<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2248-6046</journal-id>
<journal-title><![CDATA[Revista Finanzas y Política Económica]]></journal-title>
<abbrev-journal-title><![CDATA[Finanz. polit. econ.]]></abbrev-journal-title>
<issn>2248-6046</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2248-60462022000200513</article-id>
<article-id pub-id-type="doi">10.14718/revfinanzpolitecon.v14n2.2022.8</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Culture of Individualism and Uncertainty Avoidance in the G20 Countries' Industries: An Analysis of Capital Structure and Performance]]></article-title>
<article-title xml:lang="es"><![CDATA[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]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Panosso]]></surname>
<given-names><![CDATA[Oderson]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Moreno]]></surname>
<given-names><![CDATA[Gleice]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[Tarcísio Pedro da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carvalho]]></surname>
<given-names><![CDATA[Luciano Castro de]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Instituto Federal do Rio Grande do Sul  ]]></institution>
<addr-line><![CDATA[Farroupilha-RS ]]></addr-line>
<country>Brasil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal de Rondônia  ]]></institution>
<addr-line><![CDATA[Porto Velho-RO ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidade Regional de Blumenau  ]]></institution>
<addr-line><![CDATA[Blumenau-RS ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidade Regional de Blumenau  ]]></institution>
<addr-line><![CDATA[Blumenau-RS ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2022</year>
</pub-date>
<volume>14</volume>
<numero>2</numero>
<fpage>513</fpage>
<lpage>536</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2248-60462022000200513&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2248-60462022000200513&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2248-60462022000200513&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The purpose of this study was to analyze the influence of two dimensions of national culture (individualism and uncertainty avoidance) in the relationship between the choice of capital structure formation and the performance of companies in the G20 countries from 2013 to 2018, all in the industrial segment. The companies that made up the sample totaled 3,431, all in the G20 countries, with a total of 14,743 observations. The analyses were performed by means of econometric structural equations. The results showed a significant and positive relationship between the capital structure and the performance of companies. Also, the capital structure variable and the cultural dimensions of individualism and uncertainty avoidance were positively and statistically significant in the performance of companies, proving that culture has an influence on the relationship between structure and performance. Finally, emerging and developed markets were checked separately, demonstrating that in emerging markets the relationship of structure with performance to culture moderation was less affected by national culture (individualism and uncertainty avoidance) than in the developed countries.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[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.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[national culture]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[performance]]></kwd>
<kwd lng="en"><![CDATA[corporate finance]]></kwd>
<kwd lng="en"><![CDATA[governance]]></kwd>
<kwd lng="es"><![CDATA[cultura nacional]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[rendimiento]]></kwd>
<kwd lng="es"><![CDATA[finanzas corporativas]]></kwd>
<kwd lng="es"><![CDATA[gobierno corporativo]]></kwd>
</kwd-group>
</article-meta>
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