National culture and housing credit |
| |
| Institution: | 1. School of Accounting and Finance, The Hong Kong Polytechnic University, Hong Kong China;2. School of Accountancy, Central University of Finance and Economics, China;1. Lally School of Management, Rensselaer Polytechnic Institute, 110, 8th Street, Pittsburgh Building, Troy, NY 12180-3590, USA;2. Fordham University, Bank of Finland and University of Sydney, 45 Columbus Avenue, 5th floor, New York, NY 10023, USA;3. College of Business, Bowling Green State University, 206 Business Administration, Bowling Green, OH 43403, USA;4. Stuart School of Business, Illinois Institute of Technology, Zhongnan University of Economics and Law, 565 W Adams St, Chicago, IL 60661, USA |
| |
| Abstract: | Using a sample of around 30 countries over the period 2001–2015, this study provides evidence that deeply rooted cultural differences are significantly associated with the use of mortgage debt. More detailed, we find that power distance and uncertainty avoidance have a negative impact on the value of the total outstanding residential loans to GDP. This finding is robust across various specifications and the use of alternative measures of mortgage debt. In contrast, trust has a positive and robust impact on all the measures of mortgage debt. Other dimensions of national culture like long-term orientation, individualism, and indulgence, also appear to matter; however, their impact depends on the control variables and the employed measure of mortgage debt. |
| |
| Keywords: | Culture Mortgage Housing Hofstede |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
