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Performance shortfall condition and environmental, social, governance performance: Does economic policy uncertainty and national culture matter?

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  • Ranjan DasGupta

    (Indian Institute of Management Raipur)

  • Arup Roy

    (XIM University)

Abstract

Economic policy uncertainty (EPU) plays a focal role in formulating a balanced firm strategy to ensure value creation. Performance shortfall conditions may be a further strategic challenge to firms in such uncertain times to ensure survival. Our primary objective in this study is to examine whether environmental, social, and governance (ESG) performance is a strategic option available to performance shortfall firms amidst EPU conditions so they can remain afloat. As a secondary objective, we also investigate the moderating role of different national culture dimensions in strengthening performance shortfall firms’ inclination to explore ESG performance in such turbulent times. Results show the positive impact of EPU on a firm’s performance shortfall condition and confer that exploring more ESG performance would not be the probable solution for performance shortfall firms in an EPU environment to turn around operationally except in low power distance, high individualistic, masculine and high uncertainty avoidance culture.

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  • Ranjan DasGupta & Arup Roy, 2025. "Performance shortfall condition and environmental, social, governance performance: Does economic policy uncertainty and national culture matter?," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 36(1), pages 81-132, March.
    • Handle: RePEc:spr:jmgtco:v:36:y:2025:i:1:d:10.1007_s00187-025-00388-7
    DOI: 10.1007/s00187-025-00388-7
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    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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