Value Relevance of Stakeholder Engagement: The Influence of National Culture
| Autor: | Lorenzo Dal Maso, Giovanni Liberatore, Francesco Mazzi |
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| Rok vydání: | 2016 |
| Předmět: |
Public economics
Embeddedness Strategy and Management 05 social sciences National culture Equity (finance) Stakeholder engagement 06 humanities and the arts Big Five personality traits and culture Management Monitoring Policy and Law Development 0603 philosophy ethics and religion 0502 economics and business Stakeholder analysis 060301 applied ethics Business Marketing 050203 business & management Economic consequences Valuation (finance) |
| Zdroj: | Corporate Social Responsibility and Environmental Management. 24:44-56 |
| ISSN: | 1535-3958 |
| Popis: | Our study investigates whether stakeholder engagement is associated with a firm's valuation and the value relevance of accounting earnings. Since prior literature posits that the economic consequences of such practices may depend on the specific environment in which they are adopted, we also explore whether these associations are affected by the cultural traits of the country in which a firm operates. Based on a worldwide sample of firms for the period 2002 to 2014, we document that stakeholder engagement positively influences market-to-book value of equity, without enhancing the value relevance of firm's accounting earnings. Drawing on Schwartz's cultural framework, we show that the results hold only in countries with a low (high) level of embeddedness and hierarchy (mastery). Our study contributes to the literature exploring the economic consequences of non-financial information and the importance of institutional characteristics for economic outcomes. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment |
| Databáze: | OpenAIRE |
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