Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • December 2012
  • Article
  • Journal of International Business Studies

What Drives Corporate Social Performance? The Role of Nation-level Institutions

By: Ioannis Ioannou and George Serafeim
  • Format:Print
  • | Pages:31
ShareBar

Abstract

Based on Whitley's "National Business Systems" (NBS) institutional framework (Whitley 1997, 1999), we theorize about and empirically investigate the impact of nation-level institutions on firms' corporate social performance (CSP). Using a sample of firms from 42 countries spanning seven years, we construct an annual composite CSP index for each firm based on social and environmental metrics. We find that the political system, followed by the labor and education system, and the cultural system are the most important NBS categories of institutions that impact CSP. Interestingly, the financial system appears to have a relatively less significant impact. We discuss implications for research, practice, and policy-making.

Keywords

Environment; Environmental Performance; Corporate Social Responsibility; Sustainability; Institutions; Institutional Theory; Corporate Social Responsibility and Impact; Environmental Sustainability; Corporate Governance

Citation

Ioannou, Ioannis, and George Serafeim. "What Drives Corporate Social Performance? The Role of Nation-level Institutions." Journal of International Business Studies 43, no. 9 (December 2012): 834–864.
  • SSRN
  • Find it at Harvard
  • Read Now

About The Author

George Serafeim

Accounting and Management
→More Publications

More from the Authors

    • 2025
    • Nature Communications

    Tracking Business Opportunities for Climate Solutions Using AI in Regulated Accounting Reports

    By: Shirley Lu, George Serafeim, Simon Xu and MarcAntonio Awada
    • September 2025
    • Review of Accounting Studies

    Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets

    By: Khrystyna Bochkay, Jeffrey Hales and George Serafeim
    • August 2025 (Revised December 2025)
    • Faculty Research

    Apollo Global Management

    By: George Serafeim and Michael Norris
More from the Authors
  • Tracking Business Opportunities for Climate Solutions Using AI in Regulated Accounting Reports By: Shirley Lu, George Serafeim, Simon Xu and MarcAntonio Awada
  • Disclosure Standards and Communication Norms: Evidence of Voluntary Sustainability Standards as a Coordinating Device for Capital Markets By: Khrystyna Bochkay, Jeffrey Hales and George Serafeim
  • Apollo Global Management By: George Serafeim and Michael Norris
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College.