ABSTRACT

This study investigates the effects of Hofstede’s four cultural indices (power distance, individualism, uncertainty avoidance, and masculinity) on bank liquidity creation using an international sample of 26,539 banks across 58 countries. We find that power distance, uncertainty avoidance, and masculinity decrease asset-side and off-balance sheet liquidity, but increase liability-side liquidity. By contrast, individualism increases asset-side and off-balance sheet liquidity but decreases liability-side liquidity. After excluding U.S. banks, our findings remain robust, suggesting that national culture is an important determinant of bank liquidity creation and that bank risk-taking has important implications that link national culture and bank liquidity creation. Regarding policymaking, our results indicate that the government should introduce regulations that restrict off-balance liquidity.

摘要

本研究使用 58 个国家/地区的 26,539 家银行的国际样本，调查 Hofstede 的四个文化指标（权力距离、个人主义、不确定性规避和阳刚之气）对银行流动性创造的影响。我们发现权力距离、不确定性规避和阳刚之气会降低资产侧和表外流动性，但会增加负债侧流动性。相比之下，个人主义增加了资产侧和表外的流动性，但降低了负债侧的流动性。剔除美国银行后，我们的研究结果依然稳健，表明国家文化是银行流动性创造的重要决定因素，银行冒险具有将国家文化与银行流动性创造联系起来的重要影响。关于政策制定，