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Culture’s Impact on Business Functions56

Culture’s Impact on Business Functions56 -...

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Sources of Variations Sources of capital: investors, banks, government Individual investors (US): equity Liquid capital markets Many small investors with limited information Financial statements provide info to attract investors Banks (Germany, Japan): debt Banks provide capital, sit on boards, get
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Unformatted text preview: inside info • Banks value liquidity : conservative valuation of assets & overvaluation of liabilities reduces taxes & dividends & increases liquid cash reserves for debt service – Government (France, Sweden, China)...
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