![]() If we are immersed in a culture that is unlike our own we may experience culture shock and become disoriented when we come into contact with a fundamentally different culture. Why is cultural diversity a “good thing”?Ĭulture is the lens with which we evaluate everything around us we evaluate what is proper or improper, normal or abnormal, through our culture. celebrating rather than just tolerating the differences in order to bring about unity through diversity.empowering people to strengthen themselves and others to achieve their maximum potential by being critical of their own biases and.encouraging the contribution of diverse groups.acknowledging the validity of different cultural expressions and contributions.recognition of the abundant diversity of cultures.Caleb Rosado, who specializes in diversity and multiculturalism, described seven important actions involved in the definition of multiculturalism: 5 “…a system of beliefs and behaviors that recognizes and respects the presence of all diverse groups in an organization or society, acknowledges and values their socio-cultural differences, and encourages and enables their continued contribution within an inclusive cultural context which empowers all within the organization or society. The term “culturally diverse” is often used interchangeably with the concept of “multiculturalism.” Multiculturalism is defined as: What does it mean to be “culturally diverse”? From African Americans to Russian Americans, the United States is one of the most diverse nations in terms of culture. ![]() 3 There are many ethnic groups in the United States, due in large part to its immigrant population each of these groups contributes to America’s cultural heritage. An ethnic group refers to people who are closely related to each other through characteristics such as culture, language, and religion. 0.2% Native Hawaiian/Pacific Islander 2Įach race encompasses a multitude of different ethnic groups.16% Hispanic or Latino origin (may be of any race).Census Bureau, the 2009 population in America was: Culture is our “way of being,” more specifically, it refers to the shared language, beliefs, values, norms, behaviors, and material objects that are passed down from one generation to the next. Lastly, Masculinity has contradictory influences, being beneficial to performance in in civil law countries and detrimental in developing countries.What language do you speak? What is your religion? What holidays do you celebrate? What is your racial identification? What is your ethnic identity? What is your culture?Ĭulture is that which shapes us it shapes our identity and influences our behavior. Higher values in Power Distance impact bank performance adversely in civil law, common law and developing countries. In civil law and developing countries, Individualism is positively associated with bank performance and valuation, but it has no significant effect in civil law countries. Three of the four dimensions of national culture have meaningful effects on bank performance and valuation. In our subsample of common law developed countries, however, we find no significant impact of executive pay dispersion on bank performance. ![]() For developing country sample banks in China and India, greater executive pay dispersion has a negative effect on bank profit. In our subsample of civil law countries, where bank valuation is measured by either by Tobin’s Q or by the P/B ratio, the overall impact of pay dispersion is mostly negative and we find supporting evidence of the equity fairness theory, except for very high levels of dispersion. We examine the impact of executive pay dispersion on bank performance and valuation, controlling for cultural differences across countries using Hofstede’s four dimensions.
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