Mentality Dimension of the Securities Market in Ukraine

The mentality dimension on nations is studied by different authors and different evidences of their influence on the development of economic processes are found. There is no unique evidence as results of many studied factors. This article tried to contribute also in this line bringing evidence for the case of Ukrainians and Ukrainian Securities Market. The article contains empirical evidence confirming the hypothesis that those countries that are demonstrating close connection by indicators of mentality (after Hofstede) and the indicators of the securities market development (indicators of global innovation index), are possibly dependent. Data were selected for the period January 2017. Data were analyzed using Stata and Excel program. Hence, analyses were performed for 12 indicators from 38 countries. Results were obtained using correlation analysis. Approaches based on the use of descriptive statistics, F-statistics and correlation analysis allow to confirm our hypothesis. Results denoted that West is West and East is East and it cannot be changed, Ukraine is placed between the East and West, but closer to the West. Significant connection was detected between the Ukraine and Romania, Russia, Bulgaria, Slovenia, Turkey. Thus, the study helped to find out how much the Ukrainian mentality differs from the mentality of other nations and to formulate assumptions which of foreign models of securities market are more suitable for Ukraine. The conclusions demonstrated that Ukrainian economic mentality is very different from the “typical western” mentality and from the “typical eastern” one. This allows us to question the success of institutional import in general—from the West and from the East and confirms the importance of economic mentality and the necessity of its consideration as a part of the institutional field of the securities market. Finally, authors believe that using proposed hypothesis is welcomed. Hence, this study remains an open window for next studies in the case of securities market toward examining formal and informal institutions of the securities market in such countries as Romania, Bulgaria, and Slovenia. In search of an answer to the question “Which countries to follow?” it is important to study deeper the experience of these countries, the formation of their models of capitalist modernization in conditions of complex political composition of the population.