The role of national culture in financial innovation and bank stability transmission

References

• Abor, J. Y., Amidu, M., & Issahaku, H. (2018). Mobile telephony, financial inclusion and inclusive growth. Journal of African Business, 19(3), 430–27. https://doi.org/10.1080/15228916.2017.1419332
   Web of Science ®Google Scholar
• Acemoglu, D., Gancia, G., & Zilibotti, F. (2012). Competing engines of growth: Innovation and standardisation. Journal of Economic Theory, 147(2), 570–601. https://doi.org/10.1016/j.jet.2010.09.001
   Web of Science ®Google Scholar
• Acemoglu, D., Johnson, S., & Robinson, J. A. (2012). The colonial origins of comparative development: An empirical investigation: Reply. The American Economic Review, 102(6), 3077–3110. https://doi.org/10.1257/aer.102.6.3077
   Web of Science ®Google Scholar
• Aghion, P., & Howitt, P. (1992). A model of growth through creative destruction. Econometrica, 60(2), 323–351. https://doi.org/10.2307/2951599
   Web of Science ®Google Scholar
• Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005). The effect of financial development on convergence: Theory and evidence. Quarterly Journal of Economics, 120(1), 173–222.
   Web of Science ®Google Scholar
• Allen, F., & Gale, D. (2004a). Financial intermediaries and markets. Econometrica, 72(4), 1023–1061. https://doi.org/10.1111/j.1468-0262.2004.00525.x
   Web of Science ®Google Scholar
• Arif, A. (2020). Effects of securitisation and covered bonds on bank stability. Research in International Business and Finance, 53, 101196. https://doi.org/10.1016/j.ribaf.2020.101196
   Web of Science ®Google Scholar
• Ashraf, B. N., & Arshad, S. (2017). Foreign bank subsidiaries’ risk-taking behavior: Impact of home and host country national culture. Research in International Business and Finance, 41, 318–335. https://doi.org/10.1016/j.ribaf.2017.04.039
   Web of Science ®Google Scholar
• Ashraf, B. N., Zheng, C., & Arshad, S. (2016). Effects of national culture on bank risk-taking behaviour. Research in International Business and Finance, 37, 309–326. https://doi.org/10.1016/j.ribaf.2016.01.015
   Web of Science ®Google Scholar
• Attah-Boakye, R., Adams, K., Kimani, D., & Ullah, S. (2020). The impact of board gender diversity and national culture on corporate innovation: A multi-country analysis of multinational corporations operating in emerging economies. Technological Forecasting and Social. Change, 161, 120247. https://doi.org/10.1016/j.techfore.2020.120247
   Web of Science ®Google Scholar
• Beck, T., & Laeven, L. (2006). Resolution of Failed Banks by Deposit Insurers. Cross-Country Evidence, World Bank Policy Research Working Paper, 3920.
   Google Scholar
• Bertay, A. C., Demirgüç-Kunt, A., & Huizinga, H. (2013). Do we need big banks? Evidence on performance, strategy and market discipline. Journal of Financial Intermediation, 22(4), 532–558. https://doi.org/10.1016/j.jfi.2013.02.002
   Web of Science ®Google Scholar
• Boubakri, N., Chkir, I. E., Saadi, S., & Zhu, H. (2021). Does national culture affect corporate innovation? International evidence. Journal of Corporate Finance, 66, 101847. https://doi.org/10.1016/j.jcorpfin.2020.101847
   Web of Science ®Google Scholar
• Boubakri, N., Mirzaei, A., & Samet, A. (2017). National culture and bank performance: Evidence from the recent financial crisis. Journal of Financial Stability, 29, 36–56. https://doi.org/10.1016/j.jfs.2017.02.003
   Web of Science ®Google Scholar
• Cao, Z., El Ghoul, S., Guedhami, O., & Kwok, C. (2019). National culture and the choice of exchange rate regime. Journal of International Money and Finance, 102091. https://doi.org/10.1016/j.jimonfin.2019.10209
   Google Scholar
• Chen, Y., Podolski, E. J., & Veeraraghavan, M. (2017). National culture and corporate innovation. Pacific-Basin Finance Journal, 43, 173–187. https://doi.org/10.1016/j.pacfin.2017.04.006
   Web of Science ®Google Scholar
• Čihák, M. (2007). Systemic loss: A measure of financial stability. Czech Journal of Economics and Finance, 57(1–2), 5–26.
   Google Scholar
• El Ghoul, S., & Zheng, X. (2016). Trade credit provision and national culture. Journal of Corporate Finance, 41, 475–501. https://doi.org/10.1016/j.jcorpfin.2016.07.00
   Web of Science ®Google Scholar
• Gaganis, C., Hasan, I., & Pasiouras, F. (2020). National culture and housing credit. Journal of Empirical Finance, 56, 19–41. https://doi.org/10.1016/j.jempfin.2019.12.003
   Web of Science ®Google Scholar
• Graham, J., & Harvey, C. (2002). How do CFOs make capital budgeting and capital structure decisions? Journal of Applied Corporate Finance, 15(1), 8–23. https://doi.org/10.1111/j.1745-6622.2002.tb00337.x
   Google Scholar
• Green, R. C., & Talmor, E. (1986). Asset substitution and the agencycosts of debt financing. Journal of Banking & Finance, 10(3), 391–399. https://doi.org/10.1016/S0378-4266(86)80028-0
   Web of Science ®Google Scholar
• Haldane, A. (2009). Why banks failed the stress test. BIS Review, 18.
   Google Scholar
• Hooghiemstra, R., Hermes, N., & Emanuels, J. (2015). National culture and internal control disclosures: A cross‐country analysis. Corporate Governance: An International Review, 23(4), 357–377. https://doi.org/10.1111/corg.12099
   Web of Science ®Google Scholar
• Idun, -A.-A.-A. (2021). Does finance lead to economic growth convergence in Africa? The Journal of Developing Areas, 55(3), 23–56. https://doi.org/10.1353/jda.2021.0051
   Google Scholar
• Idun, -A.-A.-A., & Aboagye, A. Q. Q. (2014). Bank competition, financial innovations and economic growth in Ghana. African Journal of Economics and Management, 5(1), 30–51.
   Google Scholar
• Islam, M., Olalere, E. O., Sobhani, F. A., & Shahriar, M. S. (2020). The effect of product market competition on stability and capital ratio of banks in Southeast Asian countries. Borsa Istanbul Review, 20(3), 292–300. https://doi.org/10.1016/j.bir.2020.03.001
   Web of Science ®Google Scholar
• Kanagaretnam, K., Lim, C. Y., & Lobo, G. J. (2011). Effects of national culture on earnings quality of banks. Journal of International Business Studies, 42(6), 853–874. https://doi.org/10.1057/jibs.2011.26
   Web of Science ®Google Scholar
• Kero, A. (2013). Banks’ risk taking, financial innovation and macroeconomic risk. The Quarterly Review of Economics and Finance, 53(2), 112–124. https://doi.org/10.1016/j.qref.2013.01.001
   Google Scholar
• Kim, H., Batten, J. A., & Ryu, D. (2020). Financial crisis, bank diversification, and financial stability: OECD countries. International Review of Economics & Finance, 65, 94–104. https://doi.org/10.1016/j.iref.2019.08.009
   Web of Science ®Google Scholar
• King, R. G., & Levine, R. (1993). Finance, entrepreneurship, and growth: Theory and evidence. Journal of Monetary Economics, 32(3), 513–542. https://doi.org/10.1016/0304-3932(93)90028-E
   Web of Science ®Google Scholar
• Ko, J. K., & Yoon, S. S. (2011). Tax benefits of debt and debt financing in Korea. Asia‐pacific Journal of Financial Studies, 40(6), 824–855. https://doi.org/10.1111/j.2041-6156.2011.01059.x
   Web of Science ®Google Scholar
• Koenker, R., & Bassett, G. (1978). Regression quantiles. Econometrica, 46(1), 33–50. https://doi.org/10.2307/1913643
   Web of Science ®Google Scholar
• Laeven, L., & Levine, R. (2009). Bank governance, regulation and risk taking. Journal of Financial Economics, 93(2), 259–275. https://doi.org/10.1016/j.jfineco.2008.09.003
   Web of Science ®Google Scholar
• Laeven, L., Levine, R., & Michalopoulos, S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation, 24(1), 1–24. https://doi.org/10.1016/j.jfi.2014.04.001
   Web of Science ®Google Scholar
• Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688–726.
   Web of Science ®Google Scholar
• Li, K., Griffin, D., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking? Journal of Corporate Finance, 23, 1–22. https://doi.org/10.1016/j.jcorpfin.2013.07.008
   Web of Science ®Google Scholar
• Li, X., Tripe, D., & Malone, C. (2017). Measuring bank risk: An exploration of z-score. SSRN Electronic Journal.
   Google Scholar
• Martin, R. (2003). Debt financing and entry. International Journal of Industrial Organization, 21(4), 533–549. https://doi.org/10.1016/S0167-7187(02)00088-7
   Web of Science ®Google Scholar
• Merton, R. C. (1995). Financial innovation and the management and regulation of financial institutions. Journal of Banking & Finance, 19(3–4), 461–481. https://doi.org/10.1016/0378-4266(94)00133-N
   Web of Science ®Google Scholar
• Minkov, M., & Hofstede, G. (2011). Is national culture a meaningful concept? Cross-Cultural Research, 46(2), 133–159. https://doi.org/10.1177/1069397111427262
   Web of Science ®Google Scholar
• Minkov, M., & Hofstede, G. (2014). Clustering of 316 European regions on measures of values. Cross-Cultural Research, 48(2), 144–176. https://doi.org/10.1177/1069397113510866
   Web of Science ®Google Scholar
• Mourouzidou-Damtsa, S., Milidonis, A., & Stathopoulos, K. (2017). National culture and bank risk-taking. Journal of Financial Stability, (40), 132–143. https://doi.org/10.1016/j.jfs.2017.08.007
   Google Scholar
• Pagano, M. (1993). Financial markets and growth: An overview. European Economic Review, 37(2–3), 613–622. https://doi.org/10.1016/0014-2921(93)90051-B
   Web of Science ®Google Scholar
• Pagano, M., & Volpin, P. (2010). Credit ratings failures and policy options. Economic Policy, 25(62), 401–431. https://doi.org/10.1111/j.1468-0327.2010.00245.x
   Google Scholar
• Romer, P. M. (1990). Endogenous technological change. The Journal of Political Economy, 98(5, Part 2), S71–S102. https://doi.org/10.1086/261725
   Web of Science ®Google Scholar
• Rousseau, P. L. (1998). The permanent effects of innovation on financial depth. Journal of Monetary Economics, 42(2), 387–425.
   Web of Science ®Google Scholar
• Shao, L., Kwok, C. C., & Guedhami, O. (2010). National culture and dividend policy. Journal of International Business Studies, 41(8), 1391–1414. https://doi.org/10.1057/jibs.2009.74
   Web of Science ®Google Scholar
• Tajaddini, R., & Gholipour, H. F. (2017). National culture and default on mortgages. International Review of Finance, 17(1), 107–133. https://doi.org/10.1111/irfi.12113
   Web of Science ®Google Scholar
• Tufano, P. (2003). Financial innovation. In Handbook of the economics of finance (pp. 307–335). Elsevier.
   Google Scholar
• Turró, A., Urbano, D., & Peris-Ortiz, M. (2014). Culture and innovation: The moderating effect of cultural values on corporate entrepreneurship. Technological Forecasting and Social Change, 88, 360–369. https://doi.org/10.1016/j.techfore.2013.10.004
   Web of Science ®Google Scholar
• Van Everdingen, Y., & Waarts, E. (2003). The effect of national culture on the adoption of innovations. Marketing Letters, 14(3), 217–232. https://doi.org/10.1023/A:1027452919403
   Web of Science ®Google Scholar