Corporate investment efficiency may be determined by changes in overinvestment and/or underinvestment. Prior studies showed that national culture dimensions affect firm investment efficiency. However, they failed to address whether overinvestment or underinvestment is the effective mechanism to transmit these effects. With a research data of 280,092 year-firms from 44 countries, we find that national culture affects corporate investment efficiency through underinvestment. Individualism and masculinity are positively related to investment efficiency while uncertainty avoidance and power distance are negatively related to investment efficiency.

中文翻译：

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民族文化如何影响企业投资效率？

企业投资效率可能取决于过度投资和/或投资不足的变化。先前的研究表明，国家文化维度影响企业投资效率。然而，他们未能解决过度投资或投资不足是否是传递这些影响的有效机制。通过对来自 44 个国家的 280,092 家企业的研究数据，我们发现民族文化通过投资不足影响企业投资效率。个人主义和阳刚之气与投资效率正相关，而不确定性规避和权力距离与投资效率负相关。