National culture and financial systems

Chuck C Y Kwok and Solomon Tadesse
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Chuck C Y Kwok: Moore School of Business, University of South Carolina, Columbia, South Carolina, USA

Journal of International Business Studies, 2006, vol. 37, issue 2, 227-247

Abstract: Countries differ in the way their financial activities are organized. In Anglo-Saxon countries such as the US and the UK financial systems are dominated by stock markets, whereas in continental Europe and Japan banks play a predominant role. Why do countries differ in the configuration of their financial systems? We argue that national culture plays a significant role. We find that countries characterized by higher uncertainty avoidance are more likely to have a bank-based system. Journal of International Business Studies (2006) 37, 227–247. doi:10.1057/palgrave.jibs.8400188

Date: 2006
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