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Culture, Institutions, and Firm Performance

Hasan Faruq and Margaret L. Weidner
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Margaret L. Weidner: EY

Eastern Economic Journal, 2018, vol. 44, issue 4, 519-534

Abstract: Abstract We examine the relationship between institutions, cultural dimensions, and firm performance. Using firm-level data from 74 countries, we show that while institutions matter for firm performance, these institutions themselves are influenced by different cultural attributes. These results also vary with industry: while improvements in the overall quality of institutions benefit manufacturing and construction firms, better institutions do not seem to have similar impact in the service and agriculture sectors. Institutions also have different impacts in different geographical regions. These results provide additional support to the popular view that institutional reforms should be country-specific.

Keywords: institutions; Hofstede; culture; cross country; firm performance; B15; D22 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:pal:easeco:v:44:y:2018:i:4:d:10.1057_s41302-016-0087-5