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Work, leisure, and the Monday Blue: Does culture matter?

Author

Listed:
  • Iordanis Petsas
  • Fengyun Li
  • Jinghan Cai

Abstract

This paper finds that national culture differences can explain the variation in the cross-country day-of-the-week (DOW) effect. More specifically, countries with lower individualism and higher power distance index tend to have a stronger DOW effect. We argue that in countries with lower individualism and higher power distance index, the distinction between weekend leisure and weekday work is more prominent, leading to more pessimistic feelings on Mondays, and subsequently to a stronger DOW effect. Our results support the Monday Blue hypothesis.

Suggested Citation

  • Iordanis Petsas & Fengyun Li & Jinghan Cai, 2023. "Work, leisure, and the Monday Blue: Does culture matter?," Economics and Business Letters, Oviedo University Press, vol. 12(3), pages 203-212.
    • Handle: RePEc:ove:journl:aid:19180
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    File URL: https://reunido.uniovi.es/index.php/EBL/article/view/19180
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    References listed on IDEAS

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    4. Abraham, Abraham & Ikenberry, David L., 1994. "The Individual Investor and the Weekend Effect," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 29(2), pages 263-277, June.
    5. Ariel, Robert A, 1990. "High Stock Returns before Holidays: Existence and Evidence on Possible Causes," Journal of Finance, American Finance Association, vol. 45(5), pages 1611-1626, December.
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