Organisational Culture Dimensions in Romanian Finance Industry*

Zusammenfassung

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As part of the GLOBE project, this paper explores the societal and the organizational culture of the Romanian finance industry as reflected by middle managers' opinion. The two culture levels are compared across nine cultural dimensions. The differences between the cultural manifestations (practices and values) are analyzed through comparing the middle managers' answers to "what is" and "what should be" type questions at organizational and societal levels. The findings show some significant differences for the majority of the cultural dimensions examined both between culture levels (organizational versus societal) and culture manifestations (practices versus values).

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Organisational Culture Dimensions in Romanian Finance Industry*

Introduction

Our study explores the concept of societal culture and organisational culture in the context of the Romanian finance industry. This research aims to answer the following four research questions: 1) What are (if any) the differences between the practices and the values of the cultural dimensions of organizational culture in Romanian finance industry? 2) What are (if any) the differences between the practices and values of the cultural dimensions of societal culture in Romania? 3) What are (if any) the differences between the organizational and societal culture with respect of practices? 4) What are (if any) the differences between the organizational and societal culture with respect to values?

There are a number of reasons why we focus our research on the finance industry. First, the finance field is one of the most dynamic sectors of Romanian economy. All ranges of financial activities developed tremendously in the past two decades including banking, insurance, pension funds, financial investment, and investment funds. According to The National Bank of Romania, at the end of 2008 the financial activities reached a net value assets representing 75,4% of Romania's GDP (Banca Nationalä a României 2001:15).

Second, the main component of the finance industry is represented by credit institutions, particularly banks. While in 1989 Romania operated a monobanking system, today the system comprises 42 credit institutions, out of which 10 are foreign banks branches (end of September 2009). The net value of the assets including the foreign banks branches is 322.468,6 million Lei. 93.9% of the total assets and the total net assets of credit institutions with majority foreign capital is hold by private or prevalent private capital. (http://www.brir.ro/files/oVStatistica/seturi%)20de%)20date/SPV/...

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