New Evidence of the Influence of Post-materialism Orientations on the Financial Markets Mechanisms

Abstract

The study comes with new empirical evidence of the impact of the sociocultural values on the financial market mechanisms. The need to test materialism and post-materialism cultural theories is leading us to a study that takes into consideration an analysis period, from 2000 to 2014, for a sample of 14 countries with markets having socio-mature economies. The data used for our study is grouped into three waves. The objective of the study is to determine the post-materialism degree in 14 mature markets having direct connection with the cultural dimensions within the same markets. We intend to observe whether the mechanisms of the mature markets are under the influence of post-materialism factors and if yes, to what extent. As dependent variables, we will use different cultural dimensions offered by the World Bank. The results lead us to conclude that the presence of post-materialism is positively associated with socio-mature economies, furthermore, citizens with a predominance of post-materialism values have better skills to invest in financial markets. The results show that the cultural determinants behave as evidence of post-materialism and the post-materialism has the ability to influence the change of values and believes.