What does COVID-19 teach us about the role of national culture? Evidence from social distancing restrictions

Individualism, economic development, and democracy as determinants of COVID-19 risk information on 132 government websites

“…In line with existing studies, we summarized the individualism index using Hofstede’s cultural insights survey ( Chen et al, 2021 , Cao et al, 2020 , Maaravi et al, 2021 , Ashraf et al, 2022 , Huang et al, 2022 ). Individualism emphasizes loose social connections in which people prioritize personal needs, rights, and civil liberties.…”

“…Presenting accessible information about a global pandemic is crucial ( Klein et al, 2021 , Hyland-Wood et al, 2021 ). Prior literature has indicated that a nation’s economic development ( Reiersen et al, 2022 ), democracy ( Kavanagh and Singh, 2020 , Sebhatu et al, 2020 ), and national cultural orientation influence its responses to COVID-19 and citizens’ compliance with COVID-related measures ( Cao et al, 2020 , Maaravi et al, 2021 , Ashraf et al, 2022 , Huang et al, 2022 ). However, little is known about the role of national-level factors in shaping information transparency on government websites.…”

“…The social constructionist approach postulates that a disease is considered risky only when it threatens the social order or interpersonal relationships in a cultural context ( Wildavsky and Dake, 1990 ). Consequently, governments with individualistic cultures were slow to impose stringent measures ( Chen et al, 2021 ); citizens in individualistic societies value individual rights and preferences and are less likely to comply with drastic interventions ( Cao et al, 2020 , Maaravi et al, 2021 , Ashraf et al, 2022 , Huang et al, 2022 ). Individualistic countries had a high number of COVID-19 cases and mortality rates ( Maaravi et al, 2021 ), which may be attributable to people’s reluctance to abide by restrictive policies that jeopardize their freedom ( Huang et al, 2022 , Kemp et al, 2022 ).…”

Direct and spillover portfolio effects of COVID-19

“…According to Ashraf and Goodell (2022 A) , social cohesion is crucial for shielding stock markets from outside shocks like COVID-19. Meanwhile, countries with higher levels of government trust are more successful in implementing measures like social distance, which guarantees a long-term recovery effect on economic growth ( Ashraf and Goodell, 2022b , Ashraf et al, 2022 ). In face of the pandemic, investors' future expectations have been generally pessimistic, and their strategies have changed accordingly, transmitting huge negative shocks to other financial markets, such as the energy markets ( Hetkamp et al, 2020 ; Mazur et al, 2020; Wen et al, 2020).…”

COVID-19 and finance scholarship: A systematic and bibliometric analysis

“… 3 Ashraf, El Ghoul, Goodell, and Guedhami (2022) highlight that COVID-19 offered an opportunity to deepen understanding of the role of culture in finance. …”