National culture and life insurance consumption

By A. Chui, C. Kwok. 2008

299 citations recorded by the source corpus.

This cross-disciplinary study examines the way national culture affects consumption patterns of life insurance across countries. Life insurance is a service that is abstract, complex, and focused on unsure future benefits. Because of the uncertainty and ambiguity inherent in the life insurance product, consumers are more likely to respond according to their cultural prescriptions. Our research hypotheses are tested empirically using Hofstede's cultural dimensions, and data from 1976–2001 across 41 countries. The findings show that individualism indeed has a significant, positive effect on life insurance consumption, whereas power distance and masculinity/femininity have significant, negative effects. The results are robust, even after controlling for economic, institutional and demographic determinants.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/7f4bab508fa75d1532757554fe05c46c6e147289

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Citations in the corpus

Comparative and International Corporate Governance (2010, background): “Chui and Kwok ( 2008 ) explain patterns of life‐insurance consumption across 41 countries in a 25‐year period also based on national cultural traits, and Kwok and Tadesse ( 2006 ) look at national financial architectures in terms of financial market‐based versus bank‐based, showing that countries ch”
Collectivism and corruption in bank lending (2013, unknown): “Following prior research (e.g., Chui & Kwok, 2008), we employ the four cultural dimensions constructed by Hofstede (2001) and discussed in Section 2: individualism/collectivism (IDV), uncertainty avoidance (UAI), masculinity/femininity (MAS), and power distance (PDI).”
Trade Credit Provision and National Culture (2016, unknown): “Following Chui and Kwok (2008) and Zheng et al. (2012), we first introduce the four cultural indexes (CLT, PDI, UAI, and MAS) separately in Models (2) through (5).”
Gravity and culture in foreign portfolio investment (2012, background): “Although Kirkman, Lowe and Gibson (2006) note that uncertainty avoidance is often the cultural attribute associated with economic exchange, Chui and Kwok (2008) suggest that home bias is congruent with higher levels of uncertainty avoidance, and this is confirmed by Beugelsdijk and Frijns (2010)…”
National culture and corporate debt maturity (2012, methodology): “…financial systems (Aggarwal and Goodell, 2009; Kwok and Tadesse, 2006), momentum profits (Chui et al., 2010), life insurance consumption (Chui and Kwok, 2008), home bias in international asset allocation (Beugelsdijk and Frijns, 2010), corporate capital structure (Chui et al., 2002),…”
National culture and corporate investment (2013, background): “…is the degree to which people in a country tend to have an independent rather than an interdependent self-construal, and collectivism is the reverse (Chui & Kwok, 2008).3 Individualistic values thus emphasize independence and encourage the pursuit of individual achievements, whereas…”
National Culture and Corporate Cash Holdings around the World (2015, background): “For example, Chui and Kwok (2008) show that people from high uncertainty-avoiding cultures have more life insurance consumption level so as to cope with future uncertainty and Beugelsdijk and Frijns (2010) find that investors from high uncertainty-avoiding cultures invest less in risky foreign asset”