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National culture and internal carbon pricing

thesis
posted on 2024-01-25, 03:53 authored by Xin Tan

This thesis investigates the relationship between Hofstede’s dimensions of national culture and the adoption of internal carbon pricing (ICP). Utilising a sample of 11,578 firm-year observations spanning 33 countries from 2014 to 2021, the results demonstrate that, after controlling for both country- and firm-level variables, the cultural dimensions of masculinity, power distance, and individualism are negatively associated with ICP adoption. Conversely, the dimensions of uncertainty avoidance and long-term orientation are positively linked to ICP adoption. These findings remain robust to the use of an alternative cultural framework as presented by House et al. (2004), varying measures of the dependent variable, and diverse model specifications. This thesis also takes into account endogeneity concerns. Furthermore, to delve more deeply into firms’ dedication to ICP beyond mere adoption, I examine the impact of national culture on both the price of ICP and the variety of ICP types chosen by firms. In short, the empirical evidence underscores the significant role of national culture in steering corporate decisions regarding ICP beyond simply economic and regulatory factors. Finally, besides the main findings, this thesis also highlights that the relationship between national culture and ICP adoption is moderated by several factors: the firm’s affiliation to a carbon-intensive or non-carbon-intensive sector, the presence of a corporate social responsibility committee, and the scale of the firm’s global operations.

History

Table of Contents

1. Introduction -- 2. Theoretical frameworks and literature review -- 3. Hypothesis development -- 4. Research design -- 5. Empirical results -- 6. Robustness tests -- 7. Further analyses -- 8. Discussion and conclusion -- Appendix A. Variables, definitions, and data sources -- References

Awarding Institution

Macquarie University

Degree Type

Thesis MRes

Degree

Master of Research

Department, Centre or School

Department of Accounting and Corporate Governance

Year of Award

2023

Principal Supervisor

Le Luo

Additional Supervisor 1

Sophia Xia Su

Rights

Copyright: The Author Copyright disclaimer: https://www.mq.edu.au/copyright-disclaimer

Language

English

Extent

131 pages

Former Identifiers

AMIS ID: 293637