Does religion matter in corporate decision making in America?

• 成果类型: Article
• 署名作者: Hilary, Gilles; Hui, Kai Wai
• 署名单位: Hong Kong University of Science & Technology; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2008.10.001
• 发表日期: 2009
• 页码: 455-473
• 关键词: Corporate investment; risk aversion; Corporate culture; religion

摘要

We examine how corporate culture influences firm behavior. Prior research suggests a link between individual religiosity and risk a version. We find that this relationship also influences organizational behavior. Firms located in counties with higher levels of religiosity display lower degrees of risk exposure, as measured by variances in equity returns or returns on assets. They exhibit a lower investment rate and less growth, but generate a more positive market reaction, when they announce new investments. Finally, chief executive officers are more likely to join a firm with a similar religious environment as in their previous firm when they switch employers. (C) 2009 Elsevier B.V. All rights reserved.