Do cultural differences affect the share price puzzle?

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2024-08-17 DOI:10.1016/j.mulfin.2024.100873

Riccardo Ferretti , Pierpaolo Pattitoni , Alessia Pedrazzoli

引用次数: 0

Abstract

We examine the impact of cultural differences on nominal share prices across 63 countries from 2002 to 2018. Using institutional and catering theories, we assess how cultural dimensions—including World Governance Indicators (WGI), legal systems, religious influences, and GLOBE dimensions—affect the spatial heterogeneity of share price levels. Our findings indicate that share prices are higher in countries with common law systems and comprehensive information reporting, as these environments tend to attract institutional investors. Conversely, cultural traits emphasizing altruistic values correspond with lower share prices, reflecting the preferences of individual investors.

查看原文本刊更多论文

文化差异会影响股价之谜吗？

我们研究了 2002 年至 2018 年间 63 个国家的文化差异对名义股价的影响。利用制度和餐饮理论，我们评估了文化维度--包括世界治理指标（WGI）、法律制度、宗教影响和全球经济展望维度--如何影响股价水平的空间异质性。我们的研究结果表明，在普通法体系和信息报告全面的国家，股价较高，因为这些环境倾向于吸引机构投资者。相反，强调利他主义价值观的文化特征与较低的股价相对应，反映了个人投资者的偏好。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.