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When corporate culture matters: The case of stakeholder violations

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  • Zaman, Rashid

Abstract

This study examines whether and how a strong corporate culture influences stakeholder violations. Using a longitudinal sample of monetary penalties imposed on US-listed firms for stakeholder violations, I find evidence that a strong corporate culture is significantly and negatively associated with such violations. This outcome remains robust to a series of robustness and endogeneity tests, including the application of the generalized method of moments (GMM), entropy balancing, and propensity score matching (PSM) estimation. The channel analysis evidence implies that information asymmetry is a possible mechanism through which a strong corporate culture is associated with stakeholder violations. A cross-sectional analysis demonstrates that the documented association between strong corporate culture and stakeholder violations is stronger for companies with weak external monitoring. Additionally, the negative association between strong corporate culture and stakeholder violations varies across violation types and cultural dimensions. This study contributes to the ongoing discourse on the role of informal corporate governance mechanisms (corporate culture) in mitigating corporate stakeholder violations. Finally, it has important implications for stakeholders, including policymakers, regulators, and practitioners, intending to promote responsible business practices.

Suggested Citation

  • Zaman, Rashid, 2024. "When corporate culture matters: The case of stakeholder violations," The British Accounting Review, Elsevier, vol. 56(1).
    • Handle: RePEc:eee:bracre:v:56:y:2024:i:1:s0890838923000185
    DOI: 10.1016/j.bar.2023.101188
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    More about this item

    Keywords

    Corporate culture; Corporate stakeholder violations; Information asymmetry; Corporate governance;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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