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Panosso, O., Moreno, G. C. de L., da Silva, T. P., & Castro de Carvalho, L. (2022). Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital. Revista Finanzas Y Política Económica, 14(2), 513–539. https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8
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Resumen

El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la  estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 empresas conformaron la muestra, para un total de 14.343 observaciones. Los análisis se realizaron mediante ecuaciones econométricas estructurales. Los resultados mostraron una relación significativa y positiva entre la estructura de capital y el rendimiento de las empresas. Asimismo, la estructura de capital y las dimensiones culturales del individualismo y la aversión a la incertidumbre fueron positivas y significativas respecto al rendimiento de las empresas, probando que la cultura influye en la relación entre estructura y rendimiento. Finalmente, se examinaron por separados los mercados emergentes y desarrollados, y se demostró que en los  mercados emergentes la relación de la estructura con el rendimiento respecto a la moderación cultural se vio menos afectada por la cultura nacional (individualismo y aversión a la incertidumbre) que en los países desarrollados.

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