文化和支付政策:国际证据

IF 2.9 3区 经济学 Q2 BUSINESS, FINANCE
Mohamed Nasrallah Khiar , Maher Kooli
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引用次数: 0

摘要

本研究的目的是检验民族文化对公司支出组合政策(股息和股票回购)的影响。使用涵盖1980-2018年55个国家的广泛数据集,我们发现国家文化维度显著影响支出政策组合、选择和水平。在那些具有高度不确定性规避、男性气质、长期导向、放纵与克制的国家,公司倾向于通过回购股票来支付。相比之下,在不确定性规避、男性气质、长期导向、放纵与克制程度较低的国家,公司往往会通过分红来获得回报。我们的研究结果对于控制公司和国家特征、替代支出比率、不同文化指标、子时期样本和子样本是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Culture and payout policy: International evidence

The purpose of the study is to examine the effect of national culture on corporate payout mix policy (dividends and share repurchases). Using an extensive data set covering 55 countries during 1980–2018, we find that the national cultural dimension significantly affects the payout policy mix, choice, and levels. Firms in countries with high uncertainty avoidance, masculinity, long-term orientation, and indulgence vs. restraint are inclined to pay out through share repurchases. In contrast, firms in countries with low uncertainty avoidance, masculinity, long-term orientation, and indulgence vs. restraint tend to pay out through dividends. Our findings are robust to control for firm and country characteristics, alternative payout ratios, different culture proxies, sub-period samples, and subsamples.

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来源期刊
CiteScore
7.30
自引率
4.80%
发文量
25
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.
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