sciresНаучные исследования экономического факультета. Электронный журналScientific Research of Faculty of Economics. Electronic Journal2078-3809Moscow State University10.38050/2078-3809-2025-17-3-169-196scires-405Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSСоциокультурные детерминанты информационной эффективности рынков капитала: эмпирический анализSociocultural Determinants of Capital Market Informational Efficiency: Empirical AnalysisЗаморинВ. Д.ZamorinV. D.

Заморин Владимир Дмитриевич, аспирант, экономический факультет

г. Шэньчжэнь, КНР

г. Москва

 

Vladimir D. Zamorin, Postgraduate student, Faculty of Economics

Shenzhen, China

Moscow

mega.laytman@mail.ruУниверситет МГУ-ППИ в Шэньчжэне; МГУ имени М.В. ЛомоносоваРоссияShenzhen MSU-BIT University; Lomonosov Moscow State UniversityRussian Federation202516112025173169196Copyright © Заморин В.Д., 20252025Заморин В.Д.Zamorin V.D.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://scires.elpub.ru/jour/article/view/405

Исследование направлено на преодоление ограничений традиционных концепций ценообразования на рынках капитала – гипотезы эффективного рынка (ГЭР) и поведенческой экономики – путем интеграции социокультурных факторов в анализ информационной эффективности. Актуальность работы обусловлена недостаточным вниманием к роли культурных особенностей в формировании поведения инвесторов и институциональной среды. Цель исследования – выявить связь между культурными измерениями (дистанцией власти и индивидуализмом по Хофстеде) и информационной эффективностью рынков капитала. Методология включает логити пробит-регрессии, модели с нелинейными эффектами и фиктивными переменными наклона, Firth-регрессию для редких событий, бутстрап-анализ (10000 итераций) и модель с инструментальными переменными для данных 50 стран с использованием бинарного показателя эффективности и контрольных переменных: ВВП на душу населения, индекса эффективности госуправления и уровня финансового развития. Результаты демонстрируют: 1) устойчивую положительную связь между уровнем индивидуализма и рыночной эффективностью; 2) парадоксальный положительный характер связи дистанции власти с эффективностью, вероятно связанный с азиатским контекстом; 3) значимость одной контрольной переменной – уровня финансового развития; 4) зависимость от отнесения страны к развитой или развивающейся: так в развитых странах значимым фактором эффективности являлся уровень финансового развития, а в развивающихся – дистанция власти и индивидуализм. Научная новизна заключается в демонстрации многомерного взаимодействия культурных, институциональных и экономических факторов, расширяющего рамки традиционных моделей.

The study aims to overcome the limitations of traditional capital market pricing concepts– namely, the Efficient Market Hypothesis (EMH) and behavioral economics–by integrating sociocultural factors into the analysis of informational efficiency. The relevance of this research stems from the insufficient attention paid to the role of cultural characteristics in shaping investor behavior and the institutional environment. The objective of the study is to identify the relationship between cultural dimensions (power distance and individualism, as defined by Hofstede) and the informational efficiency of capital markets. The methodology includes logit and probit regressions, models with nonlinear effects and slope dummy variables, Firth regression for rare events, bootstrap analysis (10,000 iterations), and an instrumental variable model using data from 50 countries. A binary indicator of market efficiency is used as the dependent variable, along with control variables such as GDP per capita, Government Effectiveness index, and level of financial development. The results demonstrate: 1) a consistent positive relationship between individualism and market efficiency; 2) A paradoxical positive relationship between power distance and efficiency, likely linked to the Asian context; 3) the significance of one control variable – financial development level; 4) the dependence on a country’s classification as developed or developing: In developed economies, financial market development drives efficiency; In developing economies, power distance and individualism are key determinants. The scientific novelty lies in demonstrating the multidimensional interaction of cultural, institutional, and economic factors, thereby extending the boundaries of traditional models.

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The authors declare that there are no conflicts of interest present.