Abstract
This study examines (1) how corporate social responsibility (CSR) or the three pillars of sustainable investing, viz., the environmental (E), social (S), and governance (G) pillars, individually affect innovation performance (IP) and business performance (BP) and (2) how power distance (PD) moderates the impact of the ESG pillars on IP and BP. Our findings of studying 116 multinational enterprises (MNEs) in the technology industry from 2013 to 2018 suggest that not all indicators significantly affect the performance of the MNEs. That is, the G pillar has a positive influence on IP, whereas the E and S pillars are negatively related to BP. Moreover, we find that PD significantly moderates the relationship between two pillars of ESG (E and S) and BP. Specifically, the E and S pillars are negatively related to BP when PD is low, but the relationship is significantly and statistically positive when PD is high. The results can provide technology MNE managers with references for their CSR implementation strategy choices.
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Notes
Our baseline model includes PD; untabulated results indicate that the sign and significance of the coefficients in the model remain the same when we exclude PD.
Our results remain robust and qualitatively the same when we add other control variables, such as the ratio of the book value of property, plant, and equipment to total assets; the natural logarithm of capital expenditure; and the ratio of R&D expense to total assets.
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Le, MH., Lu, WM. & Kweh, Q.L. The moderating effects of power distance on corporate social responsibility and multinational enterprises performance. Rev Manag Sci 17, 2503–2533 (2023). https://doi.org/10.1007/s11846-022-00591-z
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DOI: https://doi.org/10.1007/s11846-022-00591-z
Keywords
- Corporate social responsibility
- Innovation performance
- Business performance
- Network DEA
- Multinational enterprises
- Power distance