corporate
governance. We hypothesize that (a) Firms in more individualistic cultures should suffer
more from agency problems and should use more corporate governance practices; (b) Firms in
more individualistic cultures should use more debt since financing policy can also be used to
control managerial opportunism, but the cultural effect should be smaller in firms with already
higher corporate governance standards. Using the corporate governance scores from ASSET4,
we find that individualism can explain a large variation in firm-level corporate governance and
the empirical results are consistent with the our hypotheses.
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