60 Pages Posted: 10 Sep 2015 Last revised: 28 Jun 2017
Date Written: September 8, 2015
Academic interest in cultural influences on financial decision making has risen in the last decade leading to a considerable number of literature contributions in this field. However, the discipline of Cultural Finance is a very young and yet unstructured research niche with its added value being rather opaque than clearly defined. In this paper, we try to contribute to the enhancement of this research niche by (1) developing a structured framework in order to (2) systematically classify and evaluate all Cultural Finance papers past to present. Based on the literature survey, we (3) deduct the main research subjects so far, and (4) assess the added value of integrating Cultural Finance parameters in financial models. We show that Cultural Finance may help to understand why actual financial decision making contradicts normative decision theory and highlight a possible approach to better integrate Cultural Finance considerations into financial models. Finally, we (5) define future research potential and (6) link Cultural Finance to adjacent research fields.
Keywords: Altruism, Behavioral Finance, Cultural Finance, Dictator Games, Schwartz Value Survey
JEL Classification: D03, G02, Z10
Suggested Citation: Suggested Citation
Breuer, Wolfgang and Nadler, Claudia, Cultural Finance as a Research Field – An Evaluative Survey (September 8, 2015). Available at SSRN: https://ssrn.com/abstract=2658146 or http://dx.doi.org/10.2139/ssrn.2658146