Socially responsible engagement and firm performance in emerging markets: Testing the mediating effect of intellectual capital

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2024-08-02 DOI:10.1016/j.bir.2024.07.012

Gizem Arı, Merve Karacaer, Semra Karacaer

引用次数: 0

Abstract

This study investigates the interaction between firm performance (FP) and corporate social responsibility (CSR) in emerging markets, with a focus on how intellectual capital (IC) mediates this interaction. The analysis covers 380 companies from 24 emerging countries between 2015 and 2021. The findings reveal that increased CSR results in lower FP. Furthermore, a significant association between IC and FP is observed. The study further determines that IC mediates the relation between the aggregate CSR and FP, as well as between some CSR sub-dimensions and FP. These results suggest that market reactions to CSRare not always positive and support the view that ICgives firms an advantage in FP to create added value. This research addresses a gap in the literature regarding the role of IC in the CSR–FP relationship in emerging markets.

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新兴市场中的社会责任参与与公司业绩：检验知识资本的中介效应

本研究调查了新兴市场中企业绩效（FP）与企业社会责任（CSR）之间的互动关系，重点关注智力资本（IC）如何对这种互动关系起到中介作用。分析涵盖 2015 年至 2021 年期间 24 个新兴国家的 380 家公司。研究结果表明，企业社会责任的增加会导致FP的降低。此外，还观察到智力资本与财务自由之间存在重要关联。研究进一步确定，集成电路在总体企业社会责任与财务状况之间以及某些企业社会责任子维度与财务状况之间起到了中介作用。这些结果表明，市场对企业社会责任的反应并不总是积极的，这也支持了一种观点，即企业社会责任为企业创造附加值提供了有利条件。这项研究填补了文献中关于集成电路在新兴市场企业社会责任与财务状况关系中的作用的空白。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations