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Finance and Credit
 

"Trust in institution" vs "Institutional trust"

Vol. 29, Iss. 8, AUGUST 2023

Received: 20 April 2023

Received in revised form: 4 May 2023

Accepted: 18 May 2023

Available online: 30 August 2023

Subject Heading: THEORY OF FINANCE

JEL Classification: B41, B52, D02

Pages: 17601780

https://doi.org/10.24891/fc.29.8.1760

Aleksandr A. ZHUK Southern Federal University (SFEDU), Rostov-on-Don, Russian Federation
zhukaa@sfedu.ru

https://orcid.org/0000-0001-5460-7711

Dar'ya S. ZAKHAROVA Southern Federal University (SFEDU), Rostov-on-Don, Russian Federation
dszaharova@sfedu.ru

ORCID id: not available

Subject. This article is devoted to the trust phenomenon misrepresentation within different socio-economics science branches.
Objectives. The article aims to conduct an interdisciplinary analysis of the trust phenomenon given by different branches of social sciences.
Methods. For the study, we used an interdisciplinary approach.
Results. The article reveals different definitions of trust by representatives of the socio-economic group of sciences. This leads to distortions in the perception of the object under study, which we interpret as the effect of interdisciplinary asymmetry. The article shows the process of formation of trust in institution, offers an original definition of the phenomenon of trust as a decision-making factor in a transaction in order to minimize transaction costs.
Conclusions. Trust does not have the characteristics of an economic institution, and in fact it is not. The use of the term institutional trust in the study of trust by economic entities in a particular socio-economic institution is inappropriate. To avoid distorting the essence of the phenomenon under study, we propose the use of the term trust in institution as the most relevant in scientific economic circulation.

Keywords: confidence, institution, institutional analysis, interdisciplinary approach, interdisciplinary asymmetry

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