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Purpose In a paper published titled “Culture, Openness, and Finance” in the Journal of Financial Economics which has been cited over 2,000 times, the authors, Stulz and Williamson (2003) (hereafter S&W), find that cultural differences, proxied by religion and language, impact shareholder rights, creditor rights and investor protection, and also include other control variables like trade openness, income and legal system variables. The purpose of this paper is to revisit the S&W study and extend their analysis by innovating across multiple margins. Design/methodology/approach The authors use econometric methods similar to those of S&W to replicate their results and innovate with new variables and methods. Findings In general, some of the authors’ findings are quite different from those of S&W. Like S&W, culture matters less when openness is factored in. The authors also find that religious traditions play a greater role in low-income countries. Practical implications Policymakers should prioritize investor protection reforms that are adapted to the religious and cultural contexts of each jurisdiction. International financial institutions and development agencies should incorporate cultural diagnostics – such as religious composition and trust indices – into their governance assessments and reform recommendations. This culturally attuned approach can lead to more sustainable financial systems globally. Originality/value This paper revisits the S&W study and innovates across multiple margins. The authors also include a new contribution to the literature examining how the interaction of culture and low-income countries affects finance.