We investigate the role of natural culture in corporate risk-taking using measures of
income variability, R&D spending, and use of long-term debt. We identify three
dimensions of national culture that should influence corporate risk-taking, and we isolate
the effects of country-level and firm-level variables by using a hierarchical linear
modeling approach. The three specific cultural values that we study – harmony,
individualism, and uncertainty avoidance-- have both direct and indirect effects on our
various measures of risk-taking. These results survive when we control for firm-level and
country-level characteristics.
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