Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/261849 
Year of Publication: 
2019
Citation: 
[Journal:] BRQ Business Research Quarterly [ISSN:] 2340-9436 [Volume:] 22 [Issue:] 1 [Publisher:] Elsevier España [Place:] Barcelona [Year:] 2019 [Pages:] 36-55
Publisher: 
Elsevier España, Barcelona
Abstract: 
Using a large sample of firms from 37 countries over the period of 2007-2015, we empirically analyse the impact of religion and national culture characteristics on the level of corporate risk-taking around the world and the channels through which this can take place. First, we initially observe that different religious backgrounds have different impacts on corporate risk-taking, these being negative for Catholic and Islamic-based countries and positive for firms in Protestant nations. Secondly, we observe that companies in countries with high scores of power distance, masculinity, individualism and long-term orientation tend to increase risk-taking while high levels of uncertainty avoidance moderates corporate risk-taking behavior. We also show results that in companies where institutional investors are the most relevant reference shareholder the influence of religion on corporate risk-taking is not felt, unlike when the main shareholder is an individual or a family.
Subjects: 
Corporate risk-taking
National culture
Ownership structure
Religion
JEL: 
G15
G32
G34
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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