Culture, openness, and finance

被引:850
作者
Stulz, RM [1 ]
Williamson, R
机构
[1] Ohio State Univ, Fisher Coll Business, Columbus, OH 43210 USA
[2] Georgetown Univ, McDonough Sch Business, Washington, DC 20057 USA
关键词
investor protection; culture; religion; language;
D O I
10.1016/S0304-405X(03)00173-9
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
Differences in culture, proxied by differences in religion and language, cannot be ignored when examining why investor protection differs across countries. We show that a country's principal religion predicts the cross-sectional variation in creditor rights better than a country's natural openness to international trade, its language, its income per capita, or the origin of its legal system. Catholic countries protect the rights of creditors less well than Protestant countries. A country's natural openness to international trade mitigates the influence of religion on creditor rights. Culture proxies are also helpful in understanding how investor rights are enforced across countries. (C) 2003 Elsevier B.V. All rights reserved.
引用
收藏
页码:313 / 349
页数:37
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