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Open AccessArticle

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

by Xiaoteng Ma 1, Ziyu Tang 2, Dan Wang 3,* and Hao Gao 4
School of Economics and Management, Tsinghua University, Beijing 100084, China
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
Author to whom correspondence should be addressed.
Sustainability 2020, 12(7), 2603; (registering DOI)
Received: 12 February 2020 / Revised: 20 March 2020 / Accepted: 20 March 2020 / Published: 25 March 2020
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.
Keywords: multinational enterprises; business performance; technical efficiency; risk culture multinational enterprises; business performance; technical efficiency; risk culture
MDPI and ACS Style

Ma, X.; Tang, Z.; Wang, D.; Gao, H. The Influence of Risk Culture on the Performance of International Joint-Venture Securities. Sustainability 2020, 12, 2603.

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