This study investigates the effects of national culture on financial sector development in emerging and developing economies. Prior literature on culture and finance has placed little focus on the multidimensionality of national culture and its potential implications for financial sector development. Therefore, this study contributes to the ongoing debate surrounding culture and finance by exploring broader cultural perspectives. The empirical findings show that national culture significantly explains cross-country differences in financial sector development. Various dimensions of national culture have a distinctive impact on financial sector development; for example, individualism and masculinity play boosting role, whereas uncertainty avoidance hampers it. The overall findings are reliable to a series of robustness checks and offer useful policy implications for governments, regulatory agencies, and other stakeholders.

本研究调查了民族文化对新兴和发展中经济体金融部门发展的影响。先前有关文化和金融的文献很少关注民族文化的多维性及其对金融部门发展的潜在影响。因此，本研究通过探索更广泛的文化视角，为围绕文化和金融的持续辩论做出了贡献。实证结果表明，民族文化显着解释了金融部门发展的跨国差异。民族文化的各个方面对金融部门的发展有着独特的影响；例如，个人主义和阳刚之气起到促进作用，而避免不确定性则阻碍了它。