National Culture and the Valuation of Cash Holdings
研究了国家文化特征（个人主义、不确定性规避、长期导向）如何影响企业现金持有的市场估值，发现先前归因于管理者文化偏好的现金持有效应并不反映投资者偏好，也非价值最大化。
Abstract Prior studies document that national culture traits are systematically related to cash holdings and attribute this to managerial cultural predispositions. However, it is possible that these preferences reflect investors’ cultural preferences and that managers are simply catering to investors’ preferences. It is also not clear whether the cash holding effects previously documented are value maximizing. By examining the impact of national culture traits on cash valuation, we are able to provide insight into these questions. Specifically, we examine the effect of three national culture traits – individualism, uncertainty avoidance and long‐term orientation – on firm cash valuation. Our results suggest that the previously observed effects of cultural traits on cash holdings and attributed to managerial cultural biases do not reflect investors’ preferences and are not value maximizing.