Three Essays On The Influence Of National Culture On Corporate Finance
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Three Essays On The Influence Of National Culture On Corporate Finance
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Author : Vipin Mogha
language : en
Publisher:
Release Date : 2020
Three Essays On The Influence Of National Culture On Corporate Finance written by Vipin Mogha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
The premises of this doctoral dissertation is investigating the role played by national culture on corporate financial choices and outcomes. The investigation is done through three empirical essays. The first essay analyzes the influence of national culture on firms' capital structure choices. The second essay is analyzing the role played by national culture on firms extending more or less trade credit from pre-to-post the mortgage financial crisis. The third essay analyzes the influence of national culture on firms' market value. Furthermore, a chapter of theoretical conceptualization is done to fit these empirical essays work into a mathematical topology framework. This doctoral dissertation work finds itself at the junction of three broad sets of research bodies. These are the literature around the New Institutional Economics (NIE), the finance literature, and the social economics literature. We glue these literature sets together through the general mathematical topology framework to structure our culture and finance research. Chapter 2 introduces these literature sets and describes the foundations of our three essays.Chapter 3 (essay one) presents the analysis of the links between national culture and firms financing choices leading to their capital structure. Chapter 4 (essay two) presents the analysis of culture's influence on firm's choice of extending higher or lower trade credit from pre-to-post the 2008 mortgage financial crisis. Chapter 5 (essay three) presents how firms' financial value maybe influenced national cultural values.National culture is defined as the firm's country-of-origin cultural values. We represent it by four of Hofstede (1980, 2001) six cultural dimensions of individualism, masculinity, uncertainty avoidance, and long-term orientation. Hofstede national culture dimensions are largely applied in the growing culture and finance literature, thus providing strong empirically validity. Our choice of Hofstede dimensions are described in chapter 2.We apply these cultural dimensions in our three essays. Our empirical analysis is build following the New Institutional Economics framework (Williamson, 2000). This framework is the key structure around which we are able to build the theoretical bodies of our three essays. NIE has popularized the understanding and acceptance of the non-financial constraints -in macro-and-micro economics- of the social embeddedness level of culture. We empirically test the hypotheses in our three essays following Williamson NIE framework. The empirical tests are done on samples of listed firms from over 30 countries. These tests provide a broad applicability of our results to firms in the globalized economy. The results of our three essays meet our hypotheses expectations of culture's influence on firms' financial choices and outcomes.The results provide all stakeholders a lens to view and analyze corporate financial choices and outcomes through firms' national culture values. Indeed, the financial numbers one may read may have different meaning depending on firm's country-of-origin cultural values. This understanding would have multiple implications for investors, creditors, managers, shareholders, and policy makers. It may help them in their investing, lending, financing, returns expectations, and policy design to optimize their profits.
Trois Essais Sur L Influence De La Culture Nationale Sur La Finance D Entreprise
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Author : Vipin Mogha
language : en
Publisher:
Release Date : 2020
Trois Essais Sur L Influence De La Culture Nationale Sur La Finance D Entreprise written by Vipin Mogha and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
Three Essays On Finance Culture And Investor Behavior
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Author : Andreanne Tremblay Simard
language : en
Publisher:
Release Date : 2017
Three Essays On Finance Culture And Investor Behavior written by Andreanne Tremblay Simard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
This dissertation consists of three essays that examine the effects of corporate culture and investor psychology on corporate decisions and financial markets. The first essay focuses on the role of corporate culture in acquisitions, whereas the last two essays investigate deviations from market efficiency. The first essay uses textual analysis of firms annual reports to develop an estimate of the differences in corporate cultures of the combining firms, and finds that greater cultural differences between the firms lead to higher synergistic gains, but only when the acquirer has a stronger culture than its target. The synergy gains concentrate among deals where the acquirers values are not antagonistic to the targets. Further analysis of profitability and productivity (measured as earnings per employee) around the acquisition transaction corroborates these findings. Overall, the evidence suggests that differences in corporate culture are an important driver of announcement returns in mergers and acquisitions. The second essay investigates whether stock misvaluation drives industry-level merger waves by examining intra-wave patterns in acquirers valuation levels in a sample of acquisitions during 1981-2010. The essay contrasts two types of merger waves: stock waves defined on pure stock acquisitions, and cash waves formed on pure cash offers. Consistent with the misvaluation hypothesis, the essay finds that the occurrence of stock merger waves is tightly associated with industry stock valuation, and bidder stock valuation is negatively associated with long-run abnormal returns, especially so during waves of stock mergers. In contrast, there is little evidence of such patterns using the cash wave definition. The third essay investigates the effects of sunshine, wind, rain, snow, and temperature on daily index returns of 49 countries from 1973 to 2012. The paper finds pervasive weather effects that vary across temperature regions (cold, hot, and mild) and months. A hedge strategy that exploits the return predictability of daily weather generates up to 25% (11.8%) annualized out-of-sample gross (net) profits during 1993-2012. The systematic patterns of weather effects together with the relationship between their strength and timing and individuals seasonal propensity to spend time outdoors, suggest a plausible mechanism through which weather-induced mood influences index returns.
Three Essays On The Cross National Impact Of Trust And Social Factors On Culture Of Equity
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Author : John W. Goodell
language : en
Publisher:
Release Date : 2008
Three Essays On The Cross National Impact Of Trust And Social Factors On Culture Of Equity written by John W. Goodell and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Investments, Foreign categories.
Nations have broadly varying cultures of equity financing. This dissertation examines both cross-national differences in the price of equity risk and cross-national differences in preference for equity financing, with a view toward how social factors such as trust, in the sense of actual and perceived contract reliability, affects nations' cultures of equity. As a planning measure for long-term investments, the equity premium is an important estimate. Nevertheless, there is little agreement on the empirical estimates of the equity premium in various countries or on the methods most appropriate for estimating the equity premium. Using improved and consistent methodologies, for the first time this dissertation provides equity premium estimates using two different estimation procedures for wide sample of countries covering a recent eight-year period. While Residual Income Growth (RIV) and Abnormal Earnings Growth (AEG) estimates follow similar trends through time, it is found that AEG estimates are consistently lower and less variable. Next, unlike prior studies, this dissertation assesses national characteristics as determinants of cross-border differences in equity premia. It is found that country equity premia narrow with greater concentration of equity ownership and greater economic inequality. Country equity premia widen with more uncertainty avoidance as well as more stock and bond market development, and better legal protection and regulatory quality. Results point to non-pecuniary benefits to holding equity or to controlling ownerships having preferential access to capital. Further, there is little research on the degree to which nations' reliance on markets versus institutions is determined by cultural, legal, and other national characteristics. This dissertation documents that national preference for market financing is associated with increased private monitoring of banks, market openness, and market concentration. Less national preference for market financing is associated with measures reflecting greater anti-self dealing laws, more ambiguity aversion and greater official supervision of banking. Overall, this dissertation makes important new contributions to a better understanding of the nature and role of equity financing in wide range of countries. Given the importance of returns on long range corporate equity investments and corporate equity as a source of investments, these contributions should be of much interest to scholars, managers, and policymakers.
Three Essays In Corporate Finance
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Author : Hoontaek Seo
language : en
Publisher:
Release Date : 2009
Three Essays In Corporate Finance written by Hoontaek Seo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Boards of directors categories.
Three Essays On Corporate Finance And Intermediation
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Author : Yiwei Fang
language : en
Publisher:
Release Date : 2012
Three Essays On Corporate Finance And Intermediation written by Yiwei Fang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
Three Essays In Corporate Finance
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Author : Debarshi K. Nandy
language : en
Publisher:
Release Date : 2004
Three Essays In Corporate Finance written by Debarshi K. Nandy and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Three Essays In Corporate Finance
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Author : Gokhan Yilmaz
language : en
Publisher:
Release Date : 2014
Three Essays In Corporate Finance written by Gokhan Yilmaz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Three Essays In Corporate Finance
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Author : Imants Paeglis
language : en
Publisher:
Release Date : 2002
Three Essays In Corporate Finance written by Imants Paeglis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Three Essays On Corporate Finance
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Author : Bader Alhashel
language : en
Publisher:
Release Date : 2012
Three Essays On Corporate Finance written by Bader Alhashel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Chief executive officers categories.
"This dissertation intends to further our understanding of CEOs, economic agents with significant effects on firms, through investigating some of their characteristics, experiences, and actions. In my first essay I investigate how an executive's ability and style is affected by the experience of having previously worked with a Superstar CEO. Using prestigious business media awards to identify Superstar CEOs, I find that CEOs who have previously worked with Superstars achieve the same performance levels as other CEOs. Furthermore, I find that CEOs who have worked with Superstars follow managerial styles that are similar to those used by the Superstar. To mitigate the potential matching between firms and executives, I use Propensity Score Matching and arrive at similar results. However, when higher narcissism is found in Superstar CEOs, the effect is positive on the future performance of the executives. I interpret these findings as evidence that executives do not improve their ability by working with Superstar CEOs but do pick up their managerial styles. My second essay looks into the decision made by CEOs to commit accounting fraud, a decision with adverse effects on the firm and the future career of the CEO. More specifically, I look into the decision to commit fraud in response to equity analysts' earnings targets. CEOs are under significant pressure to meet earnings targets since they proxy for the expectations of the markets and the board of directors of the firm. Using a sample of firms accused of accounting fraud by the SEC over the period 1996-2007, I find that CEOs and their firms are more likely to commit fraud in response to analysts' high expectations. The third essay explores how certain behavioral traits of CEOs affect their decisions at the firm's helm. Particularly, I examine how the CEO's narcissism relates to the firm's innovations. I find that over the period 1992-2006, firms with highly narcissistic CEOs invest more in innovation as measured by R & D and achieve a greater level of innovation production. Furthermore, narcissistic CEOs produce innovation with a performance that is more extreme and volatile in terms of how widespread the innovation's impact is."--Leaves v-vi.