题 目：Cultural Values and Corporate Risk-Taking
演讲者：李凯 教授
主持人：冯芸
时间：2009年6月15日(周一)上午 10:00-12:00
地点：上海交通大学北楼102
演讲者简介：
李凯，UBC尚德商学院金融学讲席教授。1989年于上海交通大学获得学士学位；1992年于Concordia大学获得经济学硕士学位；1996年于Toronto大学获得经济博士学位。在Journal of Financial Economics、Journal of Econometrics、Financial Management等杂志发表论文二十余篇。
Abstract
We investigate the role of national culture in corporate risk-taking using firm-level data from 35 countries. We identify three dimensions of national culture predicted to influence corporate risk-taking: harmony, individualism, and uncertainty avoidance, and we isolate the effects of firm-level and country-level variables by using a hierarchical linear modeling approach. We show that harmony and uncertainty avoidance are negatively associated with firm-level riskiness, while individualism is positively associated with firm-level riskiness. Further, the presence of earnings smoothing exacerbates the effect of individualism on risk-taking, while larger firm size weakens the effects of individualism and uncertainty avoidance on risk-taking. Our results are robust to alternative specifications and samples.
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