Corporate Governance and ESG Disclosure in Fintech Firms: Does Culture Matter?

We examine how national culture moderates the relationship between corporate governance (CG) and Environmental, Social and Governance (ESG) disclosure of Fintech firms. Employing the least squares dummy variable regression estimation technique on 1,600 firm-year observations for 310 Fintech companies across eight countries, our results suggest that the influence of board size, independence, and gender diversity on Fintech companies’ ESG disclosures is more pronounced in collectivist and low-indulgent cultures. Uncertainty avoidance, time orientation and gender cultural dimensions also moderate Fintech firms’ board size, independence and ESG disclosure relationship. We highlight the importance of culture in boards' ESG disclosure decisions and in the CG-ESG disclosure nexus.