The moderating effect of culture on the relationship between corporate sustainability performance and firm value
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2020-07-09
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en
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Abstract
This study explores the moderating effect of culture on the relation between Corporate Sustainability Performance (CSP) and firm value. The association between six cultural dimensions developed by Hofstede (1980; 2011) and the relation between CSP and firm value has been examined for a worldwide sample of companies during the years 2012-2018. Through performing regressions analyses, results show that CSP and firm value are positively related, and that this relation is moderated by culture. Findings show that uncertainty avoidance, individualism, masculinity, and indulgence strengthen the positive effect of CSP on firm value, whereas power distance and long-term orientation weaken the positive effect of CSP on firm value. This study aims to contribute to studies exploring the (moderating) effect of culture on the relation between CSP and firm value by using the cultural dimensions developed by Hofstede.
Keywords: sustainability, Corporate Sustainability Performance, national culture, Hofstede’s cultural dimensions.
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Faculteit der Managementwetenschappen