References
- Aggarwal, R., Erel, I., Stulz, R. M. et al. (2010) Differences in governance practices between US and foreign firms: measurement, causes, and consequences, The Review of Financial Studies, 22, 3131–69. doi:10.1093/rfs/hhn107.
- Agrawal, A. and Knoeber, C. R. (1996) Firm performance and mechanisms to control agency problems between managers and shareholders, The Journal of Financial and Quantitative Analysis, 31, 377–97. doi:10.2307/2331397.
- Ammann, M., Oesch, D. and Schmid, M. M. (2011) Corporate governance and firm value: international evidence, Journal of Empirical Finance, 18, 36–55. doi:10.1016/j.jempfin.2010.10.003.
- Bebchuk, L. A. and Cohen, A. (2005) The costs of entrenched boards, Journal of Financial Economics, 78, 409–33. doi:10.1016/j.jfineco.2004.12.006.
- Berle, A. A. and Means, G. C. (1932) The Modern Corporation and Private Property, Reprint edn, Transaction Publishers, Piscataway, NJ.
- Bontempo, R. N., Bottom, W. P. and Weber, E. U. (1997) Cross-cultural differences in risk perception: a model-based approach, Risk Analysis, 17, 479–88. doi:10.1111/j.1539-6924.1997.tb00888.x.
- Botosan, C. A. (1997) Disclosure level and the cost of capital, The Accounting Review, 72, 323–49.
- Brainard, W. C. and Tobin, J. (1968) Pitfalls in financial model building, The American Economic Review, 58, 99–122.
- Bruno, V. and Claessens, S. (2010) Corporate governance and regulation: can there be too much of a good thing?, Journal of Financial Intermediation, 19, 461–82. doi:10.1016/j.jfi.2009.10.001.
- Campbell, J. Y. (1996) Understanding risk and return, Journal of Political Economy, 104, 298–345. doi:10.1086/262026.
- Chhaochharia, V. and Laeven, L. (2009) Corporate governance norms and practices, Journal of Financial Intermediation, 18, 405–31. doi:10.1016/j.jfi.2008.10.001.
- Chui, A. C. W., Lloyd, A. E. and Kwok, C. C. Y. (2002) The determination of capital structure: is national culture a missing piece to the puzzle?, Journal of International Business Studies, 33, 99–127. doi:10.1057/palgrave.jibs.8491007.
- Claessens, S., Djankov, S., Fan, J. P. H. et al. (2000) Expropriation of minority shareholders in East Asia, Center for Economic Institutions, Working Paper Series No. 2000-4, Hitotsubashi University, Tokyo.
- Demirgüç-Kunt, A. and Maksimovic, V. (1998) Law, finance and firm growth, The Journal of Finance, 53, 2107–37. doi:10.1111/0022-1082.00084.
- Djankov, S., La Porta, R., Lopez-de-Silanes, F. et al. (2008) The law and economics of self-dealing, Journal of Financial Economics, 88, 430–65. doi:10.1016/j.jfineco.2007.02.007.
- Doidge, C., Karolyi, G. A. and Stulz, R. M. (2007) Why do countries matter so much for corporate governance?, Journal of Financial Economics, 86, 1–39. doi:10.1016/j.jfineco.2006.09.002.
- Durnev, A. and Kim, E. H. (2005) To steal or not to steal: firm attributes, legal environment, and valuation, The Journal of Finance, 60, 1461–93. doi:10.1111/j.1540-6261.2005.00767.x.
- Ertugrul, M. and Hegde, S. (2009) Corporate governance ratings and firm performance, Financial Management, 38, 139–60. doi:10.1111/j.1755-053X.2009.01031.x.
- Fidrmuc, J. and Jacob, M. (2010) Culture, agency costs, and dividends, Journal of Comparative Economics, 38, 321–39. doi:10.1016/j.jce.2010.04.002.
- Gollier, C. (2002) What does classical theory have to say about household portfolios?, in Household portfolios, Guiso, L., Haliassos, M. and Jappelli, T. (Eds), MIT Press, Cambridge, MA, pp. 27–54.
- Gompers, P., Ishii, J. and Metrick, A. (2003) Corporate governance and equity prices, The Quarterly Journal of Economics, 118, 107–56. doi:10.1162/00335530360535162.
- Grossman, S. J. and Hart, O. D. (1988) One share-one vote and the market for corporate control, Journal of Financial Economics, 20, 175–202. doi:10.1016/0304-405X(88)90044-X.
- Hail, L. and Leuz, C. (2006) International differences in the cost of equity capital: do legal institutions and securities regulation matter?, Journal of Accounting Research, 44, 485–531. doi:10.1111/j.1475-679X.2006.00209.x.
- Haliassos, M. (2008) Household portfolios, in The New Palgrave Dictionary of Economics online, Palgrave Macmillan. Available at http://www.dictionaryofeconomics.com/dictionary (accessed 3 February 2013).
- Hart, O. and Moore, J. (1995) Debt and seniority: an analysis of the role of hard claims in constraining management, The American Economic Review, 85, 567–85.
- Hofstede, G. (1980) Culture’s Consequences: International Differences in Work-related Values, Sage Publications, Newbury Park, CA.
- Hofstede, G. (2001) Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations, 2nd edn, Sage Publications, Thousand Oaks, CA.
- Hofstede, G., Hofstede, G. J. and Minkov, M. (2010) Cultures and Organizations: Software of the Mind, McGraw Hill, New York.
- Holmstrom, B. and Tirole, J. (1993) Market liquidity and performance monitoring, Journal of Political Economy, 101, 678–709. doi:10.1086/261893.
- Jensen, M. C. (1986) Agency costs of free cash flow, corporate finance, and takeovers, The American Economic Review, 76, 323–9.
- Jensen, M. C. and Meckling, W. H. (1976) Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305–60. doi:10.1016/0304-405X(76)90026-X.
- Johnson, S., Boone, P., Breach, A. et al. (2000) Corporate governance in the Asian financial crisis, Journal of Financial Economics, 58, 141–86. doi:10.1016/S0304-405X(00)00069-6.
- Kahn, B. E. and Sarin, R. K. (1988) Modeling ambiguity in decisions under uncertainty, Journal of Consumer Research, 15, 265–72. doi:10.1086/209163.
- Khambata, D. and Liu, W. W. (2005) Cultural dimensions, risk aversion and corporate dividend policy, Journal of Asia-Pacific Business, 6, 31–43. doi:10.1300/J098v06n04_03.
- Kirkman, B. L., Lowe, K. B. and Gibson, C. B. (2006) A quarter century of culture’s consequences: a review of empirical research incorporating Hofstede’s cultural values framework, Journal of International Business Studies, 37, 285–320. doi:10.1057/palgrave.jibs.8400202.
- Klapper, L. F. and Love, I. (2004) Corporate governance, investor protection, and performance in emerging markets, Journal of Corporate Finance, 10, 703–28. doi:10.1016/S0929-1199(03)00046-4.
- Kritzman, M., Lowry, K. and Van Royen, A.-S. (2002) Cross-country and intertemporal indexes of risk aversion, Journal of Asset Management, 3, 29–38. doi:10.1057/palgrave.jam.2240063.
- Kwok, C. C. Y. and Tadesse, S. (2006) National culture and financial systems, Journal of International Business Studies, 37, 227–47. doi:10.1057/palgrave.jibs.8400188.
- La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (1999) Corporate ownership around the world, The Journal of Finance, 54, 471–517. doi:10.1111/0022-1082.00115.
- La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (2008) The economic consequences of legal origins, Journal of Economic Literature, 46, 285–332. doi:10.1257/jel.46.2.285.
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A. et al. (1998) Law and finance, Journal of Political Economy, 106, 1113–54. doi:10.1086/250042.
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A. et al. (2000) Agency problems and dividend policies around the world, The Journal of Finance, 55, 1–33. doi:10.1111/0022-1082.00199.
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A. et al. (2002) Investor protection and corporate valuation, The Journal of Finance, 57, 1147–70. doi:10.1111/1540-6261.00457.
- Larcker, D. F., Richardson, S. A. and Tuna, I. (2007) Corporate governance, accounting outcomes, and organizational performance, The Accounting Review, 82, 963–1008. doi:10.2308/accr.2007.82.4.963.
- Leung, K., Bhagat, R. S., Buchan, N. R. et al. (2005) Culture and international business: recent advances and their implications for future research, Journal of International Business Studies, 36, 357–78. doi:10.1057/palgrave.jibs.8400150.
- Leuz, C., Lins, K. V. and Warnock, F. E. (2009) Do foreigners invest less in poorly governed firms?, The Review of Financial Studies, 22, 3245–85. doi:10.1093/rfs/hhn089.
- Lewis, K. K. (1999) Trying to explain home bias in equities and consumption, Journal of Economic Literature, 37, 571–608. doi:10.1257/jel.37.2.571.
- Lombardo, D. and Pagano, M. (2002) Law and equity markets: a simple model, in Corporate Governance Regimes: Convergence and Diversity, McCahery, J. A., Moerland, P., Raaijmakers, T. et al. (Eds), Oxford University Press, New York, pp. 343–62.
- Markowitz, H. (1952) Portfolio selection, The Journal of Finance, 7, 77–91.
- Miller, E. M. (1977) Risk, uncertainty, and divergence of opinion, The Journal of Finance, 32, 1151–68. doi:10.1111/j.1540-6261.1977.tb03317.x.
- Minkov, M. and Hofstede, G. (2012) Hofstede’s fifth dimension: new evidence from the world values survey, Journal of Cross-Cultural Psychology, 43, 3–14. doi:10.1177/0022022110388567.
- Myers, S. C. (1977) Determinants of corporate borrowing, Journal of Financial Economics, 5, 147–75. doi:10.1016/0304-405X(77)90015-0.
- Ramírez, A. and Tadesse, S. (2009) Corporate cash holdings, uncertainty avoidance, and the multinationality of firms, International Business Review, 18, 387–403. doi:10.1016/j.ibusrev.2009.02.013.
- Shao, L., Kwok, C. C. Y. and Guedhami, O. (2010) National culture and dividend policy, Journal of International Business Studies, 41, 1391–414. doi:10.1057/jibs.2009.74.
- Shleifer, A. and Vishny, R. W. (1997) A survey of corporate governance, The Journal of Finance, 52, 737–83. doi:10.1111/j.1540-6261.1997.tb04820.x.
- Shleifer, A. and Wolfenzon, D. (2002) Investor protection and equity markets, Journal of Financial Economics, 66, 3–27. doi:10.1016/S0304-405X(02)00149-6.
- Smith Jr, C. W. and Stulz, R. M. (1985) The determinants of firms’ hedging policies, The Journal of Financial and Quantitative Analysis, 20, 391–405. doi:10.2307/2330757.
- Smith Jr, C. W. and Watts, R. L. (1992) The investment opportunity set and corporate financing, dividend and compensation policies, Journal of Financial Economics, 32, 263–92. doi:10.1016/0304-405X(92)90029-W.
- Sondergaard, M. (1994) Research note: Hofstede’s consequences: a study of reviews, citations and replications, Organization Studies, 15, 447–56. doi:10.1177/017084069401500307.
- Stulz, R. M. (1984) Optimal hedging policies, The Journal of Financial and Quantitative Analysis, 19, 127–40. doi:10.2307/2330894.
- Tang, L. and Koveos, P. E. (2008) A framework to update Hofstede’s cultural value indices: economic dynamics and institutional stability, Journal of International Business Studies, 39, 1045–63. doi:10.1057/palgrave.jibs.8400399.
- Tobin, J. (1969) A general equilibrium approach to monetary theory, Journal of Money, Credit and Banking, 1, 15–29. doi:10.2307/1991374.
- Zheng, W., Yang, B. and McLean, G. N. (2010) Linking organizational culture, structure, strategy, and organizational effectiveness: mediating role of knowledge management, Journal of Business Research, 63, 763–71. doi:10.1016/j.jbusres.2009.06.005.
- Zingales, L. (1995) Insider ownership and the decision to go public, The Review of Economic Studies, 62, 425–48. doi:10.2307/2298036.