National risk preference, insurance development and exports-a study based on the world values survey

Xiaohui Zeng, Danna Xing, Qilin Zhan and Xiuzhen Mu

International Review of Financial Analysis, 2025, vol. 99, issue C

Abstract: Based on the data from the World Values Survey and the World Integrated Trade Solution for 23 exporting countries (regions) from 1993 to 2021, this paper studies the impact of national risk preference on exports, and investigates the moderating effect of insurance development level on this impact. The results show that national risk preference has a significant positive effect on the exports of exporting countries (regions), and the results are still significant after endogeneity and robustness tests. The development of insurance industry has a significant promoting effect on the exports of exporting countries (regions), but the coefficient of the interaction term with national risk preference is significantly negative, indicating its substitution for national risk preference. Exporting countries (regions) with lower insurance development levels rely more on the spirit of adventure to overcome risks in exporting, but the development of insurance industry is conducive to overcoming this constraint. According to the results of heterogeneity test, the substitution is limited. Its mediating effect is significant for low contract- intensive products with less risks. However, the effect is not significant for high contract-intensive products with higher risks.

Keywords: National risk preference; Insurance development level; Exports per capita; WVS (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:99:y:2025:i:c:s1057521925000419

DOI: 10.1016/j.irfa.2025.103954

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