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| Cultural Diversity and Informal Finance:Empirical Research from the Perspective of Dialect |
| ZHANG Bo, FAN Chenchen
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School of Economics, Shandong University;
School of Public Finance and Taxation, Shandong University of Finance and Economics |
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Abstract Using the number and capital of microcredit companies to measure the development of informal finance in the macro-level and dialect diversity to measure culture diversity, this paper examines the effects of cultural diversity on the development of informal finance. The results show that the dialect diversity has a significant negative effect on the number and capital of microcredit companies. The mechanism is that cultural identity and the social capital, which are represented by dialect, help to mitigate private lending transaction costs and default risks. We further use the performance of 438 microcredit companies in Shandong Province to measure the development of informal finance in micro-level and find that the dialect diversity reduces the profitability and loan size, but increases the operating risks. This provides the micro foundation for the effects of cultural diversity on the development of informal finance in macro-level.
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Received: 02 January 2018
Published: 01 November 2018
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