A Panel Study on the Effects of Cultural Influence and Heritage on Cultural Exports
Shahrin Saaid Shaharuddin, Mozard Mohtar, Azni Zarina Taha, Hanafi Husin
This study investigates the relationship between cultural influence and cultural heritage and its effects on cultural exports. Prior work and studies on cultural influence and its effects on the cultural economy are limited. A panel study of 26 countries in the Lowy Institute Asia Power Index was performed to evaluate the effects of cultural influence and heritage on cultural exports. The analysis results of the fixed-effects panel regression model indicate that cultural influence has a positive and significant relationship with cultural exports. However, cultural heritage and GDP are less important in influencing cultural exports. Nonetheless, evidence from the panel data analysis also indicates that inflation plays an important role and should be considered by policymakers when devising policies that influence cultural exports. Furthermore, results from the analysis indicate a need to identify suitable cultural measures and the country of firm-level variables to improve the empirical modelling and understanding or cultural factors and how they influence cultural exports. The overall findings from the study imply that policymakers, researchers, and industry participants could further benefit from studying cultural influence and its impact on cultural exports by developing new cultural measures for purposes of empirical testing.
Keywords:Cultural exports, Cultural influence, Cultural heritage, Inflation, GDP
