国家文化对财务重述行为的影响研究——基于跨国数据的分析 本期目录 >>
Title: The Effect of National Culture on Financial Restatement - from Cross-Country Experience
作者 马晨;程茂勇;张俊瑞
Author(s): Chen Ma; Maoyong Cheng; Junrui Zhang
摘要: 本文使用2002-2011年间来自38个国家和地区的跨国数据,检验了国家文化对财务重述的影响,并考虑了投资者保护对这种影响的作用。研究发现:相对于集体主义,个人主义文化更容易滋生财务重述;不确定性规避程度较高的国家或地区,发生财务重述的概率较低;但权力距离对财务重述的作用方向尚不明朗。个人主义对财务重述的正向影响作用在投资者保护水平较好时会更为明显;不确定性规避抑制财务重述的作用在投资者保护较好的制度下会有所增强。本文为理解国家文化在影响财务报告重述方面提供经验支持。
Abstract: National culture can affect lots of aspects of one country, including legal system and corporate governance to some extent. This paper discusses and analyzes the the effect of national culture on the incidence of financial restatement. Based on cross-country data from 38 countries and areas during the period between 2002 and 2011, this paper examines the impact of national culture on financial restatement, giving due attention to investor protection. By concluding and analyzing related theories , this paper follows Hofstede (2001) and studies national culture from 3 aspects: individualism versus collectivism, uncertainty avoidance, and power distance. Besides, investor protection is based on La Porta et al. (1998). By using cross-country data and several statistical ways, we find that: Firstly, the findings from probit regressions indicate that compared with collectivism, individualism is more likely to lead to financial restatement; countries or areas with high uncertainty avoidance have lower incidence of financial restatement; but the effect of power distance on financial restatement is not clear. Following the weighted logistic regressions, we obtain the same results. Secondly, we intend to examine whether the effect of national culture on the incidence of financial restatement hinges on investor protection. This paper finds that investor protection indeed moderates the effect of national culture on financial restatement. Specifically, the probit regressions indicate that the positive effect of individualism on the incidence of financial restatement is much more pronounced when investor protection is better or stronger; the negative effect of uncertainty avoidance on the incidence of financial restatement is strengthened when investor protection is better. The results hold in additional analysis. Our findings suggest that the overall role of national culture on the probability of financial restatements may diverge due to different settings and situations, such as different investor protection. This paper helps to enrich and complete the research content of national culture and financial restatement, not only help extend culture related theories and literatures in reducing the incidence of financial restatement, but also improve our understanding of the combined effect of national culture and other settings in reducing agency cost. Moreover, our findings can help multinational corporations to effectively make rules in dealing with firms from other countries and areas under different investor protection.
关键词: 国家文化;财务重述;个人主义;不确定性规避
Keywords: National culture; Financial restatement; Individualism; Uncertainty avoidance
基金项目: 国家自然科学基金项目;陕西省自然科学基金项目;国家自然科学基金项目;国家自然科学基金项目
发表期数: 2018年 第3期
中图分类号: 文献标识码: 文章编号:
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