The Effect of Cultural Descriptive Norms on Financial Systems: A Cross-Cultural Analysis

Year 2022, Volume: 30 Issue: 54, 35 - 52, 25.10.2022

Mert Aktaş , Filiz Bozagaç , Ömür Saltık

https://doi.org/10.17233/sosyoekonomi.2022.04.02

Abstract

We investigated the effect of descriptive, cultural norms on national financial systems by comparing the incentive for achievement and risk-aversion attributes of 32 different nations’ cultures. Multiple regression analyses showed that performance and future orientation positively relate to market capitalisation, but institutional collectivism and uncertainty avoidance negatively correlate. Performance orientation boosted market capitalisation, but institutional collectivism, whereas uncertainty avoidance hindered it. We could not find any relationship between the cultural norms and the bank deposit ratios. Two steps scatter plot analysis showed clusters between cultural norms, bank deposit, and future orientation norms.

Keywords

Descriptive Cultural Norms, Financial Systems, Bank-Based Systems, Capital Market-Based System, Risk-Taking

Kültürel Tanımlayıcı Normların Finansal Sistemler Üzerindeki Etkisi: Kültürlerarası Bir Analiz

Abstract

Bu çalışmada, 32 farklı ulusun kültürünün başarı ve riskten kaçınma teşviklerini karşılaştırarak kültürel tanımlayıcı normların ulusal finansal sistemler üzerindeki etkisini araştırdık. Çoklu regresyon analizleri, performans yönelimi ve geleceğe yönelimin piyasa değeri ile pozitif ilişkili olduğunu, ancak kurumsal kolektivizm ve belirsizlikten kaçınmanın negatif ilişkili olduğunu göstermiştir. Performans yönelimi, piyasa kapitalizasyonunu artırdığını, ancak kurumsal kolektivizm, belirsizlikten kaçınmanın piyasa kapitalizasyonunu azalttığını gördük. Kültürel normlar ile banka mevduat oranları arasında herhangi bir ilişkiye rastlamadık. İki aşamalı dağılım grafiği analizi, kültürel normlar, banka mevduatı ve geleceğe yönelik yönelim normları arasındaki kümeleri göstermektedir.

Keywords

Tanımlayıcı Kültürel Normlar, Finansal Sistemler, Banka Tabanlı Sistemler, Sermaye Piyasası Tabanlı Sistemler, Risk Alma

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