Can digital finance mitigate the inhibitory effect of cultural distance on infrastructure investment? An empirical analysis based on countries along the belt and road initiative

IF 10.2 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI:10.1016/j.irfa.2025.104893

Haiyan Zeng , Zhichao Zhang , Xiaoyun Ma

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Abstract

Based on panel data from Belt and Road Initiative (BRI) countries spanning 2001 to 2023, this paper systematically analyzes the impact of cultural distance on infrastructure investment and examines the moderating roles of digital finance and foreign direct investment (FDI) in this relationship. The research findings indicate that, first, cultural distance significantly inhibits the level of infrastructure investment; second, digital finance plays a moderating role between cultural distance and infrastructure investment; third, FDI also functions as a moderator in the relationship between cultural distance and infrastructure investment; and fourth, the inhibitory effect of cultural distance on infrastructure investment exhibits heterogeneity across countries with different geopolitical risks and varying per capita Gross National Income (GNI). The conclusions of this paper not only enrich the body of research on the relationships among cultural distance, digital finance, and infrastructure investment, but also provide insights for policymakers in BRI countries formulating relevant policies.

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数字金融能否缓解文化距离对基础设施投资的抑制作用？基于“一带一路”沿线国家的实证分析

本文基于2001年至2023年“一带一路”沿线国家的面板数据，系统分析了文化距离对基础设施投资的影响，并考察了数字金融和外国直接投资（FDI）在这一关系中的调节作用。研究发现，第一，文化距离显著抑制基础设施投资水平；第二，数字金融在文化距离与基础设施投资之间具有调节作用；第三，FDI在文化距离与基础设施投资的关系中也起着调节作用；第四，文化距离对基础设施投资的抑制效应在地缘政治风险不同、人均国民总收入不同的国家中表现出异质性。本文的结论不仅丰富了文化距离、数字金融和基础设施投资之间关系的研究体系，也为“一带一路”沿线国家的政策制定者制定相关政策提供了参考。

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.