Kultura a systemy finansowe

In the modern economy, financial systems are vital to the allocation of financial resources. These systems help direct indivudals’ savings to the corporate sector and allocate investment funds among companies. Countries vary in the structure of these financial systems. In some financial systems, the stock exchange dominates, while in others, banks are the most important. What influences diversity in financial system structure? A key factor might be national culture. In order to assess the impact of culture on accounting patterns, it is important to consider the structure of culture and its dimensions. I apply the classification of cultures proposed by G. Hofstede – despite the criticism it received over the years. Cultural value dimensions with a relation to accounting values are as follows: Individualism, Power Distance, and Uncertainty Avoidance. The article also employs S.J. Gray’s theory of cultural relevance. According to Gray, societal values aff ect accounting practices in two ways: indirectly, through their influence on institutional consequences, and directly, through their influence on accounting values such as professionalism versus statutory control, uniformity versus fl exibility, conservatism versus optimism, and secrecy versus transparency. Th e article has implications for those who are responsible for corporate governance codes. It suggests that there is no uniform financial system; the influence of culture and the institutional envoronment are factors which should be taken into account when making any decision in the sphere of accounting.