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A survey of ‘culture and finance'

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  • Charles H. J. Reuter

Abstract

In this research article, peer-reviewed academic journals in the area of finance have been screened to investigate the recent rise in interest for ?cultural approaches?. The aim has been to let the definitions emerge from the screening process; thus, building a field-based analysis about ?culture? in finance, and its operationalization. The results of that screening are as follows: firstly, the concept of ?culture? is mainly connected to the notion of ?national cultures?. Secondly, the survey shows that ?culture? is now used in a very large range of financial research areas: from the study of international financial flows, to corporate financial management, through to the analysis of the development, efficiency and robustness of stock markets and financial macro-structures. Thirdly, a marked polarization has been noted: some approaches rely on ?national cultural indices? (dimensionalism), while others generally provide no definition of ?culture?. Taken together, these other approaches provide a fuzzy view, and no consistent framework emerges to compete with dimensionalism. As a consequence, the review, presented here, is extended to all dimensionalist work that can be identified in the field of finance, which provides a fourth result: the only framework with current generality in finance is not likely to be adapted as a unifying model anytime soon. Overall, the research contributes to a preliminary roadmap for cross-referencing with other disciplines; it suggests the adoption of backward definitions, and the building upon of complementarities in existing approaches, including, in particular, dimensionalism, trust, religions, or, still, the idea of ?culture?, as layers, derived, in particular, from recent advances in cognitive sciences.

Suggested Citation

  • Charles H. J. Reuter, 2011. "A survey of ‘culture and finance'," Finance, Presses universitaires de Grenoble, vol. 32(1), pages 75-152.
  • Handle: RePEc:cai:finpug:fina_321_0075
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    Cited by:

    1. George Economides & Apostolis Philippopoulos & Petros Varthalitis, 2016. "Monetary Union, Even Higher Integration, or Back to National Currencies?," CESifo Economic Studies, CESifo Group, vol. 62(2), pages 232-255.
    2. Abedifar, Pejman & Hasan, Iftekhar & Tarazi, Amine, 2016. "Finance-growth nexus and dual-banking systems: Relative importance of Islamic banks," Journal of Economic Behavior & Organization, Elsevier, vol. 132(S), pages 198-215.
    3. Pereyra, Sergio B. & Bean, Roy A, 2017. "Latino adolescent substance use: A mediating model of inter-parental conflict, deviant peer associations, and parenting," Children and Youth Services Review, Elsevier, vol. 76(C), pages 154-162.
    4. Jakob, Keith & Nam, Yoonsoo, 2017. "Do cultures influence abnormal market reactions before official sovereign debt rating downgrade announcements?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 47(C), pages 65-75.
    5. Pascal Nguyen & Samia Belaounia, 2020. "Cultural Distance and Payment Method in French Cross-Border Acquisitions [Distancia cultural y forma de pago en adquisiciones transfronterizas francesas]," Post-Print hal-02897388, HAL.

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