{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,22]],"date-time":"2026-07-22T05:31:31Z","timestamp":1784698291905,"version":"3.55.0"},"reference-count":41,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2021,4]]},"abstract":"<jats:p> Linguistics research shows that languages differ as to how they differentiate future from present events. Economics research finds that when the grammatical structure of a language disassociates the future from the present, speakers of the language also disassociate the future from the present in their behaviors. This study examines how linguistically induced time perception relates to cross-country variation in investment efficiency. We find that underinvestment is less prevalent in countries where there is a weaker time disassociation in the language. The results from both a within-country analysis based on firms headquartered in different regions of Switzerland and an analysis based on the birthplace information of U.S. firms\u2019 chief executive officers confirm the relation between languages and investment efficiency. Collectively, the results suggest that time encoding in languages influences speakers\u2019 cognition and their investment decisions. <\/jats:p><jats:p> This paper was accepted by Shivaram Rajgopal, accounting. <\/jats:p>","DOI":"10.1287\/mnsc.2019.3555","type":"journal-article","created":{"date-parts":[[2020,5,14]],"date-time":"2020-05-14T12:10:24Z","timestamp":1589458224000},"page":"2609-2629","source":"Crossref","is-referenced-by-count":52,"title":["Time Encoding in Languages and Investment Efficiency"],"prefix":"10.1287","volume":"67","author":[{"given":"Jaehyeon","family":"Kim","sequence":"first","affiliation":[{"name":"School of Business, Ajou University, Suwon, Gyeonggi-do 16499, Korea;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/2.zoppoz.workers.dev:443\/https\/orcid.org\/0000-0002-6492-4777","authenticated-orcid":false,"given":"Yongtae","family":"Kim","sequence":"additional","affiliation":[{"name":"Leavey School of Business, Santa Clara University, Santa Clara, California 95053;"},{"name":"College of Business, Korea Advanced Institute of Science and Technology (KAIST), Seoul 02455, Korea;"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/2.zoppoz.workers.dev:443\/https\/orcid.org\/0000-0002-4423-092X","authenticated-orcid":false,"given":"Jian","family":"Zhou","sequence":"additional","affiliation":[{"name":"Shidler College of Business, University of Hawaii at Manoa, Manoa, Hawaii 96822"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2012.08.006"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.2308\/accr-50222"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1162\/00335530360698478"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2010.85.4.1131"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90068-6"},{"key":"B6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.04.009"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1086\/376950"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552775"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2006.81.5.963"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2009.09.001"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(88)90030-X"},{"key":"B12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.05.017"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2015.01.004"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.2.690"},{"key":"B15","doi-asserted-by":"publisher","DOI":"10.1017\/CBO9781139165815"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.1515\/9783110197099.2.309"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2002.77.s-1.35"},{"key":"B18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2015.01.005"},{"issue":"2","key":"B19","first-page":"153","volume":"43","author":"Fama E","year":"1997","journal-title":"J. Finance"},{"key":"B20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.09.002"},{"key":"B21","first-page":"481","volume-title":"Handbook of Social Economics","volume":"1","author":"Fern\u00e1ndez R","year":"2011"},{"key":"B22","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.0712286105"},{"key":"B23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2015.07.003"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.2307\/258434"},{"key":"B25","volume-title":"Culture\u2019s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations","author":"Hofstede G","year":"2001"},{"key":"B26","doi-asserted-by":"publisher","DOI":"10.4159\/harvard.9780674731615.c18"},{"issue":"2","key":"B27","first-page":"323","volume":"76","author":"Jensen MC","year":"1986","journal-title":"Amer. Econom. Rev."},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1993.tb04022.x"},{"key":"B29","doi-asserted-by":"publisher","DOI":"10.2307\/4126728"},{"key":"B30","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2017.04.001"},{"key":"B31","doi-asserted-by":"publisher","DOI":"10.1086\/250042"},{"key":"B32","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(03)00121-1"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1086\/261329"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00813.x"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2007.07.002"},{"key":"B36","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01685.x"},{"key":"B37","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(84)90023-0"},{"key":"B38","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3878(01)00130-4"},{"key":"B40","first-page":"309","volume-title":"Tense and Aspect in the Languages of Europe","author":"Thieroff R","year":"2000"},{"key":"B41","volume-title":"Language, Thought, and Reality: Selected Writings of Benjamin Lee Whorf","author":"Whorf BL","year":"1956"},{"key":"B42","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.0701644104"}],"container-title":["Management Science"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/2.zoppoz.workers.dev:443\/https\/pubsonline.informs.org\/doi\/pdf\/10.1287\/mnsc.2019.3555","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,4,2]],"date-time":"2023-04-02T14:10:53Z","timestamp":1680444653000},"score":1,"resource":{"primary":{"URL":"https:\/\/2.zoppoz.workers.dev:443\/https\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2019.3555"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,4]]},"references-count":41,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2021,4]]}},"alternative-id":["10.1287\/mnsc.2019.3555"],"URL":"https:\/\/2.zoppoz.workers.dev:443\/https\/doi.org\/10.1287\/mnsc.2019.3555","relation":{},"ISSN":["0025-1909","1526-5501"],"issn-type":[{"value":"0025-1909","type":"print"},{"value":"1526-5501","type":"electronic"}],"subject":[],"published":{"date-parts":[[2021,4]]}}}