Religiosity and risk: Association of Judeo-Christian ethicality with a sustainable business environment




Russell, Hannah Michelle
Ariail, Donald L.
Smith, Katherine Taken
Murphy Smith, Lawrence

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Prior research has examined the relationship of religiosity to aspects of business risks, notably, the ethical environment in which business firms operate. Religiosity is connected to economic factors and societal factors. This study examines the relationship of religion-based ethics, specifically Judeo-Christian ethicality, in a country (measured by Judeo-Christian presence as a proportion of the population) to economic freedom, economic activity, gender equality, social progress, and corruption. Modern business firms, in efforts to embrace diversity, accommodate cultural factors such as religiosity, particularly so in multinational operations where diverse religions will be encountered. Findings show that Judeo-Christian ethicality has a positive relationship to factors connected to a society’s sustainable business culture—that is, more economic freedom, higher economic activity, improved gender equality, better social progress, and lower corruption.



religiosity, corruption, economic freedom, economic activity, gender equality, social progress


This research received no external funding.


Attribution 4.0 International


Russell, Hannah Michelle, Donald L. Ariail, Katherine Taken Smith, and Lawrence Murphy Smith. 2023. Religiosity and Risk: Association of Judeo-Christian Ethicality with a Sustainable Business Environment. Journal of Risk and Financial Management 16: 394.