Corporate risk-taking and national governance quality: Empirical evidence from MENA emerging markets

References

• Albaity, M., Noman, A. H. M., & Mallek, R. S. (2021). Trustworthiness, good governance and risk taking in MENA countries. Borsa Istanbul Review, 21(4), 359–18. https://doi.org/10.1016/j.bir.2020.12.002
   Google Scholar
• Bargeron, L. L., Lenh, K. M., & Zutter, C. J. (2010). Sarbanes-oxley and corporate risk-taking. Journal of Accounting and Economics, 131(4), 34–52. https://doi.org/10.1016/j.jacceco.2009.05.001
   Google Scholar
• Bartram, S. M., Brown, G., & Stulz, R. M. (2012). Why are U.S. stocks more volatile? Journal of Finance, 67(4), 1329–1370.
   Google Scholar
• Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U. S. firms hold so much than they used to? Journal of Finance, 64(5), 1985–2021. https://doi.org/10.1111/j.1540-6261.2009.01492.x
   Google Scholar
• Baum, C. F. (2013). Dynamic panel data estimators. Applied Econometrics, 1–50.
   Google Scholar
• Bloom, N. (2014). Fluctuations in uncertainty. Journal of Economic Papers, 28(2), 153–173. https://doi.org/10.1257/jep.28.2.153
   Google Scholar
• Boubakri, N., Mansi, S. A., & Saffar, W. (2013). Political institutions, connectedness, and corporate risk-taking. Journal of International Business Studies, 44(3), 195–215. https://doi.org/10.1057/jibs.2013.2
   Google Scholar
• Cam, I., & Ozer, G. (2022). The influence of country governance on the capital structure and investment financing decisions of firms: An international investigation. Borsa Istanbul Review, 22(2), 275. https://doi.org/10.1016/j.bir.2021.04.008
   Google Scholar
• Chan, S. G., Koh, E. H., Zainir, F., & Yong, C. C. (2015). Market structure, institutional framework and bank efficiency in ASEAN 5. Journal of Economics and Business, 82, 84–112. https://doi.org/10.1016/j.jeconbus.2015.07.002
   Google Scholar
• De Vito, A., & Gómez, J. P. (2020). Estimating the COVID-19 cash crunch: Global evidence and policy. Journal of Accounting and Public Policy, 39(2), 106741. https://doi.org/10.1016/j.jaccpubpol.2020.106741
   Google Scholar
• Díez-Esteban, J. M., Farinha, J. B., & García-Gómez, C. D. (2019). Are religion and culture relevant for corporate risk-taking? International evidence. BRQ Business Research Quarterly, 22(1), 36–55. https://doi.org/10.1016/j.brq.2018.06.003
   Google Scholar
• Djankov, S. C., McLiesh, C., & Shleifer, A. (2007). Private credit in 129 countries. Journal of Financial Economics, 84(2), 299–329. https://doi.org/10.1016/j.jfineco.2006.03.004
   Google Scholar
• Elamer, A. A., Ntim, C. G., & Abdou, H. A. (2020). Islamic governance, national governance, and bank risk management and disclosure in MENA countries. Business & Society, 59(5), 914–955. https://doi.org/10.1177/0007650317746108
   Google Scholar
• Frijns, B., Hubers, F., Kim, H. D., Roh, Y. T., & Xu, Y. (2022). National culture and corporate risk-taking around the world. Global Finance Journal, 52, 100710. https://doi.org/10.1016/j.gfj.2022.100710
   Google Scholar
• Grueso, P. M., & Desarrollo, I. (2015). Cultural values network interorganizational: A proposal from the model shalom schwartz. Investigación & Desarrollo, 23(2), 369–390. https://doi.org/10.14482/indes.23.2.5966
   Google Scholar
• Gulen, H., & Ion, M. (2016). Policy uncertainty and corporate investment. Review of Financial Studies, 29(3), 523–564. https://doi.org/10.1093/rfs/hhv050
   Google Scholar
• Guo, H., Legesse, T. S., Tang, J., & Wu, Z. (2021). Financial leverage and firm efficiency: The mediating role of cash holding. Applied Economics, 53(18), 2108–2124. https://doi.org/10.1080/00036846.2020.1855317
   Google Scholar
• Gupta, K., & Krishnamurti, C. (2018). Do macroeconomic conditions and oil prices influence corporate risk-taking? Journal of Corporate Finance, 53, 65–86. https://doi.org/10.1016/j.jcorpfin.2018.10.003
   Google Scholar
• Harris, C., & Roark, S. (2019). Cash flow risk and capital structure decisions. Finance Research Letters, September, 1–5. https://doi.org/10.1016/j.frl.2018.09.005
   Google Scholar
• Harris, C., Roark, S., & Li, Z. (2019). Cash flow volatility and trade credit in Asia. International Journal of Managerial Finance, 15(2), 257–271. https://doi.org/10.1108/IJMF-02-2018-0062
   Google Scholar
• JOHN, K., LITOV, L., & Yeung, B. (2008). Corporate governance and risk-taking. The Journal of Finance, 63(4), 1679–1728. https://doi.org/10.1111/j.1540-6261.2008.01372.x
   Google Scholar
• Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046
   Google Scholar
• Khaki, A. R., & Akin, A. (2020). Factors affecting the capital structure: New evidence from GCC countries. Journal of International Studies, 13(1), 9–27. https://doi.org/10.14254/2071-8330.2020/13-1/1
   Google Scholar
• Kim, O. S. (2019). Does political uncertainty increase financing cost? Measuring electoral premium in syndicated lending. Journal of Financial and Quantitative Analysis, 54(5), 2141–2178. https://doi.org/10.1017/S0022109018001382
   Google Scholar
• Li, K., Griffin, D., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking? Journal of Corporate Finance, 23, 1–22. https://doi.org/10.1016/j.jcorpfin.2013.07.008
   Google Scholar
• Liu, J., Zhang, D., Cai, J., & Davenport, J. (2021). Legal system, national governance and renewable energy investment: evidence from around the world. British Journal of Management, 323(3), 579–610. https://doi.org/10.1111/1467-8551.12377
   Google Scholar
• Liu, J., & Zhong, R. (2017). Political uncertainty and a firm’s credit risk. Evidence from the international CDS market. Journal of Financial Stability, 30, 53–66. https://doi.org/10.1016/j.jfs.2017.03.006
   Google Scholar
• March, J. G., & Shapira, Z. (1987). Managerial perspectives on risk and risk taking. Management Science, 33(1), 1404–1418. https://dx.doi.org/10.1287/mnsc.33.11.1404
   Google Scholar
• Michelacci, C., & Schivardi, F. (2008). Does idiosyncratic risk matter for growth ? Journal of the European Economic Association, 11(2), 343–368. https://doi.org/10.1111/jeea.12007
   Google Scholar
• Nguyen, T., Locke, S., & Reddy, K. (2015). Ownership concentration and corporate performance from a dynamic perspective: Does national governance quality matter? International Review of Financial Analysis, 41, 148–161. https://doi.org/10.1016/j.irfa.2015.06.005
   Google Scholar
• Otero, L., Alaraj, R., & Lado-Sestayo, R. (2019). How corporate governance and ownership affect banks’ risk-taking in the MENA countries?. Journal of Management and Business Economics. https://doi.org/10.1108/EJMBE-01-2019-0010
   Google Scholar
• Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28(9), 2103–2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
   Google Scholar
• Pastor, L., & Veronesi, P. (2012). Uncertainty about government policy and stock prices. Journal of Finance, 67(4), 1219–1264. https://doi.org/10.1111/j.1540-6261.2012.01746.x
   Google Scholar
• Qi, Y., Roth, L., & Wald, J. K. (2010). Political rights and the cost of debt. Journal of Financial Economics, 95(2), 202–226. https://doi.org/10.1016/j.jfineco.2009.10.004
   Google Scholar
• Ross, M. L. (2019). What do we know about export diversification in oil-producing countries?. The Extractive Industries and Society, 6(3), 792–806. https://doi.org/10.1016/j.exis.2019.06.004
   Google Scholar
• Ruback, R. S. (2002). Capital cash flows: A simple approach to valuing risky cash flows. Financial Management, 31(2), 85–103. https://doi.org/10.2307/3666224
   Google Scholar
• Shao, L., Kwok, C. C., & Guedhami, O. (2010). National culture and dividend policy. Journal of International Business Studies, 41(8), 1391–1414. https://doi.org/10.1057/jibs.2009.74
   Google Scholar
• Shen, Z., Sowah, S. J., & Li, S. (2022). Societal trust and corporate risk-taking: International evidence. Journal of International Financial Markets, Institutions and Money, 76, 101490. https://doi.org/10.1016/j.intfin.2021.101490
   Google Scholar
• Shleifer, A., & Vishny, R. W. (1993). Corruption. The Quarterly Journal of Economics, 108(3), 599–617. https://doi.org/10.2307/2118402
   Google Scholar
• Stulz, R. M. (2005). The limits of financial globalization. Journal of Finance, 60(4), 1595–1638. https://doi.org/10.1111/j.1540-6261.2005.00775.x
   Google Scholar
• Su, K., Jiang, H., & Tian, G. (2020). Governments say-on-pay policy and corporate risk-taking: Evidence from China. Journal of Accounting, Finance and Business Studies, 56(7). https://doi.org/10.1111/abac.12205
   Google Scholar
• Sun, W., & Ding, Y. (2020). Corporate social responsibility and cash flow volatility: The curvilinear moderation of marketing capability. Journal of Business Research, 116(August 2019), 48–59. https://doi.org/10.1016/j.jbusres.2020.05.016
   Google Scholar
• Tran, Q. T. (2019). Economic policy uncertainty and corporate risk-taking: International evidence. Journal of Multinational Financial Management, 52– 53, 100605. https://doi.org/10.1016/j.mulfin.2019.100605
   Google Scholar
• Tran, Q. T. (2020). Corruption and corporate risk-taking: Evidence from emerging markets. International Journal of Emerging Markets, 2014. https://doi.org/10.1108/IJOEM-08-2019-0602
   Google Scholar
• Wen, F., Li, C., Sha, H., & Shao, L. (2021). How does economic policy uncertainty affect corporate risk-taking? Evidence from China. Finance Research Letters, 41, 101840. https://doi.org/10.1016/j.frl.2020.101840
   Google Scholar
• World Bank Group. (2021). Middle East and North Africa (MENA) regional update 2021. https://thedocs.worldbank.org/en/doc/e1ee32f3549c5283c46ca44047843890-0280012021/original/World-Bank-2021-MENA-Regional-Update.pdf
   Google Scholar