Culture and investment decisions: how cultural finance may support the United Nations’ Sustainable Development Goals

Haili Wu, Haili Wu and Haili Wu

Chapter Chapter 23 in The Elgar Companion to Consumer Behaviour and the Sustainable Development Goals, 2025, pp 402-416 from Edward Elgar Publishing

Abstract: Research in cultural psychology suggests that decision-making is culture-dependent and heavily influenced by respective cultural values and culturally preferred cognitive thinking styles. This chapter will first outline basic frameworks and empirical findings in cultural psychology that illustrate these differences. Key findings from a mixed-method study investigating Chinese and Western investors’ values and thinking styles will then be presented. Inspired by the empirical insights of this study, the chapter aims to shed light on the cultural influences at work in financial decision-making in different world regions more broadly. It is argued that learning more about culturally dependent motivations, processes, and thinking styles characterising investment behaviours might prove helpful in designing and communicating sustainable investment policies in different cultures. In addition, it is suggested that the still undervalued field of cultural finance can contribute in many ways to promote the United Nations Sustainable Development Goals.

Keywords: Cultural psychology; Cultural finance; Investment decision-making; Sustainability (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035325054
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