In this study, we analyze the association between national culture and voluntary operational risk disclosure quality in the European Union banking industry. Complementarily, we assess whether the potential impact of culture differs between global banks and banks with low levels of internationalization. Finally, we consider the impact of the formal institutional environment. Our sample covers 15 countries, and we construct a disclosure score based on hand-collected data. Three main results were obtained. First, banks in societies that score higher on individualism or long-term orientation and lower on uncertainty avoidance or power distance have better disclosures. Second, in global banks, where executive board members interact with stakeholders from different cultures, these associations are absent. Finally, contextual factors also affect the association between culture and disclosure, but this substitution effect is weaker than the one we document for globalization. Our results are robust to instrumental variables estimation, the use of the GLOBE project’s cultural dimensions, and a subsample analysis of civil code law countries.

中文翻译：

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操作风险披露质量与民族文化：来自欧盟银行业的证据

在本研究中，我们分析了欧盟银行业的民族文化与自愿操作风险披露质量之间的关联。作为补充，我们评估了全球银行和国际化水平较低的银行之间文化的潜在影响是否有所不同。最后，我们考虑正式制度环境的影响。我们的样本覆盖 15 个国家，我们根据手工收集的数据构建披露分数。获得了三个主要结果。首先，在个人主义或长期导向方面得分较高、在不确定性避免或权力距离方面得分较低的社会中的银行有更好的披露。其次，在全球银行中，执行董事会成员与来自不同文化的利益相关者互动，但这些协会却缺席。最后，背景因素也会影响文化与披露之间的关联，但这种替代效应弱于我们记录的全球化替代效应。我们的结果对于工具变量估计、GLOBE 项目文化维度的使用以及民法国家的子样本分析都是稳健的。