Cultural practices and life insurance consumption: An international analysis using GLOBE scores

Andy C. W. Chui () and Chuck C.Y. Kwok

Journal of Multinational Financial Management, 2009, vol. 19, issue 4, 273-290

Abstract: This cross-disciplinary study examines how national culture practice affects cross-country variations in life insurance consumption. To proxy for national culture dimensions, we use the refined measure of the GLOBE project which includes several additional cultural dimensions not included in Hofstede's analysis. Using 1966-2004 data across thirty-eight countries, our analysis reveals a strong relationship between life insurance consumption and the practice scores of in-group collectivism as well as power distance. These relationships continue to hold, even after controlling for other country-level variables such as national income, expected inflation rate, banking sector development, investor protection index, dependency ratio, life expectancy, and religion.

Keywords: Culture; GLOBE; Individualism; Power; distance; Life; insurance; consumption (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (22)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mulfin:v:19:y:2009:i:4:p:273-290

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