5. CONCLUSIONS AND FUTURE RESEARCH
5.2 Limitations and future research
It is natural for the study to has some limitations. One of the limitations of this study is the lack of data. Firstly, there was not as much data available about the latest dimensions as the original ones. Secondly, some countries had to be eliminated from the sample since there was not data available either on CSR performance or cultural dimensions. According to different sources, there are a total of 195 countries in the world (Stratfor 2018; Worldometers 2018). The sample comprised 49 countries which is circa 25 % of the total population. With a larger sample, the results of the study would be even more reliable. However, the sample represents the whole population relatively well because it consists of countries from different cultures and not only from a particular region.
The use of dummy variables in research proved to be challenging. Dividing variables into different groups according to geographical boundaries did not add value to the
research. Therefore, the dummy variables were formed again based on the cultural factors rather than the geographical boundaries. The creation of dummy variables according to culture was challenging, but based on previous literature, dividing data into six regions was possible.
For further research, the same research could be done for more than one industry and the results could be compared between different industries. Limiting research to one industry adds value to research as it provides a more comprehensive analysis of a particular issue. Moreover, CSR is very context-dependent and practices vary in different industries (Tuppura, Arminen, Pätäri & Jantunen 2016). Therefore, it is reasonable to focus on one industry at a time.
In the future, it would also be interesting to do a similar research at company level including the corporate control variables, such as the size of the company. This method would allow wider research to be carried out. Another possible topic for research in the future would be including the analysis of different sections of CSR to the study. Instead of examining only the overall CSR performance, the scores of environment, employees, community and government categories could also be analyzed. It would be interesting to see if adding the sub-categories showed different results. The growing importance of CSR increases the need for future research on this topic. Moreover, there is a need for further research of CSR and culture as the results of previous studies are mixed.
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APPENDIX
Thailand 5 54 2,0423 64 20 34 64 32 45 5 901,90
Brazil 5 57 2,6905 69 38 49 76 44 59 10 826,30
Chile 3 52 5,2537 63 23 28 86 31 68 15 019,60
Panama 1 52 - 95 11 44 86 - - 10 982,40
Egypt 2 46 10,5818 70 25 45 80 7 4 2 724,40
Morocco 2 52 2,8122 70 46 53 68 14 25 3 204,90
Nigeria 1 46 - 80 30 60 55 13 84 2 455,90
South Africa 7 57 6,2206 49 65 63 49 34 63 7 489,00
Israel 5 57 2,5674 13 54 47 81 38 - 33 677,50
Kuwait 2 47 0,2486 90 25 40 80 - - 35 250,90
Lebanon 3 61 2,6541 75 40 65 50 14 25 7 144,00
Saudi Arabia 3 34 10,8496 95 25 60 80 36 52 21 395,40
Turkey 7 54 4,7929 66 37 45 85 46 49 14 117,00
United Arab
Emirates 6 48 5,1219 90 25 50 80 - - 40 864,20
Appendix 2. Power Distance
Appendix 3. Power Distance and Dummy Variables
Appendix 4. Individualism
Appendix 5. Individualism and Dummy Variables
Appendix 6. Masculinity
Appendix 7. Masculinity and Dummy Variables
Appendix 8. Uncertainty Avoidance
Appendix 9. Uncertainty Avoidance and Dummy Variables
Appendix 10. Long-term Orientation
Appendix 11. Long-term Orientation and Dummy Variables
Appendix 12. Indulgence
Appendix 13. Indulgence and Dummy Variables
Appendix 14. GDP per Capita
Appendix 15. GDP per Capita and All Cultural Dimensions
Appendix 16. GDP per Capita and Dummy Variables