Culture and Finance: a survey of the literature and a synthesis

摘要: Over the past years an interest in Culture has increased among financial scholars. We provide a survey using research-articles with explicit focus on and relying systematic screening of 21 academic journals Finance beyond. While we can identify three topics at large, note overwhelming diversity approaches way culture is conceptualized operationalized, when issue not simply shunned. Therefore complete review by synthesis point to number directions which culture-research could be extended, including richer conceptualizations culture, further consideration existing wisdom from adjacent disciplines, greater reliance qualitative evidence investigation consequences embededdness Finance. Our main contributions are threefold. underline epistemological trade-offs importance disciplinary inbreeding operationalized research today. suggest that current methodological toolkit, embedded neoclassical paradigm (Brennan, 1995), insufficient deal effectively processes. Last, attract attention complementarities divergences Behavioral Finance; particular presumes varying forms rationality collective norms interesting line for Overall, it may no coincidence if rising finance time Zingales (2000) calls re-foundation. Key-words: Corporate Governance. Law Institutional Context. Culture. National Survey Methodology. Theory-Method Intersection. Comparative Thinking. This draft: February 2009. Please do quote or circulate without permission author paper first essay Ph.D. & doctorate thesis CH. Reuter. ‡ PhD applicant Finance, ESCP-EAP, European School Management Candidat au doctorat en Sciences de Gestion (Finance), Universite Paris X (Nanterre) Directeur : Franck Bancel Correspondance CH Reuter, 4 rue des roses, F-92260 Fontenay aux roses Tel. +33 6 99 29 45 13, e-mail: henri.reuter@gmail.com benefited useful comments provided seminar participants series Management, as well CEROS (Universite X) FARGO Dijon). My special thanks Bancel, Jean-Philippe Bouilloud, Pramuan Bunkanwanicha, Gerard Charreaux Mauro Guillen. Thank you Eelke deJong, Paul DiMaggio, Daniele Laberge, Amir Licht, Jordan I. Siegel, Rene Stulz Salomon Tadesse have expressed receiving earlier draft this paper.