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National culture and risk-taking: Evidence from the insurance industry

Author

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  • Gaganis, Chrysovalantis
  • Hasan, Iftekhar
  • Papadimitri, Panagiota
  • Tasiou, Menelaos

Abstract

The gravity of insurance within the financial sector is constantly increasing. Reasonably, after the events of the recent financial turmoil, the domain of research that examines the factors driving the risk-taking of this industry has been signified. The purpose of the present study is to investigate the interplay between national culture and risk of insurance firms. We quantify the cultural overtones, measuring national culture considering the dimensions outlined by the Hofstede model and risk-taking using the ‘Z-score’. In a sample consisting of 801 life and non-life insurance firms operating across 42 countries over the period 2007–2016, we find a strong and significant relationship among insurance firms' risk-taking and cultural characteristics, such as individualism, uncertainty avoidance and power distance. Results remain robust to a variety of firm and country-specific controls, alternative measures of risk, sample specifications and tests designed to alleviate endogeneity.

Suggested Citation

  • Gaganis, Chrysovalantis & Hasan, Iftekhar & Papadimitri, Panagiota & Tasiou, Menelaos, 2019. "National culture and risk-taking: Evidence from the insurance industry," Journal of Business Research, Elsevier, vol. 97(C), pages 104-116.
    • Handle: RePEc:eee:jbrese:v:97:y:2019:i:c:p:104-116
    DOI: 10.1016/j.jbusres.2018.12.037
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    14. Matteo M. Marini, 2022. "Does gender moderate the influence of emotions on risk-taking? A robustness check," Working Papers 2022/04, Economics Department, Universitat Jaume I, Castellón (Spain).
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    19. Matteo M. Marini, 2022. "20 years of emotions and risky choices in the lab: A meta-analysis," Working Papers 2022/03, Economics Department, Universitat Jaume I, Castellón (Spain).
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    More about this item

    Keywords

    Insurance; Risk-taking; National culture; Hofstede model;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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