Generous to a fault: Differential impact of CSR investments on financial gains in Indian market multinationals

IF 5.9 2区 管理学 Q1 MANAGEMENT
Vidya Sukumara Panicker, Elena Georgiadou, Ian R. Hodgkinson
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Abstract

To date, the extant Corporate Social Responsibility (CSR) literature has overlooked the performance consequences of different forms of CSR investments made by Emerging Market Multinational Corporations (EMNCs). Addressing this knowledge gap, and drawing on legitimacy theory, we examine the impact of external CSR investments (e.g., social and community philanthropic support activities) and internal CSR investments (e.g., working conditions, employee rights and equal employment opportunities) on financial performance of EMNCs, while also accounting for the moderating effects of internationalization location choices. We test our hypotheses on a panel consisting of 1513 unique Indian EMNCs, in the 2014–2019 time-period. On applying various estimation techniques, the findings reveal that both external and internal CSR investments are positively associated with financial performance of EMNCs, while the destination location of foreign investments and home-host geographic and institutional distance moderate these relationships. This study offers new empirical evidence on the financial implications of different types of CSR investments available to EMNCs and advances legitimacy theory by expanding its dimensional and contextual scope.

慷慨到极点:企业社会责任投资对印度市场跨国公司财务收益的不同影响
迄今为止,现有的企业社会责任(CSR)文献忽略了新兴市场跨国公司(EMNCs)不同形式的企业社会责任投资对绩效的影响。为了弥补这一知识空白,我们借鉴合法性理论,研究了外部企业社会责任投资(如社会和社区慈善支持活动)和内部企业社会责任投资(如工作条件、员工权利和平等就业机会)对新兴市场跨国公司财务业绩的影响,同时还考虑了国际化地点选择的调节作用。我们对 2014-2019 年期间 1513 家独特的印度新兴市场跨国公司的面板数据进行了假设检验。在运用各种估计技术后,研究结果表明,外部和内部企业社会责任投资与新兴市场跨国公司的财务绩效正相关,而外商投资的目的地和母国的地理及制度距离则会调节这些关系。本研究提供了新的实证证据,说明新兴市场跨国公司可利用的不同类型企业社会责任投资的财务影响,并通过扩大其维度和背景范围推进了合法性理论。
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来源期刊
自引率
9.80%
发文量
67
审稿时长
81 days
期刊介绍: The Journal of International Management is devoted to advancing an understanding of issues in the management of global enterprises, global management theory, and practice; and providing theoretical and managerial implications useful for the further development of research. It is designed to serve an audience of academic researchers and educators, as well as business professionals, by publishing both theoretical and empirical research relating to international management and strategy issues. JIM publishes theoretical and empirical research addressing international business strategy, comparative and cross-cultural management, risk management, organizational behavior, and human resource management, among others.
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