An analysis of the relationship between the rationality of financial decision making and cultural aspects
- Resource Type
- Authors
- Tóth, Fruzsina
- Source
- Subject
- Cultural dimensions
Behavioral finance
Cross-cultural comparison
Prospect theory
Ciências Sociais::Economia e Gestão [Domínio/Área Científica]
- Language
- English
This research investigates the relationship between the rationality of financial decision making and cultural aspects, while specifically focusing on the cross-cultural comparison of Hungarian and Norwegian university students. The analysis is based on the data collected through a questionnaire and I have assessed the rationality of financial decision making with the RRP-score and quantified the cultural dimensions by using the CVSCALE framework. The results demonstrate a significantly positive relationship between two dimensions (uncertainty avoidance, power distance) and the RRP-score and further confirm the connection between cultural dimensions and financial decisions when analysed at the individual level.