Cultural Dimensions, Ethical Sensitivity, and Corporate Governance

Alex W.H. Chan · Hoi Yan Cheung

85 citations0/0 files storedJournal of Business Ethics

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Corporate Finance and Governance Corporate Governance and Financial Management Global and Cross-Cultural Management

Abstract

The economic globalization process has integrated different competitive markets and pushes firms in different countries to improve their managerial and operational efficiencies. Given the recent empirical evidence for the benefits to firms and stakeholders of good corporate governance (CG) practice, it is expected that good CG practice would be a common strategy for firms in different countries to meet the increasingly intense competition; however, this is not the case. This study examines the differences in CG practices in firms across different countries using the concept of ethical sensitivity. Through the regression analysis of 271 firms in 12 countries and regions, it is found that Hofstede’s cultural dimensions can explain the differences in CG practices. Furthermore, the results demonstrate the influence of culture on ethical sensitivity, which eventually determines the CG practices in different regions.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2002Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations across Nations 1998Law and Finance 1993Cultures and Organizations: Software of the Mind.1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1999Corporate Ownership Around the World 2003Corporate Governance and Equity Prices 1976Individualism and Collectivism

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