Sustainability & CSR: The Relationship with Hofstede Cultural Dimensions

Minoo Tehrani, Andreas Rathgeber, Lawrence Fulton and Bryan Schmutz
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Minoo Tehrani: Gabelli School of Business, Roger Williams University, Bristol, RI 02809, USA
Andreas Rathgeber: Finance & Information Management, Augsburg University, 86159 Augsburg, Germany
Lawrence Fulton: School of Health Administration, Texas State University, San Marcos, TX 78666, USA
Bryan Schmutz: School of Business, Western New England University, Springfield, MA 01119, USA

Sustainability, 2021, vol. 13, issue 21, 1-17

Abstract: This research explores the relationship between Hofstede’s femininity cultural dimension of quality of life and the masculinity cultural dimension of drive for success manifested by materialistic wealth by investigating the market value of the publicly traded firms appearing on the Dow Jones Sustainability Indices (DJSIs). The firms added to the DJSIs between the years 2010–2019 in countries with the femininity cultural dimension indicated by scores of ?42, were selected for the first part of this study. In addition, France, with a masculinity score of 43 and Japan, with the highest masculinity score of 92, were chosen for comparison with the results from the countries with the femininity cultural dimension. The findings of this study indicate that companies in developed and emerging countries with the femininity cultural dimension show significant positive impact on their market values when added to the DJSIs. The publicly traded firms in France show a significant negative impact on their market values when added to the DJSIs. On the other hand, Japanese companies on the addition lists of DJSIs show a significant positive impact on their market values, despite Japan having the highest Hofstede masculinity score, a potential sign of cultural change in Japan.

Keywords: sustainability; CSR; DJSIs firm’s market value; Hofstede’s cultural dimensions; event study (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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