Abstract The six cultural indices of Hofstede and financial data from 39 countries in the world from 2003 to 2016, and the panel generalized least squares estimation method and panel correction standard error estimation method are used to empirically test the impact of national culture on national financial development. The results show that, national culture has a significant impact on a country's financial development, and different cultural dimensions have different effects on three types of financial development indicators: financial scale, activity, and efficiency. Specifically, the Power Distance positively affects the three types of financial development indicators, and Uncertainty Avoidance negatively affects the three types of financial development indicators. The Male/Female Degree has no effect on these three types of financial development indicators, and the Long/Short-term Orientation only has a positive impact on financial activity and efficiency. Individual/Collectivism orientation only negatively affects financial scale, while Tolerance/Restriction only positively affects financial scale. In addition, national culture has different effects on the financial scale, activity, and efficiency of all sample countries, developed economies, and developing economies.
TIAN Hui,SONG Qing,WEI Zhiwen. National Culture and Financial Development: An Empirical Research Based on Transnational Panel Data. Economic Survey, 2020, 37(4): 064.
2020, Vol. 37 
