Cultural Finance


In the age of globalization, national cultural characteristics have become important determinants for the explanation of economic questions. Cultural issues have been underrepresented for a long time in business research, however, the use of more recent methods and better data availability made it increasingly possible to identify systematic differences in human thinking and to combine different preferences for cultural patterns. Based on these developments, cultural approaches could be integrated into the business research in such a way that verifiable hypotheses could be formulated, whereby the understanding of economic phenomena could be substantially expanded.

Our research projects in the area of cultural finance focus on the importance of culture for financial decisions. The central point of our investigations is the use of cultural dimensions to explain issues of corporate finance and household finance. In cross-country comparisons, cultural values are collected both on a "micro" and a "macro" level and analyzed empirically.