不确定性规避
公司治理
业务
跨国公司
霍夫斯泰德的文化维度理论
意外事故
企业社会责任
权变理论
利益相关者
个人主义
外派人员
会计
财务
市场经济
经济
公共关系
政治学
集体主义
社会心理学
语言学
哲学
管理
法学
心理学
作者
Jiyoung Shin,Jon Jungbien Moon,Jingoo Kang
标识
DOI:10.1016/j.ibusrev.2022.102071
摘要
This study investigates the moderating role of a country’s culture as an external contingency factor in the relationship between a firm’s environmental, social, and governance (ESG) performance and financial performance. Using ESG performance data of 4978 firms from 48 countries for 17 years, we argue that the financial return from engaging in ESG varies depending on the countries’ cultural aspects because stakeholder evaluations and appreciations for a firm’s ESG performance differ across nations. We find that a country that espouses a culture of high individualism or masculinity tends to appreciate and reflect on this more explicitly, strengthening the relationship between a firm’s ESG performance and financial performance. Contrastingly, in a country with a culture of high power distance or uncertainty avoidance, firms’ ESG efforts are less likely to be associated with financial performance. Our findings have important implications for multinational enterprises facing various cultural environments when dealing with heterogeneous stakeholder demands across countries.
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