The Influence of Risk Culture on the Performance of International Joint-Venture Securities

Sustainability

Ziyu Tang¹  Dan Wang²  Hao Gao³  Xiaoteng Ma⁴ 

[1] College of Social Sciences, Adam Smith Business School, University of Glasgow, Glasgow G37ld, UK;International Business School, University of International Business and Economics, Beijing 100029, China;PBC School of Finance, Tsinghua University, Beijing 100083, China;School of Economics and Management, Tsinghua University, Beijing 100084, China;

关键词: multinational enterprises;    business performance;    technical efficiency;    risk culture;   

DOI  :  10.3390/su12072603

来源: DOAJ

【 摘 要 】

With the development of economic globalization, culture is a key factor supporting the sustainability of foreign direct investment (FDI), especially for multinational enterprises. This paper takes the Chinese capital market as a sample and, combined with interviews with managers of international joint-venture securities (IJVS), finds that the culture of participants formed in developed and emerging capital market has a significant impact on the performance of IJVS. Using the degree of price fluctuation to measure the risk culture of each capital market, this paper observes that the risk culture in the Chinese capital market is significantly stronger than that of developed countries. This paper also finds that the stronger the risk culture IJVS shareholders have, the better they can adapt to the environment of the Chinese capital market and the better the performance they can achieve. Furthermore, risk culture distance, calculated by the risk culture differences between foreign shareholders and Chinese capital market, are significantly negatively correlated with IJVS performance and efficiency.

【 授权许可】

Unknown