Regional culture and corporate finance: a literature review

Lina Mao, Chongluan Lu, Guangfan Sun (), Chunyan Zhang and Changwei Guo
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Lina Mao: Communication University of Zhejiang
Chongluan Lu: Renmin University of China
Guangfan Sun: Renmin University of China
Chunyan Zhang: Beijing Normal University
Changwei Guo: Renmin University of China

Palgrave Communications, 2024, vol. 11, issue 1, 1-12

Abstract: Abstract According to the theory of institutional economics, local culture has a profound impact on individuals and groups. It fundamentally affects individual preferences and attitudes, guiding decision-making behaviors to develop homogeneous regional cultural characteristics. This, in turn, reflects in the business decisions of companies, leading to imbalances in the development of different regional enterprises. This article reviews the relevant literature on regional culture and corporate finance, aiming to investigate how regional culture plays a significant role in corporate governance and corporate performance. It explores the limitations of existing research and further analyzes issues related to the quantification of culture, its mechanism of influence, and endogeneity in regression models.

Date: 2024
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DOI: 10.1057/s41599-023-02551-8

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