Abstract
This thesis explores the role of indigenous culture in shaping sustainable investment decisions within Māori Asset Holding Institutions (MAHI). Comprising three empirical essays, the study examines how Māori cultural identity, collective ownership, and the trade-off between cultural values and financial returns influence investment preferences. The first essay develops measures of Māori cultural identity and values, demonstrating that Māori identity is positively associated with environmental considerations in investment decision-making. The second essay investigates the role of collective ownership as a distinctive cultural feature, finding that it fosters a preference for environmental sustainability, with board size moderating this relationship. The third essay employs a discrete choice experiment to assess trade-offs between financial returns and Māori cultural values, revealing that MAHI trustees and executives are willing to forgo financial gains to uphold cultural and environmental priorities. This research contributes to the finance literature by providing empirical insights into the sustainable investment practices of indigenous asset owners and the mechanisms through which culture informs corporate decision-making. By integrating embedded culture theory into indigenous sustainable finance, the thesis highlights the importance of cultural values in fostering long-term environmental stewardship and intergenerational wealth preservation within indigenous investment entities.