{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,2,21]],"date-time":"2025-02-21T22:51:14Z","timestamp":1740178274918,"version":"3.37.3"},"reference-count":26,"publisher":"Virtus Interpress","issue":"2","license":[{"start":{"date-parts":[[2018,9,5]],"date-time":"2018-09-05T00:00:00Z","timestamp":1536105600000},"content-version":"vor","delay-in-days":978,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0"},{"start":{"date-parts":[[2018,9,5]],"date-time":"2018-09-05T00:00:00Z","timestamp":1536105600000},"content-version":"tdm","delay-in-days":978,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["COC"],"published-print":{"date-parts":[[2016]]},"abstract":"<jats:p>Organizational cultures distinguish different organizations within the same country or countries. When comparing the organizations within the same country differences in national cultures are not relevant but become relevant in comparison between different countries. This paper intends to evidence whether the profitability of companies can be influenced by the national culture. In order to characterize the culture of each country, we used the Hofstede measure of cultural dimensions (1. Power Distance (PDI); 2. Uncertainty Avoidance (UAI); 3. Individualism (IDV); 4. Masculinity (MAS); 5. Long-Term Orientation (LTO); and 6. Indulgence vs Restraint (IND)). Sample was based on the 500 largest European companies rated by the Financial Times 2015. Profitability was measured by the ratios Return on Assets (ROA) and Return on Equity (ROE). Statistical tests were performed to test whether the means of the variables used to measure profitability are statistically equal. The results indicate that companies with higher profitability are from countries with lower Power Distance, lower Uncertainty Avoidance, Long-Term Orientation, and Higher Indulgence<\/jats:p>","DOI":"10.22495\/cocv13i2c3p7","type":"journal-article","created":{"date-parts":[[2016,12,13]],"date-time":"2016-12-13T14:36:19Z","timestamp":1481639779000},"page":"579-586","source":"Crossref","is-referenced-by-count":3,"title":["Culture and profitability: empirical evidence at a European level"],"prefix":"10.22495","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3433-4805","authenticated-orcid":false,"given":"Maria Manuela","family":"Martins","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0612-8801","authenticated-orcid":false,"given":"Il\u00eddio Tom\u00e1s","family":"Lopes","sequence":"additional","affiliation":[]}],"member":"9787","published-online":{"date-parts":[[2016]]},"reference":[{"doi-asserted-by":"publisher","unstructured":"Ahern, K.R., Daminelli, D., and Fracassi, C. 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(2012), \u201cA Cross-Cultural Study of the Influence of Country of Origin, Justice, Power Distance, and Gender on Ethical Decision Making\u201d. Journal of International Accounting Research, Vol. 11 No. 1, pp. 5-34.","key":"ref6","DOI":"10.2308\/jiar-10213"},{"unstructured":"Ehtesham, U M., Muhammad, T. M. and Muhammad, S. A. (2011), \u201cRelationship between Organizational Culture and Performance Management Practices: A Case of University in Pakistan\u201d, Journal of Competitiveness No. 4, pp. 78-86.","key":"ref7"},{"unstructured":"Gerecke, G. A. and House, G. (2013), \u201cTMT national culture and banking profits during the 2008 global economic crisis\u201d, Journal of International Business and Cultural Studies; Vol. 7.","key":"ref8"},{"doi-asserted-by":"publisher","unstructured":"Griffin, D.W., Guedhami, O., Kwok, C.C.Y., Li, K. and Shao, L. (2015), \u201cNational Culture, Corporate Governance Practices, and Firm Value\u201d. Available at SSRN:http:\/\/ssrn.com\/abstract=2400078 or http:\/\/dx.doi.org\/10.2139\/ssrn.2400078","key":"ref9","DOI":"10.2139\/ssrn.2400078"},{"doi-asserted-by":"crossref","unstructured":"Han, S., Kang, T., Salter, S. B. and Yoo, Y. K. (2010), \u201cA Cross-Country Study on the Effects of National Culture on Earnings Management\u201d, Journal of International Business Studies, Vol. 41 No. 1, pp. 123-141.","key":"ref10","DOI":"10.1057\/jibs.2008.78"},{"unstructured":"Hofstede (1991), Culture and Organizations: Software of the Mind New York: McGraw-Hill","key":"ref11"},{"unstructured":"Hofstede, G., Hofstede, G.J. and Minkov, M. (2010), Cultures & organizations: Software of the mind: Intercultural cooperation and its importance for survival, New York: McGraw-Hill, 3rd edition.","key":"ref12"},{"doi-asserted-by":"publisher","unstructured":"Kanungo, R. P.  (2006), \"Cross culture and business practice: are they coterminous or cross-verging?\u201d, Cross Cultural Management: An International Journal, Vol. 13 No. 1, pp.23 \u2013 31.","key":"ref13","DOI":"10.1108\/13527600610643457"},{"doi-asserted-by":"publisher","unstructured":"Kirkman, B. L., Lowe, K. B. and Gibson, C. B. (2006), \u201cA quarter century of Culture's Consequences: a review of empirical research incorporating Hofstede's cultural values framework\u201d, Journal of International Business Studies, Vol. 37, pp. 285-320.","key":"ref14","DOI":"10.1057\/palgrave.jibs.8400202"},{"unstructured":"Kotter, P. and Heskett, L. (1992), Corporate Culture and Performance, Macmillan, New York, NY.","key":"ref15"},{"doi-asserted-by":"publisher","unstructured":"Lievenbr\u00fcck, M. and Schmid, T. (2014), \u201cWhy do firms (not) hedge? \u2014 Novel evidence on cultural influence\u201d, Journal of Corporate Finance, Vol. 25, pp.92-106.","key":"ref16","DOI":"10.1016\/j.jcorpfin.2013.10.010"},{"doi-asserted-by":"publisher","unstructured":"Marcoulides, G. and Heck, R. (1993), \u201cOrganizational culture and performance: Proposing and testing a model\u201d, Organization Science, Vol. 4 No. 2, pp. 209-225.","key":"ref17","DOI":"10.1287\/orsc.4.2.209"},{"doi-asserted-by":"publisher","unstructured":"Ogbonna, E. and Harris, L. (2000), \u201cLeadership style, organizational culture and performance: Empirical evidence from UK companies\u201d, International Journal of Human Resources Management, Vol. 11 No. 4, pp. 766-788.","key":"ref18","DOI":"10.1080\/09585190050075114"},{"unstructured":"Ozgulbas, N., Koyuncugil, A. S., and Yilmaz, F. (2006), \u201cIdentifying the Effect of Firm Size on Financial Performance of SMEs.\u201d, The Business Review, Vol. 6 No. 1, pp.162\u2013167.","key":"ref19"},{"doi-asserted-by":"crossref","unstructured":"Rousseau, D. (1991), \u201cQuantitative assessment of organizational culture\u201d. Group and Organizations Studies, Vol. 15 No. 4, pp. 448-460.","key":"ref20","DOI":"10.1177\/105960119001500408"},{"unstructured":"Sagiv, L., and Schwartz, S. H. (2207), \u201cCultural values in organisations: Insights for Europe,\u201d European Journal of International Management, Vol. 1, pp. 176-190.","key":"ref21"},{"doi-asserted-by":"crossref","unstructured":"Shao, L., Kwok, C.C.Y. and Zhang, R. (2013), \u201cNational culture and corporate investment\u201d, Journal of International Business Studies, Vol. 44 No.7, pp. 745-763.","key":"ref22","DOI":"10.1057\/jibs.2013.26"},{"doi-asserted-by":"publisher","unstructured":"Shi, W. and Veenstra, K J. (2015), \u201cThe Moderating Effect of Cultural Values on the Relationship between Corporate Social Performance and Corporate Financial Performance\u201d, American Accounting Association, Annual meeting on teaching and learn accountability.","key":"ref23","DOI":"10.2139\/ssrn.2510448"},{"doi-asserted-by":"publisher","unstructured":"Stulz, R. and Williamson, R. (2003), \u201cCulture, openness, and finance\u201d, Journal of Financial Economics, Vol. 70 No. 3, pp. 313-349.","key":"ref24","DOI":"10.1016\/s0304-405x(03)00173-9"},{"doi-asserted-by":"publisher","unstructured":"Taylor, M.Z., and Wilson, S. (2012), \u201cDoes culture still matter? 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