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<p>Country-level influences matter for CSR performance. While prior studies have uncovered <i>what</i> individual country-level variables predict firms’ CSR performance, we know little about <i>how much</i> of the variance in CSR performance is explained by systematic influences at the country level. We conduct an abductive variance decomposition study to estimate the proportion of CSR variance explained at the country level, relative to the firm, industry, and regional levels, and how cultural environments in the form of collectivism alter the relative importance of country-level influences. A panel covering 21,766 observations from 2324 firms across 59 countries between 2003 and 2022 reveals that country effects explain about 10% of CSR performance variation across firms, exceeding the explanatory power of industry and regional effects. Country effects are stronger in cultural environments characterized by low institutional collectivism and high in-group collectivism.</p>

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How (much) does country matter to CSR? A variance decomposition study

  • 期刊论文

  • 发表日期：

    2026年3月26日

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  • Steve Sauerwald,
  • David J. Skandera,
  • Tang Wang

摘要

Country-level influences matter for CSR performance. While prior studies have uncovered what individual country-level variables predict firms’ CSR performance, we know little about how much of the variance in CSR performance is explained by systematic influences at the country level. We conduct an abductive variance decomposition study to estimate the proportion of CSR variance explained at the country level, relative to the firm, industry, and regional levels, and how cultural environments in the form of collectivism alter the relative importance of country-level influences. A panel covering 21,766 observations from 2324 firms across 59 countries between 2003 and 2022 reveals that country effects explain about 10% of CSR performance variation across firms, exceeding the explanatory power of industry and regional effects. Country effects are stronger in cultural environments characterized by low institutional collectivism and high in-group collectivism.