The moderating role of national culture in the relationship between corporate governance mechanisms and financial performance
Andreea Madalina Bojan ORCID ↗
International Journal of Research in Business and Social Science · 2026 · Vol. 15 / Issue 5 · 204-221
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Abstract
The aim of this study is to investigate the moderating role of cultural dimensions in the relationship between corporate governance mechanisms and financial performance, examining a sample of 9,316 companies from 47 countries. A mixed dataset with variables extracted at the company and country levels is statistically analysed, while multilevel robust regressions with random intercept modelling are used for econometric estimations. Based on information for the period 2020-2022, the moderating effects of three of the six cultural dimensions developed by Hofstede are examined at specific times of multiple constraints that could act as a stress factor in management decisions. The results show that the corporate governance-performance nexus is stronger in countries orientated toward masculinity, short-term benefits, and indulgence. Combining national cultural values, the national business system framework, agency, stakeholder, and legitimacy theories, the research provides nuanced empirical evidence of cultural tingent for academics and practitioners. The investigation shapes an original perspective, highlighting the need for culturally orientated corporate governance mechanisms. This approach complements the body of literature on corporate governance, financial performance, and national culture by demonstrating that the interaction between the governance score and cultural dimensions may play a pivotal role in shaping financial performance. Muchmore, the findings have valuable entrepreneurial implications for investors in resource allocation, while managers could broaden their scenarios for decision-making purposes, especially when companies face stakeholders from diverse cultural backgrounds.
Keywords: {'name': 'Corporate governance'}, {'name': 'Financial performance'}, {'name': 'Masculinity'}, {'name': 'Short-term orientation'}, {'name': 'Indulgence'}
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Andreea Madalina Bojan
Doctoral School of Accounting, Bucharest University of Economic Studies
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