01743cas a2200241 a 4500 AALejournalIMF012112 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475505603 1018-5941 BD-DhAAL BD-DhAAL Mihet, Roxana. Effects of Culture on Firm Risk-Taking : A Cross-Country and Cross-Industry Analysis / Roxana Mihet. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (50 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries. Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism. Domestic firms in such countries tend to take substantially more risk in industries which are more informationally opaque (e.g. finance, mining, IT). Risk-taking by foreign firms is best explained by the cultural norms of their country of origin. These cultural norms do not proxy for legal constraints, insurance safety nets, or economic development. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2012/210 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/210/001.2012.issue-210-en.xml IMF e-Library