Keywords
Divulgación voluntaria, riesgo operativo, cultura nacional, banca europea, transparencia, globalización, Voluntary disclosure National culture Globalization Contextual factors
Operational risk disclosure quality and national culture: Evidence from the E.U. banking industry
Abstract
Este estudio analiza la relación entre la cultura nacional y la calidad de la divulgación voluntaria del riesgo operacional en la industria bancaria de la Unión Europea. Utilizando una muestra de 87 bancos de 15 países europeos entre 2008 y 2013, se examina cómo las dimensiones culturales de Hofstede —individualismo, distancia al poder, evasión de la incertidumbre y orientación a largo plazo— influyen en la transparencia informativa. Los resultados muestran que los bancos en sociedades más individualistas y con orientación a largo plazo presentan mejores divulgaciones, mientras que una alta evasión de la incertidumbre y distancia al poder se asocian con menor transparencia. Asimismo, en bancos globales, el impacto cultural desaparece, lo que sugiere que la internacionalización atenúa las diferencias culturales. Factores contextuales como la supervisión y regulación bancaria también modulan esta relación.
In this study, we analyze the association between national culture and voluntary operational risk disclosure quality in the European Union banking industry. Complementarily, we assess whether the potential impact of culture differs between global banks and banks with low levels of internationalization. Finally, we consider the impact of the formal institutional environment. Our sample covers 15 countries, and we construct a disclosure score based on hand-collected data. Three main results were obtained. First, banks in societies that score higher on individualism or long-term orientation and lower on uncertainty avoidance or power distance have better disclosures. Second, in global banks, where executive board members interact with stakeholders from different cultures, these associations are absent. Finally, contextual factors also affect the association between culture and disclosure, but this substitution effect is weaker than the one we document for globalization. Our results are robust to instrumental variables estimation, the use of the GLOBE project’s cultural dimensions, and a subsample analysis of civil code law countries
In this study, we analyze the association between national culture and voluntary operational risk disclosure quality in the European Union banking industry. Complementarily, we assess whether the potential impact of culture differs between global banks and banks with low levels of internationalization. Finally, we consider the impact of the formal institutional environment. Our sample covers 15 countries, and we construct a disclosure score based on hand-collected data. Three main results were obtained. First, banks in societies that score higher on individualism or long-term orientation and lower on uncertainty avoidance or power distance have better disclosures. Second, in global banks, where executive board members interact with stakeholders from different cultures, these associations are absent. Finally, contextual factors also affect the association between culture and disclosure, but this substitution effect is weaker than the one we document for globalization. Our results are robust to instrumental variables estimation, the use of the GLOBE project’s cultural dimensions, and a subsample analysis of civil code law countries
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Creative Commons Reconocimiento-NoComercial-SinObraDerivada España