National risk preference, insurance development and exports-a study based on the world values survey

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-01-26 DOI:10.1016/j.irfa.2025.103954

Xiaohui Zeng , Danna Xing , Qilin Zhan , Xiuzhen Mu

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Abstract

Based on the data from the World Values Survey and the World Integrated Trade Solution for 23 exporting countries (regions) from 1993 to 2021, this paper studies the impact of national risk preference on exports, and investigates the moderating effect of insurance development level on this impact. The results show that national risk preference has a significant positive effect on the exports of exporting countries (regions), and the results are still significant after endogeneity and robustness tests. The development of insurance industry has a significant promoting effect on the exports of exporting countries (regions), but the coefficient of the interaction term with national risk preference is significantly negative, indicating its substitution for national risk preference. Exporting countries (regions) with lower insurance development levels rely more on the spirit of adventure to overcome risks in exporting, but the development of insurance industry is conducive to overcoming this constraint. According to the results of heterogeneity test, the substitution is limited. Its mediating effect is significant for low contract- intensive products with less risks. However, the effect is not significant for high contract-intensive products with higher risks.

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国家风险偏好、保险发展与出口——基于世界价值观调查的研究

本文基于1993 - 2021年23个出口国（地区）的世界价值调查和世界综合贸易解决方案数据，研究了国家风险偏好对出口的影响，并考察了保险发展水平对这种影响的调节作用。结果表明，国家风险偏好对出口国（地区）的出口具有显著的正向影响，并且经过内生性检验和稳健性检验，结果仍然显著。保险业的发展对出口国（地区）的出口具有显著的促进作用，但与国家风险偏好的交互项系数显著为负，表明其对国家风险偏好具有替代作用。保险发展水平较低的出口国家（地区）在出口中更多地依靠冒险精神来克服风险，而保险业的发展有利于克服这一制约。异质性检验结果表明，替代是有限的。对于风险较小的低合同密集型产品，其中介效应显著。但对于风险较高的高合同密集型产品，影响不显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.