دانلود رایگان مقاله انگلیسی فرهنگ، موسسات و عملکرد شرکت - اشپرینگر 2017

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.

CONCLUSION

This paper examines the determinants of firm performance in different regions by focusing on (1) firm-specific characteristics, (2) institutional factors (corruption, law and order, etc.), and (3) cultural dimensions (power distance, individuality, masculinity, and uncertainty avoidance). Using firm-level data from 74 countries, we find evidence consistent with the idea that institutions matter for firm performance, while these institutions themselves are influenced by different cultural attributes. More specifically, we observe that societies which are more individualistic, prefer certainty and stability (i.e., high uncertainty avoidance), and have more democratic power relations (i.e., low power distance) tend to have better social and political institutions. These results are by no means conclusive, but they take a step forward in enhancing our understanding of the various ways in which institutions and different cultural attributes may be related to each other. Consistent with the previous literature, we find that firm characteristics (size, age, and ownership status) matter for firm performance. More significantly, we find that social and political institutions have important effects on firm performance. When we analyze these results by industry, we notice that improvements in the overall quality of institutions benefit manufacturing and construction firms, but they 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.