The Effects of Cultural Values on Bank Failures around the World
研究了92个国家2000-2014年间银行倒闭的文化因素，发现个人主义和男性气质会增加倒闭风险，但通过不同渠道起作用，对监管政策有启示。
Abstract We conduct the first broad-based international study on bank-level failures covering 92 countries over 2000–2014, investigating national cultural variables as failure determinants. We find individualism and masculinity are positively associated with bank failure, but they operate through different channels. Managers in individualist countries assume more portfolio risk, while governments in masculine countries allow banks to operate with less liquidity and less often bail out troubled institutions. Findings are robust to accounting for endogeneity, different techniques and measures, and additional controls. Results have implications for prudential policies, including regulation, supervision, and bailout strategies, that may partially mitigate some negative effects of culture.