arbiter
JournalsAccount

Country culture and shadow banking

Krishnan Dandapani et al.

Journal of Financial Research2026https://doi.org/10.1111/jfir.70047article
AJG 3ABDC A
Weight
0.50

Abstract

We explore the impact of country culture of individualism and uncertainty avoidance on the development of shadow banking throughout the world. We find that countries with high individualism and low uncertainty avoidance have higher shadow banking activities. Our results are robust to alternative and time‐varying culture measures, alternative measures for shadow banking, different model specifications and endogeneity concerns. In addition, level of democracy in a country has a significantly positive moderating role in determining the relation between individualism and shadow banking.

Open via your library →

Cite this paper

https://doi.org/https://doi.org/10.1111/jfir.70047

Or copy a formatted citation

@article{krishnan2026,
  title        = {{Country culture and shadow banking}},
  author       = {Krishnan Dandapani et al.},
  journal      = {Journal of Financial Research},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/jfir.70047},
}

Paste directly into BibTeX, Zotero, or your reference manager.

Flag this paper

Country culture and shadow banking

Flags are reviewed by the Arbiter methodology team within 5 business days.

Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.