文化多样性与跨国公司的价值

IF 4.5 2区 管理学 Q1 BUSINESS
John F. Zhang
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引用次数: 0

摘要

本文研究了文化多样性对跨国公司价值的影响。结果表明,文化多样性与公司价值呈负相关。在研究了相关渠道后,我们发现文化多样性对估值的负面影响主要是由较低的现金流驱动的。相反,我们发现文化多样性对贴现率有影响的证据并不显著。在解决了内生性问题后,文化多样性的负面影响依然存在。此外,使用其他的文化衡量标准、不同的企业价值代用指标和不同的估算方法都不会改变我们的主要结果。此外,当考虑到代理问题和全球金融危机时,我们的结果是稳健的。总之,这些研究结果扩展了有关全球多元化的文献,并表明估值折扣在一定程度上与文化多样性有关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Cultural Diversity and Value of Multinational Firms
This paper examines the influence of cultural diversity on the value of multinational firms. The results show that cultural diversity is negatively associated with firm value. After investigating the underlying channels, we find that the negative valuation effect of cultural diversity is driven mainly by lower cash flows. In contrast, we find insignificant evidence that cultural diversity has effects on discount rates. The negative effect of cultural diversity holds after addressing endogeneity issues. Further, the use of alternative measures of culture, different proxies for firm value and different estimation methods does not change our main result. Moreover, our results are robust when considering agency problems and the global financial crisis. Overall, these findings extend the literature on global diversification and indicate that the valuation discount is, to a certain degree, associated with cultural diversity.
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来源期刊
CiteScore
10.00
自引率
12.50%
发文量
87
期刊介绍: The British Journal of Management provides a valuable outlet for research and scholarship on management-orientated themes and topics. It publishes articles of a multi-disciplinary and interdisciplinary nature as well as empirical research from within traditional disciplines and managerial functions. With contributions from around the globe, the journal includes articles across the full range of business and management disciplines. A subscription to British Journal of Management includes International Journal of Management Reviews, also published on behalf of the British Academy of Management.
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