TY  - JOUR
AB  - Purpose This study aims to investigate how culture can either reinforce or attenuate the board efficacy (a key element of corporate governance).Design/methodology/approach The study uses the data from the World Economic Forum (2006-2014) of 69 countries. The data were restricted to 69 countries because Hofstede et al. (2010) provided cultural value data from 111 countries. However, the data from 42 countries were incomplete for Hofstede et al.’s four dimensions.Findings The study is the first to show that more religious diversity has a significant negative impact on stronger board efficacy in evaluating corporate governance practices. The results also indicate that more uncertainty avoidance in a country has a significant negative impact and corporate ethics and auditing standards have a positive impact on board efficacy.Originality/value The study extends Hofstede et al.’s (2010) cultural value by incorporating religious diversity and corporate ethics as cultural variables in explaining board efficacy in corporate governance literature. The Organisation for Economic Co-operation and Development, the World Bank and the International Monetary Fund should focus on cultural factors while developing a single set of Corporate Governance Code worldwide.
VL  - 59
IS  - 6
SN  - 1754-243X
DO  - 10.1108/IJLMA-09-2016-0081
UR  - https://doi.org/10.1108/IJLMA-09-2016-0081
AU  - Nurunnabi Mohammad
PY  - 2017
Y1  - 2017/01/01
TI  - Does cultural value affect board efficacy? Insights on international corporate governance
T2  - International Journal of Law and Management
PB  - Emerald Publishing Limited
SP  - 1257
EP  - 1268
Y2  - 2024/04/25
ER  -