Relação entre as Dimensões Culturais dos Países e o Risco das Instituições Bancárias

Autores

DOI:

https://doi.org/10.21446/scg_ufrj.v18i3.57713

Palavras-chave:

Cultura Nacional, Risco Bancário, Instituições Formais.

Resumo

O objetivo do estudo é verificar se a relação entre a cultura nacional – individualismo versus coletivismo e aversão à incerteza – e o risco das instituições bancárias é afetado pelas instituições formais. Para realizar este estudo, foram utilizadas as dimensões culturais de Hofstede (2010), limitando-se as dimensões culturais de individualismo versus coletivismo e aversão à incerteza, o indicador de eficácia do governo de Kaufmann et. al (2007) para representar as instituições formais e o risco de insolvência representado pelo Z-SCORE como variável dependente de risco bancário, permitindo analisar 1.238 bancos comerciais listados, distribuídos em 79 países dos cinco continentes. A partir da estimação do modelo, observou-se que as variáveis de dimensões culturais (IDV e UAI) não apresentaram uma relação estatisticamente significante com o risco bancário (Z-SCORE). Entretanto, observou-se uma relação negativa e estatisticamente significante entre as variáveis moderadoras – MOD_IDV e MOD_UAI – e o risco bancário. Como esperava-se que a relação entre individualismo e risco bancário fosse afetada positivamente pelas instituições formais, tal resultado permitiu rejeitar a hipótese H2.1. Em contrapartida, a relação entre a aversão à incerteza e o risco bancário corroborou a hipótese H2.2, permitiram observar que as instituições formais afetam a relação entre as culturas nacionais e o risco bancário.

 

Referências

Agarwal, A., Gupta, A., Kumar, A., & Tamilselvam, S. G. (2019). Learning risk culture of banks using news analytics. European Journal of Operational Research, 277(2), 770–783.doi:https://doi.org/10.1016/j.ejor.2019.02.045

Ahmad, N., Naveed, A., Ahmad, S., & Butt, I. (2020). Banking Sector Performance, Profitability, and Efficiency: a Citation-Based Systematic Literature Review. Journal of Economic Surveys, 34(1), 185–218. https://doi.org/10.1111/joes.12346

Al-Gasaymeh, A., Kaddumi, T. & Qasaimeh, G. (2021). Measuring risk exposure in the banking sectors: evidence from Gulf Cooperation countries. Journal of Financial Economic Policy, 13(4), 491-501. https://doi.org/10.1108/jfep-01-2020-0008

Anginer, D., Demirguc-Kunt, A., & Zhu, M. (2014). How does competition affect bank systemic risk? Journal of Financial Intermediation, 23(1), 1–26. doi:10.1016/j.jfi.2013.11.001

Ashraf, B. N. (2017). Political institutions and bank risk-taking behavior. Journal of Financial Stability, 29, 13–35. doi:10.1016/j.jfs.2017.01.004

Ashraf, B. N., Zheng, C., & Arshad, S. (2016). Effects of national culture on bank risk-taking behavior. Research in International Business and Finance, 37, 309-326. https://doi.org/10.1016/j.ribaf.2016.01.

Baltaci, A., Cergibozan, R. & Ari, A. (2022). Cultural values and the global financial crisis: a missing link? Eurasian Econ Rev 12, 507–529. doi:https://doi.org/10.1007/s40822-022-00208-6

Beck, T., Demirgüç-Kunt, A., & Levine, R. (2010). Financial Institutions and Markets across Countries and over Time: The Updated Financial Development and Structure Database. The World Bank Economic Review, 24(1), 77–92. doi:10.1093/wber/lhp01

Bhagat, S., Bolton, B., & Lu, J. (2015). Size, leverage, and risk-taking of financial institutions. Journal of Banking & Finance, 59, 520–537. doi:10.1016/j.jbankfin.2015.06.01

Boubakri, N., & Saffar, W. (2016). Culture and externally financed firm growth. Journal of Corporate Finance, 41, 502–520. doi:10.1016/j.jcorpfin.2016.04.00

Boubakri, N., Mirzaei, A., & Samet, A. (2017). National culture and bank performance: Evidence from the recent financial crisis. Journal of Financial Stability, 29, 36–56. https://doi.org/10.1016/j.jfs.2017.02.003

Breuer, W., & Quinten, B. (2009). Cultural Finance. SSRN Electronic Journal. doi:10.2139/ssrn.1282068

Breuer, W., Riesener, M., & Salzmann, A. J. (2014). Risk aversionvs.individualism: what drives risk taking in household finance? The European Journal of Finance, 20(5), 446–462. doi:10.1080/1351847x.2012.714792

Chui, A.C.W., Titman, S., Wei, K.C.J. (2010). Individualism and momentum around the world. J. Finance 65, 361–392.

Cieslewicz, J. K. (2014). Relationships between national economic culture, institutions, and accounting: Implications for IFRS. Critical Perspectives on Accounting, 25(6), 511–528. https://doi.org/10.1016/j.cpa.2013.03.006

Dantas, J. A., Medeiros, O. R. de, & Paulo, E. (2011). Relação entre concentração e rentabilidade no setor bancário Brasileiro. Revista Contabilidade & Finanças, 22(55), 5–28. https://doi.org/10.1590/s1519-70772011000100002

DeBode, J. D., Haggard, D. L., & Haggard, K. S. (2019). Economic freedom and Hofstede’s cultural dimensions. International Journal of Organization Theory and Behavior, 23(1), 65–84. doi:https://doi.org/10.1108/IJOTB-11-2018-0124

Diamond, D. W. (1996). Financial Intermediation as Delegated Monitoring: A Simple Example (1996). FRB Richmond Economic Quarterly, 82 (3), 51-66.

Díez-Esteban, J. M., Farinha, J. B., & García-Gómez, C. D. (2019). How does national culture affect corporate risk-taking? Eurasian Business Review, 9(1), 49–68. doi:https://doi.org/10.1007/s40821-018-0105-0

Drakos, A. A., Kouretas, G. P., & Tsoumas, C. (2016). Ownership, interest rates and bank risk-taking in Central and Eastern European countries. International Review of Financial Analysis, 45, 308–319. doi:10.1016/j.irfa.2014.08.004

Freixas, X. & Rochet, J. C. (2008). Microeconomics of Banking, MIT Press Books, 2 ed.

Frijns, B.; Hubers, F., Kim, D., Roh, T. & Xu, Y. (2022). National culture and corporate risk-taking around the world. Global Finance Journal. 52. doi:100710. 10.1016/j.gfj.2022.100710.

Globerman, S., & Shapiro, D. (2003). Governance infrastructure and US foreign direct investment. Journal of International Business Studies, 34(1), 19–39. doi:10.1057/palgrave.jibs.8400001

Goodell, J. W. (2019). Comparing normative institutionalism with intended rationality in cultural-finance research. International Review of Financial Analysis, 62, 124–134. doi:https://doi.org/10.1016/j.irfa.2018.11.018

Gorodnichenko, Y., & Roland, G. (2017). Culture, Institutions, and the Wealth of Nations. The Review of Economics and Statistics, 99(3), 402–416. doi:10.1162/rest_a_00599

Guiso, L., Sapienza, P., & Zingales, L. (2006). Does culture affect economic outcomes? The Journal of Economic Perspecti, 20(2), 23-48. doi: 10.1257/jep.20.2.23

Guiso, B. L., Sapienza, P., & Zingales, L. (2015). Corporate Culture , Societal Culture , and Institutions. American Economic Review, 105(5), 336–339. doi: https://doi.org/10.1257/aer.p20151074

Gujarati, D. N. (2006), Econometria Básica, Elsevier, Rio de Janeiro.

Hair J. F. Black W. C. Babin B. J. & Anderson R. E. (2019). Multivariate data analysis, 8ª Ed, Cengage Learning EMEA.

Haq, M., Hu, D., Faff, R., & Pathan, S. (2018). New evidence on national culture and bank capital structure. Pacific Basin Finance Journal, 50, 41–64. doi:https://doi.org/10.1016/j.pacfin.2017.09.005.

Helmke, G., & Levitsky, S. (2004). Informal Institutions and Comparative Politics: A Research Agenda. Perspectives on Politics, 2(4), 725–740. http://www.jstor.org/stable/3688540

Hofstede, G. (1980). Culture and Organizations. International Studies of Management & Organization, 10(4), 15–41.doi: https://doi.org/10.1080/00208825.1980.11656300

Hofstede, G. (1991). Cultures and Organizations: Software of the Mind. London: McGraw-Hill.

Hofstede, G. (2001). Culture’s Consequences: Comparing Values, Behaviors, Institutions and Organizations Across Nations, 2 nd ed. Sage, Thousand Oaks, CA.

Hofstede, G. (2006). What did GLOBE really measure? Researchers’ minds versus respondents’ minds. Journal of International Business Studies, 37(6), 882–896. https://doi.org/10.1057/palgrave.jibs.8400233

Hofstede, G., Hofstede, G. J. & Minkov, M. (2010). Cultures and Organizations: Software of the Mind, 3rd ed. New York: McGraw-Hill.

Hofstede, G. (2011). Dimensionalizing Cultures : The Hofstede Model in Context Dimensionalizing Cultures : The Hofstede Model in Context. 2, 1–26.

Hofstede, G. & Bond, M. H. (1988). The Confucius connection: From cultural roots to economic growth. Organizational Dynamics, 16(4), 5-21. https://doi.org/10.1016/0090-2616(88)90009-5

Hsee, C. K. H. K., & Weber, E. U. (1999). Cross-national differences in risk preference and lay predictions. Journal of Behavioral Deicision Making, 12, 165–179.

Illiashenko, P., & Laidroo, L. (2020). National culture and bank risk-taking: Contradictory case of individualism. Research in International Business and Finance, 51, 101069. https://doi.org/10.1016/j.ribaf.2019.101069

Kahneman, D. & Riepe, M. W. (1998). Aspects of investor psychology. The Journal of Portfolio Management, 24 (4), 52–65. https://doi.org/10.3905/jpm.1998.409643

Kanagaretnam, K., Lim, C. Y., & Lobo, G. J. (2014). Influence of national culture on accounting conservatism and risk-taking in the banking industry. The Accounting Review, 89 (3), 1115-1149. https://doi.org/10.2308/accr-50682

Karolyi, G. A., (2016). The gravity of culture for finance. Journal of Corporate Finance, Elsevier, 41(C), 610-625. https://doi.org/10.1016/j.jcorpfin.2016.07.003

Kaufmann, D. & Kraay, A. (2007). Governance indicators: where are we, where should we be going ? Policy Research Working Paper Series 4370, The World Bank.

Kaufmann, D., Kraay, A., & Mastruzzi, M. (2008). Governance Matters VII: Aggregate and Individual Governance Indicators, 1996-2007. SSRN Electronic Journal. doi:10.2139/ssrn.1148386

Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). Response to “What do the Worldwide Governance Indicators Measure?” The European Journal of Development Research, 22(1), 55–58. doi:10.1057/ejdr.2009.49

Kirkman, B. L., Lowe, K. B., & Gibson, C. B. (2006). A quarter century of culture’s consequences: A review of empirical research incorporating Hofstede’s cultural values framework. Journal of International Business Studies, 37(3), 285–320. https://doi.org/10.1057/palgrave.jibs.8400202

Kreiser, P. M., Marino, L. D., Dickson, P., & Weaver, K. M. (2010). Cultural Influences on Entrepreneurial Orientation: The Impact of National Culture on Risk Taking and Proactiveness in SMEs. Entrepreneurship Theory and Practice, 34(5), 959–983. https://doi.org/10.1111/j.1540-6520.2010.00396.x

Kutan, A., Laique, U., Qureshi, F., Rehman, I. U., & Shahzad, F. (2020). A survey on national culture and corporate financial decisions: current status and future research. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-12-2019-1050

Kwok, C. C. Y., & Tadesse, S. (2006). National culture and financial systems. Journal of Internacional Business Studies, 37(2), 227–247. doi:https://doi.org/10.1057/palgrave.jibs.8400188

Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003

Lewellyn, K. B., & Bao, S. R.(2014). A cross-national investigation of IPO activity: The role of formal institutions and national culture. International Business Review, 23(6), 1167–1178. doi:10.1016/j.ibusrev.2014.03.010

Li, X., & Malone, C. B. (2017). Measuring Bank Risk: An Exploration of Z-Score. SSRN Electronic Journal. doi:10.2139/ssrn.2823946

Li, Y., & Zahra, S. A. (2012). Formal institutions, culture, and venture capital activity: A cross-country analysis. Journal of Business Venturing, 27(1), 95–111. doi:10.1016/j.jbusvent.2010.06.00

Li, K., Grif, D., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking ? Journal of Corporate Finance, 23, 1–22. https://doi.org/10.1016/j.jcorpfin.2013.07.008.

Martins, G.A. (2002). Manual para elaboração de monografias e dissertações. 3 ed. São Paulo: Atlas.

Mihet, R. (2013). Effects of Culture on Firm Risk-Taking: A Cross-Country and Cross-Industry Analysis. Journal of Cultural Economics. 37 (1), 109 – 151. https://doi.org/10.1007/s10824-012-9186-2.

Mourouzidou-Damtsa, S., Milidonis, A., & Stathopoulos, K. (2019). National culture and bank risk-taking. Journal of Financial Stability, 40, 132–143. https://doi.org/10.1016/j.jfs.2017.08.007

North, D. (1990). Institutions, Institutional Change and Economic Performance (Political Economy of Institutions and Decisions). Cambridge: Cambridge University Press. doi:10.1017/CBO9780511808678

North, D.C. (1991). Institutions. The Journal of Economic Perspectives, 5 (1), 97-112. doi: https://doi.org/10.1257/jep.5.1.97

North, D. C., & Weingast, B. R. (1989). Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England. The Journal of Economic History, 49(04), 803–832. doi:10.1017/s002205070000945

Paula, L. (1997) Dinâmica da firma bancária em alta inflação, Brazilian Journal of Political Economy, 17 (1), 148 -155 doi : https://doi.org/10.1590/0101-31571997-0933

Porcher, S. (2019). Culture and the Quality of Government. Public Administration Review. doi:10.1111/puar.13106

Roland, G. (2004). Understanding institutional change: Fast-moving and slow-moving institutions. Studies in Comparative International Development, 38(4), 109–131. https://doi.org/10.1007/bf02686330

Ross, S. M. (2019). A first course in probability. University of Southern California., Tenth edition, Pearson.

Shi, X. & Wang, J. (2011). Interpreting Hofstede Model and GLOBE Model: Which Way to Go for Cross-Cultural Research? International Journal of Business and Management. 6, (5). https://doi.org/10.5539/ijbm.v6n5p93

Shupp, R & Williams, A.W. (2008). Risk preference differentials of small groups and individuals . The Economic Journal, 118(525), 258–283. https://doi.org/10.1111/j.1468-0297.2007.02112.x

Souza, M. S. & Famá, R. (1998). Gestão de Risco Bancário: Acordo de Basiléa. Contab. Vista & Rev. Belo Horizonte, 9 (3), 38 -51.

Taras, V., Steel, P., & Kirkman, B. L. (2012). Improving national cultural indices using a longitudinal meta-analysis of Hofstede’s dimensions. Journal of World Business, 47(3), 329–341. https://doi.org/10.1016/j.jwb.2011.05.001

Van den Steen, Eric. (2004). Rational Overoptimism (and Other Biases). American Economic Review. 94. 1141-1151. 10.1257/0002828042002697.

Williamson, A., Walters, M.E. & Dobson, P. (1993). Changing Culture: New Organizational Approaches, Institute of Personnel Management, London.

Williamson, O. E. (2000). The new institutional economics: Taking stock, looking ahead. Journal of Economic Literature, 38(3), 595–613. https://doi.org/10.1257/jel.38.3.595

Downloads

Publicado

2024-03-15

Edição

Seção

Artigos