The Impact of Social Norms on Stock Liquidity

Aggarwal, R., Kearney, C., & Lucey, B. (2012). Gravity and culture in foreign portfolio investment. Journal of Banking & Finance, 36(2), 525–538. doi:10.1016/j.jbankfin.2011.08.0007 Open DOISearch in Google Scholar

Aggarwal, R., & Goodell, J. W. (2014). Cross-national differences in access to finance: Influence of culture and institutional environments. Research in International Business and Finance, 31, 193–211. doi:10.1016/j.ribaf.2013.09.004 Open DOISearch in Google Scholar

Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165–189. doi:10.1016/j.jfineco.2012.08.006 Open DOISearch in Google Scholar

Ailon, G. (2008). Mirror, Mirror on the Wall: Culture’s Consequences in A Value Test of its Own Design. Academy of Management Review, 33(4), 885–904. doi:10.5465/amr.2008.34421995 Open DOISearch in Google Scholar

Akerlof, G. A., & Shiller, R. J. (2009). Animal spirits: How human psychology drives the economy, and why it matters for global capitalism. Princeton University Press. Search in Google Scholar

Amihud, Y. (2002). Illiquidity and stock returns: cross-section and time-series effects. Journal of Financial Markets, 5(1), 31–56. doi:10.1016/s1386-4181(01)00024-6 Open DOISearch in Google Scholar

Blau, B. M. (2017). Social trust and the liquidity of cross-listed securities. Journal of Business Research, 78, 155–171. doi:10.1016/j.jbusres.2017.05.009 Open DOISearch in Google Scholar

Chui, A. C. W., Titman, S., & Wei, K. C. J. (2010). Individualism and Momentum around the World. The Journal of Finance, 65(1), 361–392. doi:10.1111/j.1540-6261.2009.01532.x Open DOISearch in Google Scholar

Chui, Andy C.W., Alison Lloyd, and Chuck C. Y. Kwok, 2002, “The Determination of Capital Structure:Is National Culture a Missing Piece to the Puzzle?” Journal of International Business Studies 33,99-127. Search in Google Scholar

Chung K., Elder J., and Kim J. (2010) Corporate governance and liquidity. Journal of Financial and Quantitative Analysis, 45:265–291. Search in Google Scholar

Dang, T. L., Moshirian, F., & Zhang, B. (2019). Liquidity shocks and institutional investors. North American Journal of Economics and Finance, 47, 184–209. Search in Google Scholar

DeBruine, L., M., (2002) "Facial Resemblance Enhances Trust," Proceedings of the RoyalSociety of London B, 269, 1307-1312. Search in Google Scholar

Diamond, D. W., Verrecchia, R. E., 1991. Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46, 1325-1359. Search in Google Scholar

Eun, C.S., Wang, L., Xiao, S.C., 2015. Culture and R 2. J. Financ. Econ. 115 (2), 283–303. Search in Google Scholar

Eriksson, K., Strimling, P., Gelfand, M., Wu, J., Abernathy, J., Akotia, C. S., … Anum, A. (2021). Perceptions of the appropriate response to norm violation in 57 societies. Nature Communications, 12(1). doi:10.1038/s41467-021-21602-9 Open DOISearch in Google Scholar

Gelfand, M. J., Nishii, L. H., & Raver, J. L. (2006). On the nature and importance of cultural tightness-looseness. Journal of Applied Psychology, 91(6), 1225–1244. https://doi.org/10.1037/0021-9010.91.6.1225 Search in Google Scholar

Gelfand, M. J., Raver, J. L., Nishii, L., Leslie, L. M., Lun, J., Lim, B. C., … Yamaguchi, S. (2011). Differences Between Tight and Loose Cultures: A 33-Nation Study. Science, 332(6033), 1100–1104. doi:10.1126/science.1197754 Open DOISearch in Google Scholar

Giannetti, M., & Yafeh, Y. (2012). Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans. Management Science, 58(2), 365–383. doi:10.1287/mnsc.1110.1378 Open DOISearch in Google Scholar

Goyenko, R. Y., Holden, C. W., & Trzcinka, C. A. (2009). Do liquidity measures measure liquidity?. Journal of financial Economics, 92(2), 153-181. Search in Google Scholar

Gorodnichenko Y. and Roland G. (2017) „Culture, Institutions and the Wealth of Nations” Review of Economics and Statistics 99, 402-416. Search in Google Scholar

Griffin, J. M., Kelly, P. J., & Nardari, F. (2010). Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets. Review of Financial Studies. Search in Google Scholar

Grinblatt, M., Keloharju, M., 2001. What makes investors trade? J. Finance 56 (2), 589–616. Search in Google Scholar

Guiso, L., Sapienza, P., & Zingales, L. (2004). The Role of Social Capital in Financial Development. American Economic Review, 94(3), 526–556. doi:10.1257/0002828041464498 Open DOISearch in Google Scholar

Guiso, L., Sapienza, P., Zingales, L., 2008. Does culture affect economic outcomes? Res.Instit. Econ. 20 (2), 23–48. Search in Google Scholar

Han, M. Li,Y., Wang N. & Zhang H., (2020). Cultural diversity in ownership and stock liquidity, Applied Economics Letters. Search in Google Scholar

Harrington JR, Boski P, Gelfand MJ (2015). Culture and National Well-Being: Should Societies Emphasize Freedom or Constraint? PLoS ONE 10(6). Search in Google Scholar

Harms, R., Groen, A., (2016) Loosen up? Cultural tightness and national entrepreneurial activity, Technol. Forecast. Soc. Change. Search in Google Scholar

Hasbrouck, J., 2009. Trading costs and returns for US equities: estimating effective costs from daily data. J. Financ. 64 (3), 1445–1477. Search in Google Scholar

Hofstede, G. (2001), Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations, 2nd ed. Sage, Thousand Oaks, CA. Search in Google Scholar

House, R., Javidan, M., Hanges, P., & Dorfman, P. (2002). Understanding cultures and implicit leadership theories across the globe: an introduction to project GLOBE. Journal of World Business, 37(1), 3–10. doi:10.1016/s1090-9516(01)00069-4 Open DOISearch in Google Scholar

Ince, O. S., & Porter, R. B. (2006). Individual Equity Return Data from Thomson Datastream: Handle with Care! Journal of Financial Research, 29(4), 463–479. doi:10.1111/j.1475-6803.2006.00189.x Open DOISearch in Google Scholar

Inglehart, R. (1997). Modernization and Postmodernization: Cultural, Economic, and Political Change in 43 Societies. Princeton, NJ: Princeton University Press. Search in Google Scholar

Karolyi, G. A. (2016). The gravity of culture for finance. Journal of Corporate Finance, 41, 610–625. doi:10.1016/j.jcorpfin.2016.07.00 Open DOISearch in Google Scholar

Karolyi, G. A., Lee, K.-H., & van Dijk, M. A. (2012). Understanding commonality in liquidity around the world. Journal of Financial Economics, 105(1), 82–112. doi:10.1016/j.jfineco.2011.12.008 Open DOISearch in Google Scholar

Kwok, C. C. Y., & Tadesse, S. (2006). National culture and financial systems. Journal of International Business Studies, 37(2), 227–247. doi:10.1057/palgrave.jibs.8400188 Open DOISearch in Google Scholar

LESMOND, D. (2005). Liquidity of emerging markets. Journal of Financial Economics, 77(2), 411–452. doi:10.1016/j.jfineco.2004.01.005 Open DOISearch in Google Scholar

Li, R., Gordon, S., & Gelfand, M. J. (2017). Tightness–looseness: A new framework to understand consumer behavior. Journal of Consumer Psychology, 27(3), 377–391. https://doi.org/10.1016/j.jcps.2017.04.001 Search in 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. doi:10.1016/j.jcorpfin.2013.07.008 Open DOISearch in Google Scholar

Li C., Li D., Chiu C.-Y., Peng S. (2018). Strong brand from consumers’ perspective: a cross-cultural study. J. Cross Cult. Psychol. 50 116–129. Search in Google Scholar

McSweeney, B. (2002) Hofstede’s Model of National Cultural Differences and their Consequences: A Triumph of Faith—A Failure of Analysis. Human Relations, 55, 89-118. Search in Google Scholar

Noh, M & Cho, M K, 2022. "Cultural tightness and accounting conservatism," Journal of Contemporary Accounting and Economics, Elsevier, vol. 18(1). Search in Google Scholar

Ng, L., Wu, F., Yu, J., Zhang, B., 2016, Foreign investor heterogeneity and stock liquidity around the world, Review of Finance 20, 1867-1910. Search in Google Scholar

Prommin, P., Jumreornvong, S., & Jiraporn, P. (2014). The effect of corporate governance on stock liquidity: The case of Thailand. International Review of Economics Finance, 32, 132–142. Search in Google Scholar

Schwartz, S. H. (1994). Are there universal aspects in the content and structure of values? Journal of Social Issues, 50, 19-45. Search in Google Scholar

Shao, Liang, Chuck C.Y. Kwok, and Omrane Guedhami, 2010, “National Culture and Dividend Policy,” Journal of International Business Studies, 41, 1391-1414. Search in Google Scholar

Shenkar, O. (2001) Cultural distance revisited: Towards a more rigorous conceptualization and measurement of cultural differences. Journal of International Business Studies, 32(3), 519–536. Search in Google Scholar

Siegel, J. I., Licht, A. N., & Schwartz, S. H. (2011). Egalitarianism and international investment. Journal of Financial Economics, 102(3), 621–642. doi:10.1016/j.jfineco.2011.05.010 Open DOISearch in Google Scholar

Stulz, R. M., & Williamson, R. (2003). Culture, openness, and finance. Journal of Financial Economics, 70(3), 313–349. doi:10.1016/s0304-405x(03)00173-9 Open DOISearch in Google Scholar

Triandis, H. C. (1989). The self and social behavior in differing cultural contexts. Psychological Review, 96(3), 506–520. https://doi.org/10.1037/0033-295X.96.3.506 Search in Google Scholar

Woolcock, M. (2001). The Place of Social Capital in Understanding Social and Economic Outcomes. Paper Presented at the Contribution of Human and Social Search in Google Scholar

Wu, W., & Dai, S. (2001). A comparative study of crisis management planning in Singapore and Hong Kong. National University of Singapore. Singapore. Search in Google Scholar

Zadeh, Mohammad Hendijani, 2023. "Stock liquidity and societal trust," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C). Search in Google Scholar

Zuckerman, M. (1979). Attribution of success and failure revisited: or the motivational bias is alive and well in attribution theory. Journal of Personality, 47(2), 245–287. https://doi.org/10.1111/j.1467-6494.1979.tb00202.x Search in Google Scholar