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Businesses are among the largest consumers of freshwater worldwide. However, existing academic research has barely touched upon how companies manage actual water challenges. In consequence,there is an urgent need to establish the factors that foster and restrict companies’ water management practices. Based on contingency theory this research examines the extent to which different macrofactors might affect corporate water management practices of a sample of 3729 listed companies operating in 59 different countries. Results of quantile regression modelling reveal country population growth rates, extreme weather events and aridity are linked with corporate water management practices of leaders. None of the macro factors considered drive water management practices of laggards, and for the average company only aridity drives practice. Given the findings, suggestions to improve corporate water management are made for government policy makers and managers of companies with different quality of water management practices. Refereed/Peer-reviewed