The impact of energy diversification on firm performance: The moderating role of corporate social responsibility

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2024-10-22 DOI:10.1016/j.irfa.2024.103704

Giray Gozgor, Thang Ho, Jing Li, Mohammad Mahdi Mousavi

引用次数: 0

Abstract

This paper examines the impact of diverse consumption of energy sources on firm performance, focusing on the moderating role of corporate social responsibility (CSR). The paper uses 45,579 firm-level panel data samples across 56 developing and developed economies from 2002 to 2021. It is observed that the impact of energy diversification in improving firms' performance (measured by the return on assets, return on equity, sales growth, and Tobin's Q) is more potent in firms with higher CSR engagement. The moderating effect of CSR is also more pronounced among firms in high energy-consuming industries than in low energy-consuming ones. Finally, the moderating role of CSR activities is more substantial for firms in countries with individualistic and long-term-oriented cultures.

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能源多样化对公司业绩的影响：企业社会责任的调节作用

本文研究了多种能源消耗对企业绩效的影响，重点关注企业社会责任（CSR）的调节作用。本文使用了 2002 年至 2021 年 56 个发展中经济体和发达经济体的 45,579 个企业级面板数据样本。研究发现，在企业社会责任参与度较高的企业中，能源多样化对提高企业绩效（以资产回报率、股本回报率、销售增长和托宾 Q 值衡量）的影响更为显著。企业社会责任的调节作用在高耗能行业的企业中也比在低耗能行业的企业中更为明显。最后，企业社会责任活动的调节作用对于具有个人主义和长期导向文化的国家的企业更为显著。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.