Effects of the cultural factors on herd behavior manifestation in the stock markets

Asta VasiliauskaitÄ—, Jurga GrikietytÄ—-ÄŒebataviÄ?ienÄ—


This paper analyzes cultural factors of the Baltic and Scandinavian societies applying Hofstede’s cultural di­mensions’ model, also Herd behavior manifestation probability within stock markets of these countries. It was revealed, that the likelihood of the Herd behavior occurrence is reduced, when dimensions of the individual­ism, masculinity, uncertainty avoidance, and long-term orientation are dominating cultural environment of the country.


Behavioral finance; herding phenomenon; cultural dimensions

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ISSN 1822-7996 (Print)

ISSN 2335-8742 (Online)