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MODELLING CULTURE: A CRITICAL COMPARATIVE REVIEW OF THEORETICAL MODELS IN BEHAVIORAL CORPORATE FINANCE
Abstract
Our study reviews critically some of the most significant recent contributions to the modelling of financial decisions under the influence of cultural factors. It shows that the few attempts at modelling cultural-influenced financial behaviour show difficulties when it comes to integrating the existing financial theories as ways to account for specific behaviours/phenomena identified in practice or when evaluating the most relevant among such theories. At the same time, it shows that such models have been difficult to implement econometrically and to test empirically. We aim to assess the comparative strengths and weaknesses of competing theoretical models under the constraints of scarce and (often) unreliable data on socio-cultural variables that often turn the empirical testing of such models into a practical challenge.
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