Does Cultural Difference Affect Investment–Cash Flow Sensitivity? Evidence from OECD Countries
We investigate the influence of national culture on corporate investment–cash flow sensitivity. We conjecture that national culture shapes managerial perceptions of information asymmetry and agency problems, thus impacting the investment–cash flow relationship. We document empirical evidence in supp...
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| Published in | British journal of management Vol. 31; no. 3; pp. 636 - 658 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
London
Blackwell Publishing Ltd
01.07.2020
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| Subjects | |
| Online Access | Get full text |
| ISSN | 1045-3172 1467-8551 |
| DOI | 10.1111/1467-8551.12394 |
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| Abstract | We investigate the influence of national culture on corporate investment–cash flow sensitivity. We conjecture that national culture shapes managerial perceptions of information asymmetry and agency problems, thus impacting the investment–cash flow relationship. We document empirical evidence in support of our claim. By linking the investment–cash flow sensitivity to cultural differences, our findings show that, while collectivism has an attenuating influence, uncertainty avoidance, power distance and masculinity have a reinforcing effect on the relationship between cash flow and investment. Our results hold for a sample of 205,268 firm‐years across 24 OECD countries between 1990 and 2017, and are robust after accounting for alternative statistical approaches, sample compositions and measures of cultural dimensions, along with controls for institutional and governmental factors. In addition, by decomposing cash flow into uses and sources of funds in a dynamic multi‐equation model, where firms make financing and investment decisions jointly subject to the constraint that sources must equal uses of cash, we find that national culture shapes how firms react to changes in cash flow. |
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| AbstractList | We investigate the influence of national culture on corporate investment–cash flow sensitivity. We conjecture that national culture shapes managerial perceptions of information asymmetry and agency problems, thus impacting the investment–cash flow relationship. We document empirical evidence in support of our claim. By linking the investment–cash flow sensitivity to cultural differences, our findings show that, while collectivism has an attenuating influence, uncertainty avoidance, power distance and masculinity have a reinforcing effect on the relationship between cash flow and investment. Our results hold for a sample of 205,268 firm‐years across 24 OECD countries between 1990 and 2017, and are robust after accounting for alternative statistical approaches, sample compositions and measures of cultural dimensions, along with controls for institutional and governmental factors. In addition, by decomposing cash flow into uses and sources of funds in a dynamic multi‐equation model, where firms make financing and investment decisions jointly subject to the constraint that sources must equal uses of cash, we find that national culture shapes how firms react to changes in cash flow. |
| Author | Uddin, Moshfique Amini, Shima Kashefi‐Pour, Eilnaz Duxbury, Darren |
| Author_xml | – sequence: 1 givenname: Eilnaz surname: Kashefi‐Pour fullname: Kashefi‐Pour, Eilnaz organization: University of Birmingham – sequence: 2 givenname: Shima surname: Amini fullname: Amini, Shima organization: University of Leeds – sequence: 3 givenname: Moshfique orcidid: 0000-0003-1035-0365 surname: Uddin fullname: Uddin, Moshfique email: M.M.Uddin@leeds.ac.uk organization: University of Leeds – sequence: 4 givenname: Darren orcidid: 0000-0002-7285-8474 surname: Duxbury fullname: Duxbury, Darren organization: University of Newcastle |
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| Notes | The authors would like to thank Konstantinos Stathopoulos, S. Ghon Rhee and Kai Li, as well as seminar participants at University of Birmingham, 14th Annual International Conference on Finance in Athens and Paris Financial Management Conference 2017 for their useful comments on earlier drafts of this paper, which was previously circulated with the title ‘The Investment Cash Flow Relationship: Does National Culture Matter?’. ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 14 |
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| SubjectTerms | Asymmetric information Cash flow Collectivism Cultural differences Culture Investments Masculinity Uncertainty |
| Title | Does Cultural Difference Affect Investment–Cash Flow Sensitivity? Evidence from OECD Countries |
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