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A Peer-reviewed scientific articles/A1 Journal article (refereed), original research
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National culture and risk-taking: Evidence from the insurance industry, Journal of Business Research April (2019). Gaganis, Chrysovalantis; Hasan, Iftekhar; Papadimitri, Panagiota; Tasiou, Menelaos

Category A Peer-reviewed scientific articles
Sub-category A1 Journal article (refereed), original research
auki Internal authors
All authors as text Gaganis, Chrysovalantis; Hasan, Iftekhar; Papadimitri, Panagiota; Tasiou, Menelaos 
Number of authors
Status Published
Year of publication 2019 
Date 15.04.2019 
Name of article National culture and risk-taking: Evidence from the insurance industry 
Name of journal Journal of Business Research
Volume of issue 97 
Number of issue April 
Pages 104-116 
Abstract The gravity of insurance within the financial sector is constantly increasing. Reasonably, after the events of the recent financial turmoil, the domain of research that examines the factors driving the risk-taking of this industry has been signified. The purpose of the present study is to investigate the interplay between national culture and risk of insurance firms. We quantify the cultural overtones, measuring national culture considering the dimensions outlined by the Hofstede model and risk-taking using the ‘Z-score’. In a sample consisting of 801 life and non-life insurance firms operating across 42 countries over the period 2007–2016, we find a strong and significant relationship among insurance firms' risk-taking and cultural characteristics, such as individualism, uncertainty avoidance and power distance. Results remain robust to a variety of firm and country-specific controls, alternative measures of risk, sample specifications and tests designed to alleviate endogeneity.
Free text descriptor in Finnish vakuutusyhtiöt; riskit; vakuutus; kansallinen kulttuuri; tavat (toimintatavat) 
Free text descriptor in English Insurance; Risk-taking; National culture; Hofstede model 
JEL-codes G22; G32; N20; M14 
ISSN / e-ISSN 0148-2963 
auki Internet addresses
Additional information Available online 29 December 2018.