Cultural practices and life insurance consumption: An international analysis using GLOBE scores

Chun Wai Andy Chui, C. C Y Kwok

Research output: Journal article publicationJournal articleAcademic researchpeer-review

30 Citations (Scopus)

Abstract

This cross-disciplinary study examines how national culture practice affects cross-country variations in life insurance consumption. To proxy for national culture dimensions, we use the refined measure of the GLOBE project which includes several additional cultural dimensions not included in Hofstede's analysis. Using 1966-2004 data across thirty-eight countries, our analysis reveals a strong relationship between life insurance consumption and the practice scores of in-group collectivism as well as power distance. These relationships continue to hold, even after controlling for other country-level variables such as national income, expected inflation rate, banking sector development, investor protection index, dependency ratio, life expectancy, and religion.
Original languageEnglish
Pages (from-to)273-290
Number of pages18
JournalJournal of Multinational Financial Management
Volume19
Issue number4
DOIs
Publication statusPublished - 1 Oct 2009

Keywords

  • Culture
  • GLOBE
  • Individualism
  • Life insurance consumption
  • Power distance

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance

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