We conduct a cross-country analysis to examine the impact of national culture on the vulnerability of European banks during the Covid-19 pandemic. Analyzing the stock market volatility of major banks, we explore differences in uncertainty avoidance and individualism levels across multiple European countries. Our results reveal that low uncertainty avoidance reduces the influence of Covid-19-related cases on bank volatility during the peak of the crisis. Even as the pandemic progresses and vaccinations become widespread, the effect of uncertainty avoidance remains significant. We also find that high individualism has a stabilizing effect on bank volatility, particularly after the start of vaccinations. This study contributes to understanding the role of national culture in shaping bank vulnerability to common stocks, such as the pandemic.

我们进行了一项跨国分析，以研究 Covid-19 大流行期间民族文化对欧洲银行脆弱性的影响。通过分析主要银行的股市波动性，我们探讨了多个欧洲国家在规避不确定性和个人主义水平方面的差异。我们的研究结果表明，较低的不确定性规避降低了危机高峰期间与 Covid-19 相关的案例对银行波动性的影响。即使大流​​行继续发展并且疫苗接种变得广泛，避免不确定性的效果仍然显着。我们还发现，高度个人主义对银行波动具有稳定作用，特别是在疫苗接种开始之后。这项研究有助于理解民族文化在影响银行对普通股（例如大流行）的脆弱性方面的作用。