Aachen University - Department of Finance
RWTH Aachen University - Chair for Business Administration, particularly Business Finance
July 1, 2009
Especially against the background of a Europe growing together more and more and in times of striking globalization, an emphasis of culture as an explanatory determinant in the context of economic issues would seem particularly attractive. This study intends to pursue this line of thought and to proclaim a new, autonomous discipline: Cultural Finance. This discipline aims to integrate cultural aspects into the analysis of financial questions. To this end, the importance of cultural values in financial decision-making is demonstrated on the basis of methods taken from Game Theory and Institutional Economics. Additionally, existing weak points in this research field are uncovered by a systematic overview of the current literature, and some future developments are indicated. Finally, this study shows that Cultural Finance can close the literature gap between the neighbouring disciplines of "Law and Finance" and "Behavioural Finance".
Number of Pages in PDF File: 37
Keywords: national culture, cultural value, finance, institutional economics
JEL Classification: A13, G30, N20, Z13
Date posted: October 12, 2008 ; Last revised: July 1, 2009