Assessment of ukrainian potential for socially responsible investment development based on cultural values

  • Iryna Shkura Alfred Nobel University; Department of International Economic Relations and Economic Theory
Keywords: socially responsible investment, SRI regional markets, ESG­criteria, cultural values, Hofstede’s cultural dimensions


The aim of the paper is to demonstrate the impact of the culture dimension on the size of socially responsible investment (SRI) and assess the Ukrainian potential for SRI development based on cultural values. SRI regional development differs by the volume and dynamics of the regional SRI market, structure of investors and assets. The scope of influencing factors is within the following dimensions: demographic, economic, financial, institutional and cultural. The article considers indicators of the cultural dimension of SRI markets. These indicators are taken for SRI markets in Europe, the USA, Canada, and Japan. The analysis is based on the data from the Global Sustainable Investment Alliance (GSIA) and databases of the Hofstede’s 6D framework. It can be concluded that indicators of individualism, masculinity and uncertainty avoidance can be linked with the regional SRI market development. Ukraine is on the preliminary stage of SRI market development: corporate socially responsible companies exist, they are becoming more and more public and open, and their activity is becoming much sounder, the willingness to avoid risk and uncertainty is very high, and the desire to receive income from the investment into financial tools also exists. The high level of power distance, low level of individualism could be restraining factor for the Ukrainian SRI market formation, but the low level of masculinity could give advantage to the Ukrainian potential for the further SRI development

How to Cite
Shkura, I. (2019). Assessment of ukrainian potential for socially responsible investment development based on cultural values. Journal of Modern Economic Research, 1(3), 39-47. Retrieved from