List and classification of the most relevant studies to the survey
| Studies | Country | Period/sample | Religious denominations | Dependent variable | Sign relationship | ABDC ranking |
|---|---|---|---|---|---|---|
| (a) Religiosity, managerial decisions and business ethics | ||||||
| Hilary and Hui (2009) | USA | 1971–2000 | Protestant Catholic Orthodox other Christian Jewish | Standard deviation of stock returns | (−) | A* |
| The sample size varies from 71,177 to 130,241 firm-year observations | Standard deviation of return on assets | (−) | ||||
| ROA | (+) | |||||
| Investments | (−) | |||||
| R&D | (−) | |||||
| Growth | (−) | |||||
| Harjoto and Rossi (2019) | Italy | 2002–2014 | Local religiosity (Catholics) | CSR | (+) | A |
| 156 Italian listed companies for 2,028 firm-year observations | CEO religiosity | (+) | ||||
| Montenegro (2017) | Portugal | 2003–2008 78,177 firm-years for Sample A, and 69,756 firm-years for Sample B | Local religiosity (Catholics) | Earning quality | (−) | C |
| McGuire et al. (2012) | USA | 2006–2008 236 Metropolitan Statistical Areas | Religiosity measured as the proportion of respondents in each MSA who indicate they are affiliated with a religion | Financial irregularities | (−) | A* |
| Cai and Shi (2019) | USA | 1990–2010 18,867 firm-year observations | CEO religiosity | Earning management | (−) | A |
| Nazrul et al. (2022) | USA | 1999–2020 2717 firms and 6497C-suite executives are covered | CEO and C-suite executives’ religiosity | Disclosure practices | (+) | B |
| Dimic et al. (2024) | USA | 2012–2020 98 large, publicly listed US firms for 706 firm-year observations | Local religiosity and corporate religiosity (Faith Equality Index used as the measure of firm-level religiosity and county religiosity) | CSR | (+) | C |
| (b) Religiosity and corporate governance | ||||||
| Chintrakarn et al. (2017) | USA | 1990–2006 14,963 firm-year observations | % of religious adherents (county level) | Governance index | (+) | B |
| Du (2013) | China | 2001–2010 10,363 firm-year observations | Buddhism and Taoism | Agency costs (proxies) | (−) | A |
| Chintrakarn et al. (2018) | USA | 1992–2010 9,838 firm-year observations | % of religious adherents (county level) | Cumulative abnormal returns (CAR) of acquirers | (+) | B |
| Kim and Daniel (2016) | 32 countries | 2006–2010 160 country-year observations from 32 countries | Local religiosity | Protestants are associated with stronger corporate governance | (+) | B |
| (c) Religiosity and corporate financial decisions | ||||||
| Chen et al. (2016) | 29 countries | 1994–2008 36,147 facility-year observations | Principal component factor derived from the three religion variables: (a) member of religion, (b) religion important (c) and religion services | Loan spread | (−) | A* |
| Baxamusa and Jalal (2014) | USA | 1981–2008 | Protestant counties | Leverage | (−) | B |
| 91,711 firm-year observations | Catholic counties | (+) | ||||
| Baxamusa and Jalal (2016) | USA | 1992–2010 | Catholics CEO | Equity | (+) | A |
| 457 CEOs | Debt | (−) | ||||
| Protestant CEO | Equity | (−) | ||||
| Debt | (+) | |||||
| Ucar (2016) | USA | 1990–2010 | Local religious affiliation | Dividend payer | (+) Protestant | A |
| 80,049 firm-year observations | (−) Catholics | |||||
| Rossi et al. (2019) | Italy | 2000–2016 155 Italian firms for 2,382 firm-year observations | Local religiosity (Catholics) | Dividend payouts | (+) | C |
| Mertzanis et al. (2023) | 139 developing countries | 2006–2019 132,914 firm-year observations | Local religiosity | External financing | (+) | A |
| Zhang et al. (2024) | 8 Asian emerging economies | 2011–2022 | Local religiosity (Christianity, Islam, Hinduism and Buddhism) | Financial debt | (−) Islam | B |
| 740 non-financial (manufacturing) firms | (+) Christianity and Hinduism | |||||
| (d) Religiosity and corporate risk-taking | ||||||
| Gharbi et al. (2021) | USA | 1974–2010 78,317 firm-year observations | Local religiosity | Financial distress (Z-score) | (−) | B |
| Cebula and Rossi (2021) | Italy | 2000–2016 2,382 firm-year observations | Local religiosity | Corporate risk-taking | (−) | B |
| Díez-Esteban et al. (2019) | 37 countries | 2007–2015 | Catholicism/Orthodox, Protestantism, Islamic and Eastern religions (Buddhism, Hindu and Shinto) | Corporate market risk and Z-score | (+) Protestant | B |
| 5,572 companies for 34,251 firm-year observations | (−) Catholics | |||||
| (−) Islam | ||||||
| (n.s.) Eastern religions | ||||||
| (e) Religiosity and cash holding | ||||||
| Hu et al. (2019) | USA | 1980–2010 80,709 US firm-year observations | Local religiosity | Cash holding | (−) Protestant | A |
| Li et al. (2021) | China | 2006–2019 21,387 firm-year observations | Local religiosity (Buddhist) | Cash holding | (+) | B |
| Chen et al. (2020) | China | 2004–2015 2,352 firms for 17,924 observations | Confucianism | Cash holding | (−) | B |
| Xiong et al. (2022) | China | 2007–2018 23,999 firm-year observations | Local religiosity (Buddhism and Taoism) | Cash holding | (−) | B |
| Studies | Country | Period/sample | Religious denominations | Dependent variable | Sign relationship | |
|---|---|---|---|---|---|---|
| 1971–2000 | Protestant Catholic Orthodox other Christian Jewish | Standard deviation of stock returns | (−) | A* | ||
| The sample size varies from 71,177 to 130,241 firm-year observations | Standard deviation of return on assets | (−) | ||||
| (+) | ||||||
| Investments | (−) | |||||
| R&D | (−) | |||||
| Growth | (−) | |||||
| Italy | 2002–2014 | Local religiosity (Catholics) | (+) | A | ||
| 156 Italian listed companies for 2,028 firm-year observations | (+) | |||||
| Portugal | 2003–2008 78,177 firm-years for Sample A, and 69,756 firm-years for Sample B | Local religiosity (Catholics) | Earning quality | (−) | C | |
| 2006–2008 236 Metropolitan Statistical Areas | Religiosity measured as the proportion of respondents in each | Financial irregularities | (−) | A* | ||
| 1990–2010 18,867 firm-year observations | Earning management | (−) | A | |||
| 1999–2020 2717 firms and 6497C-suite executives are covered | Disclosure practices | (+) | B | |||
| 2012–2020 98 large, publicly listed | Local religiosity and corporate religiosity (Faith Equality Index used as the measure of firm-level religiosity and county religiosity) | (+) | C | |||
| 1990–2006 14,963 firm-year observations | % of religious adherents (county level) | Governance index | (+) | B | ||
| China | 2001–2010 10,363 firm-year observations | Buddhism and Taoism | Agency costs (proxies) | (−) | A | |
| 1992–2010 9,838 firm-year observations | % of religious adherents (county level) | Cumulative abnormal returns ( | (+) | B | ||
| 32 countries | 2006–2010 160 country-year observations from 32 countries | Local religiosity | Protestants are associated with stronger corporate governance | (+) | B | |
| 29 countries | 1994–2008 36,147 facility-year observations | Principal component factor derived from the three religion variables: (a) member of religion, (b) religion important (c) and religion services | Loan spread | (−) | A* | |
| 1981–2008 | Protestant counties | Leverage | (−) | B | ||
| 91,711 firm-year observations | Catholic counties | (+) | ||||
| 1992–2010 | Catholics | Equity | (+) | A | ||
| 457 CEOs | Debt | (−) | ||||
| Protestant | Equity | (−) | ||||
| Debt | (+) | |||||
| 1990–2010 | Local religious affiliation | Dividend payer | (+) Protestant | A | ||
| 80,049 firm-year observations | (−) Catholics | |||||
| Italy | 2000–2016 155 Italian firms for 2,382 firm-year observations | Local religiosity (Catholics) | Dividend payouts | (+) | C | |
| 139 developing countries | 2006–2019 132,914 firm-year observations | Local religiosity | External financing | (+) | A | |
| 8 Asian emerging economies | 2011–2022 | Local religiosity (Christianity, Islam, Hinduism and Buddhism) | Financial debt | (−) Islam | B | |
| 740 non-financial (manufacturing) firms | (+) Christianity and Hinduism | |||||
| 1974–2010 78,317 firm-year observations | Local religiosity | Financial distress ( | (−) | B | ||
| Italy | 2000–2016 2,382 firm-year observations | Local religiosity | Corporate risk-taking | (−) | B | |
| 37 countries | 2007–2015 | Catholicism/Orthodox, Protestantism, Islamic and Eastern religions (Buddhism, Hindu and Shinto) | Corporate market risk and | (+) Protestant | B | |
| 5,572 companies for 34,251 firm-year observations | (−) Catholics | |||||
| (−) Islam | ||||||
| (n.s.) Eastern religions | ||||||
| 1980–2010 80,709 | Local religiosity | Cash holding | (−) Protestant | A | ||
| China | 2006–2019 21,387 firm-year observations | Local religiosity (Buddhist) | Cash holding | (+) | B | |
| China | 2004–2015 2,352 firms for 17,924 observations | Confucianism | Cash holding | (−) | B | |
| China | 2007–2018 23,999 firm-year observations | Local religiosity (Buddhism and Taoism) | Cash holding | (−) | B | |
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.