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Individualism, democracy, and contract enforcement

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  • Cline, Brandon N.
  • Williamson, Claudia R.

Abstract

We examine a potential link between culture and financial development by considering culture's influence on contract enforcement regulation. Specifically, we investigate the role of individualism in determining the variation in enforcement costs across countries. Individualism positively and significantly relates to efficient contract enforcement, an association that is independent of a particular political system. Interaction effects, however, suggest that democracy magnifies individualism's influence on the contract enforcement efficiency. These results provide insight into how culture can shape financial outcomes. It further suggests that culture serves as a constraint on policymakers, as any given policy or formal institutional structure will function very differently depending on the cultural environment.

Suggested Citation

  • Cline, Brandon N. & Williamson, Claudia R., 2017. "Individualism, democracy, and contract enforcement," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 284-306.
    • Handle: RePEc:eee:corfin:v:46:y:2017:i:c:p:284-306
    DOI: 10.1016/j.jcorpfin.2017.07.010
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    Cited by:

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    3. Kodila-Tedika, Oasis, 2018. "Does Masculinity Matter for Female Leaders? Evidence in cross-section countries," MPRA Paper 84776, University Library of Munich, Germany.
    4. Brandon N. Cline & Claudia R. Williamson, 2020. "Trust, regulation, and contracting institutions," European Financial Management, European Financial Management Association, vol. 26(4), pages 859-895, September.
    5. Cline, Brandon N. & Williamson, Claudia R. & Xiong, Haoyang, 2021. "Culture and the regulation of insider trading across countries," Journal of Corporate Finance, Elsevier, vol. 67(C).
    6. Ashraf, Badar Nadeem & El Ghoul, Sadok & Goodell, John W. & Guedhami, Omrane, 2022. "What does COVID-19 teach us about the role of national culture? Evidence from social distancing restrictions," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 80(C).
    7. Bitar, Mohammad & Tarazi, Amine, 2022. "Individualism, formal institutional environments, and bank capital decisions," Journal of Corporate Finance, Elsevier, vol. 76(C).
    8. Davis, Lewis S. & Williamson, Claudia R., 2022. "Individualism and women's economic rights," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 579-597.
    9. Li, Ke & Lu, Lei & Qian, Jun & Zhu, Julie Lei, 2020. "Enforceability and the effectiveness of laws and regulations," Journal of Corporate Finance, Elsevier, vol. 62(C).
    10. Maurya, Garima & Sahu, Sohini, 2022. "Cross-country variations in economic complexity: The role of individualism," Economic Modelling, Elsevier, vol. 115(C).
    11. Nabamita Dutta & Lisa Giddings & Russell S. Sobel, 2022. "Does Trust Always Help Gender Role Attitudes? The Role of Individualism and Collectivism," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 159(1), pages 379-408, January.
    12. Claudia R. Williamson, 2021. "Culture, democracy and regulation," Constitutional Political Economy, Springer, vol. 32(1), pages 98-126, March.
    13. Shishir Shakya & Nabamita Dutta, 2024. "How Individualism Influences Female Financial Inclusion through Education: Evidence from Historical Prevalence of Infectious Diseases," Working Papers 24-03, Department of Economics, Appalachian State University.
    14. Shishir Shakya & Nabamita Dutta, 2024. "How Individualism Influences Female Financial Inclusion through Education: Evidence from Historical Prevalence of Infectious Diseases," Working Papers 24-07, Department of Economics, Appalachian State University.
    15. Davis, Lewis S. & Williamson, Claudia R., 2019. "Does individualism promote gender equality?," World Development, Elsevier, vol. 123(C), pages 1-1.
    16. Claudia Williamson Kramer, 2023. "Individualism and racial tolerance," Public Choice, Springer, vol. 197(3), pages 347-370, December.

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    More about this item

    Keywords

    Contract enforcement; Culture; Financial regulation; Individualism;
    All these keywords.

    JEL classification:

    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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