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The impact of culture on finance

In: Research Handbook on Alternative Finance

Author

Listed:
  • Lee Pinkowitz
  • Rohan Williamson

Abstract

In this chapter, we discuss the importance of culture in finance through its influence on country outcomes, investment decisions and firm outcomes around the world. We first discuss how culture can impact finance through its historical influence on country development and investor protection. We then examine the literature on the relation between culture proxies (such as religion and language) and the protection of investor rights. Culture has been measured in various ways across, as well as within, countries that show its importance for financial decisions, development and outcomes which is challenging in determining its true importance. Finally, we analyze the effect of culture in the finance literature to date and present potential future work for expanding the understanding of culture’s influence on finance.

Suggested Citation

  • Lee Pinkowitz & Rohan Williamson, 2024. "The impact of culture on finance," Chapters, in: Franklin Allen & Meijun Qian (ed.), Research Handbook on Alternative Finance, chapter 13, pages 303-324, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19941_13
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800370494.00023
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