National Culture and Profit Reinvestment: Evidence from Small and Medium‐Sized Enterprises
研究了新兴市场中小企业中，国家文化（嵌入性和等级制）如何影响利润再投资决策，发现这两种文化维度会抑制再投资，且外部融资和产权保护的作用因文化背景而异。
We examine the role of national culture—an important informal institution—in the profit reinvestment decisions of small firms in emerging markets. Prior economic development literature focuses on formal institutions as determinants of growth. However, in emerging markets where formal institutions are less developed, informal institutions should have more of a direct versus indirect impact through formal institutions. We find that Schwartz's cultural dimensions of Embeddedness and Hierarchy negatively affect profit reinvestment, and that access to external financing (strength of property rights) is more important for reinvestment decisions in countries with low (high) Embeddedness and Hierarchy.