Cai, Pan, and Statman (2017)

Cai, Ye, Carrie Pan, and Meir Statman.  “Why Do Countries Matter so Much in Corporate Social Performance?”  Working paper (Santa Clara University), 2017.

From the authors' abstract:  "We [examine] CSP ratings of more than 2,600 companies from 36 countries. We find that firm characteristics explain very little of the variations in CSP ratings. In contrast, variations in country factors such as stages of economic development, culture, and institutions account for a significant proportion of variations in CSP ratings across countries. In particular, we find that CSP ratings are high in countries with high income-per-capita, strong civil liberties and political rights, and cultures oriented toward harmony and autonomy."