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The effect of cultural heterogeneity on cash holdings of multinational businesses

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  • So, Jacky Yuk-chow
  • Zhang, John Fan

Abstract

This paper investigates the effect of cultural heterogeneity on corporate cash holdings by focusing on multinationals. The result shows that the level of corporate cash holdings is positively related to the degree of national cultural differences within a multinational, after controlling for other firm- and country-level factors. This positive relation is explainable by precautionary and agency motives. Further, we show that business diversification and geographical concentration can mitigate high cash holdings associated with cultural heterogeneity. Overall, these results suggest that it is important for multinational management to account for cultural heterogeneity in the context of global operations.

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  • So, Jacky Yuk-chow & Zhang, John Fan, 2022. "The effect of cultural heterogeneity on cash holdings of multinational businesses," Research in International Business and Finance, Elsevier, vol. 61(C).
    • Handle: RePEc:eee:riibaf:v:61:y:2022:i:c:s0275531922000484
    DOI: 10.1016/j.ribaf.2022.101660
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    More about this item

    Keywords

    Globalization operation; Culture; Multinational management; Cash holding;
    All these keywords.

    JEL classification:

    • Z1 - Other Special Topics - - Cultural Economics
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance

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