic model of a step-by-step innovation race between financially constrained firms, I study how financial … constraints affect innovation activity. The novel theoretical results derive from an analysis of the interaction between the … incentive effect of competition on innovation and the effect competition has on the degree of credit rationing. I find that the …
Persistent link: https://www.econbiz.de/10005146547
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The effect of credit rationing on the shape of the competition-innovation relationship
Bena, Jan - London School of Economics (LSE) - 2009
Using a dynamic model of a step-by-step innovation race between financially constrained firms, I study how financial … constraints affect innovation activity. The novel theoretical results derive from an analysis of the interaction between the … incentive effect of competition on innovation and the effect competition has on the degree of credit rationing. I find that the …
Persistent link: https://www.econbiz.de/10010745834
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The Investment Cash Flow Relationship : Does National Culture Matter?
Kashefi-Pour, Eilnaz - 2019
We investigate the effect of national culture on corporate investment-cash flow sensitivity. The extant literature on corporate investment explains investment-cash flow sensitivity using agency and asymmetric information theories. In this paper we argue that culture affects perceptions of, and...
Persistent link: https://www.econbiz.de/10012904638
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National Culture and the Value Implications of Corporate Social Responsibility : A Channel Analysis
Griffin, Dale W. - 2020
We examine why corporate social responsibility (CSR) practices vary across countries and firms, and evaluate the value implications. Using a sample of 30,399 firm-year observations representing 4,279 firms from 49 countries over the 2003–2015 period and applying hierarchical linear modeling,...
Persistent link: https://www.econbiz.de/10012851351
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Secrecy, Information Shocks, and Corporate Investment : Evidence from European Union Countries
Mazboudi, Mohamad - 2018
This study examines how national culture affects corporate investment. We argue that national culture affects corporate investment efficiency through the level of secrecy that national culture exhibits. Using a sample of firms from eight culturally-diverse European Union countries, we find that...
Persistent link: https://www.econbiz.de/10012933243
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Does National Culture Impact Pay-for-Performance and Gender Pay-Gap in Executive Compensation?
Abdallah, Wissam; Zhao, Yang - 2021
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...
Persistent link: https://www.econbiz.de/10013216734
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National Culture and Corporate Investment Efficiency
Abdallah, Wissam; Mira, Svetlana; Abdallah, Abed Al-Nasser - 2021
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...
Persistent link: https://www.econbiz.de/10013219747
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Does national culture influence peer effects on dividend policies?
Machokoto, Michael; Tunyi, Abongeh A.; Gyimah, Daniel - 2022
This study examines whether national culture influences peer effects on dividend policies. We find robust empirical evidence suggesting that peer firms significantly influence dividend policies across countries. Moreover, such influence is salient for firms domiciled in countries with more...
Persistent link: https://www.econbiz.de/10013307396
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A Cross-Country Study on the Effects of National Culture on Earnings Management
Han, Sam - 2011
This study hypothesizes and tests whether the degrees to which managers exercise earnings discretion relates to their value system (i.e., culture) as well as the institutional features (i.e., legal environment) of their country. We find that uncertainty avoidance and individualism dimensions of...
Persistent link: https://www.econbiz.de/10013130561