Publications-Theses
Article View/Open
Publication Export
-
題名 亞洲新興國家之ESG 對財務績效的影響： 經濟E、社會S、或治理G的影響力較大？
E, S, or G? The Effect of ESG on Financial Performance in Asian Emerging Markets作者 郭鎧明
Goetze, Klemens貢獻者 林月雲
Lin, Carol
郭鎧明
Klemens Goetze關鍵詞 企業社會責任(CSR)
環境、社會、治理 (ESG)
中國
印度
印尼
馬來西亞
南韓
菲律賓
台灣
泰國
發展中國家
Corporate Social Responsibility (CSR)
Environmental, Social, and Governance (ESG)
China
India
Indonesia
Malaysia
South Korea
Philippines
Taiwan
Thailand
Developing Countries日期 2022 上傳時間 1-Jul-2022 16:18:20 (UTC+8) 摘要 This thesis adds an Asian emerging markets perspective to the long-running debate discussing the association of environmental, social, and governance (ESG) criteria with corporate financial performance (CFP). While evidence from frontier economies tends towards a positive ESG – CFP connotation, the phenomenon is yet scarcely investigated in emerging markets, especially within the Asian context. To address this research gap, ten linear models based on 3,270 observations from 327 firms headquartered in China, India, Indonesia, Republic of Korea (S. Korea), Malaysia, Philippines, Taiwan, and Thailand from 2012 to 2021 were subject to this thesis. The results indicate a significant positive relationship between ESG and financial return as well as firm value, both complementary to an approximation of overall financial performance. Observed effects were particularly vigorous for social aspects, which is in line with Asian companies’ age-old tradition of giving back to the community. Moreover, the empirical analysis provides evidence for a significant positive moderating effect of financial slack on the ESG – CFP link, suggesting both stakeholder theory and slack resources act simultaneously and reinforcingly resulting in a virtuous cycle. 參考文獻 Aguilera-Caracuel, J., Guerrero-Villegas, J., Vidal-Salazar, M. D., & Delgado-Márquez, B. L. (2015). International Cultural Diversification and Corporate Social Performance in Multinational Enterprises: The Role of Slack Financial Resources. Management International Review, 55(3), 323–353. https://doi.org/10.1007/s11575-014-0225-4\r\nAhmed, A. H., Eliwa, Y., & Power, D. M. (2019). The impact of corporate social and environmental practices on the cost of equity capital: Uk evidence. International Journal of Accounting & Information Management, 27(3), 425–441. https://doi.org/10.1108/IJAIM-11-2017-0141\r\nAras, G., Aybars, A., & Kutlu, O. (2010). Managing corporate performance. International Journal of Productivity and Performance Management, 59(3), 229–254. https://doi.org/10.1108/17410401011023573\r\nAtan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance. Management of Environmental Quality, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033\r\nAwaysheh, A., Heron, R. A., Perry, T., & Wilson, J. I. (2020). On the relation between corporate social responsibility and financial performance. Strategic Management Journal, 41(6), 965–987. https://doi.org/10.1002/smj.3122\r\nBansal, P., & Clelland, I. (2004). Talking Trash: Legitimacy, Impression Management, and Unsystematic Risk in the Context of the Natural Environment. Academy of Management Journal, 47(1), 93–103. https://doi.org/10.5465/20159562\r\nBarbosa, N., & Louri, H. (2005). Corporate Performance: Does Ownership Matter? A Comparison of Foreign- and Domestic-Owned Firms in Greece and Portugal. Review of Industrial Organization, 27(1), 73–102. https://doi.org/10.1007/s11151-005-4920-y\r\nBarnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794–816. https://doi.org/10.5465/amr.2007.25275520\r\nBartlett, M. S., & Kendall, D. G. (1946). The Statistical Analysis of Variance-Heterogeneity and the Logarithmic Transformation. Supplement to the Journal of the Royal Statistical Society, 8(1), 128. https://doi.org/10.2307/2983618\r\nBauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance. Journal of Asset Management, 5(2), 91–104. https://doi.org/10.1057/palgrave.jam.2240131\r\nBeets, S. D. (2005). Understanding the Demand-Side Issues of International Corruption. Journal of Business Ethics, 57(1), 65–81. https://doi.org/10.1007/s10551-004-3824-3\r\nBendell, J., & Ng, C. (2009). Characteristics of Asian CSR. Social Space, 56–61. Retrieved from https://ink.library.smu.edu.sg/lien_research/30/\r\nBlack, B. S., Kim, W., Jang, H., & Park, K.‑S. (2015). How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea. Journal of Banking & Finance, 51, 131–150. https://doi.org/10.1016/j.jbankfin.2014.08.020\r\nBloom, N., & van Reenen, J. (2006). Management Practices, Work--Life Balance, and Productivity: A Review of Some Recent Evidence. Oxford Review of Economic Policy, 22(4), 457–482. https://doi.org/10.1093/oxrep/grj027\r\nBodhanwala, S., & Bodhanwala, R. (2018). Does corporate sustainability impact firm profitability? Evidence from India. Management Decision, 56(8), 1734–1747. https://doi.org/10.1108/MD-04-2017-0381\r\nBowen, F. E. (2002). Organizational Slack and Corporate Greening: Broadening the Debate. British Journal of Management, 13(4), 305–316. https://doi.org/10.1111/1467-8551.00248\r\nBowen, H. R. (1953). Social Responsibilities of the Businessman. New York: Harper.\r\nBrammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29(12), 1325–1343. https://doi.org/10.1002/smj.714\r\nBreusch, T. S., & Pagan, A. R. (1979). A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica, 47(5), 1287. https://doi.org/10.2307/1911963\r\nBusch, T., & Hoffmann, V. H. (2011). How Hot Is Your Bottom Line? Linking Carbon and Financial Performance. Business & Society, 50(2), 233–265. https://doi.org/10.1177/0007650311398780\r\nByrne, B. M. (2012). Structural equation modeling with Mplus: Basic concepts, applications, and programming. Multivariate applications series. New York, London: Routledge Taylor & Francis Group. Retrieved from https://www.taylorfrancis.com/books/mono/10.4324/9780203807644/structural-equation-modeling-mplus-barbara-byrne https://doi.org/10.4324/9780203807644\r\nCaplan, L., Griswold, J. S., & Jarvis, W. F. (2013). From SRI to ESG: The Changing World of Responsible Investing. Commonfund Institute. Retrieved from https://eric.ed.gov/?id=ed559300\r\nCarroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review, 4(4), 497–505. https://doi.org/10.5465/amr.1979.4498296\r\nCarroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39–48. https://doi.org/10.1016/0007-6813(91)90005-g\r\nCarroll, A. B., & Shabana, K. M. (2010). The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice. International Journal of Management Reviews, 12(1), 85–105. https://doi.org/10.1111/j.1468-2370.2009.00275.x\r\nCasanova, L., & Miroux, A. (2022). Emerging Market Multinationals Report 2021: Building the Future on ESG Excellence (No. 978-1-7328044-4-1). Retrieved from Emerging Markets Institute, Cornell University website: https://ecommons.cornell.edu/handle/1813/110935\r\nChaffee, E. (2017). The origins of corporate social responsibility (85th ed.). University of Cincinnati Law Review. Retrieved from https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/ucinlr85§ion=18&casa_token=9fxdnarkjsgaaaaa:it5iaoi-bvkev8qabddrau9o0hljyrqo65lwp6yylbmywq8rgyxnz7yixhn0h_gvyauyqzs\r\nChell, E. (2007). Social Enterprise and Entrepreneurship. International Small Business Journal, 25(1), 5–26. https://doi.org/10.1177/0266242607071779\r\nChen, Y. C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190.\r\nChhibber, P. K., & Majumdar, S. K. (1999). Foreign Ownership and Profitability: Property Rights, Control, and the Performance of Firms in Indian Industry. The Journal of Law and Economics, 42(1), 209–238. https://doi.org/10.1086/467423\r\nCho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012). Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations and Society, 37(1), 14–25.\r\nCho, S., Chung, C., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343. https://doi.org/10.3390/su11020343\r\nChoi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30(8), 895–907. https://doi.org/10.1002/smj.759\r\nChung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin`s q. Financial Management, 23(3), 70. https://doi.org/10.2307/3665623\r\nClarkson, M. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92–117. https://doi.org/10.5465/amr.1995.9503271994\r\nCook, R. D., & Weisberg, S. (1983). Diagnostics for heteroscedasticity in regression. Biometrika, 70(1), 1–10. https://doi.org/10.1093/biomet/70.1.1\r\nCrowther, D., & Aras, G. (2008). Corporate social responsibility. Bookboon. Retrieved from https://www.google.com/books?hl=de&lr=&id=uzh7isaufr8c&oi=fnd&pg=pt16&dq=crowther+%26+aras,+2008&ots=laz6lhxxzn&sig=lindwk3pfxxx2hr6qh-he05_tsw\r\nCummings, L. S. (2008). Managerial attitudes toward environmental management within Australia, the People`s Republic of China and Indonesia. Business Strategy and the Environment, 17(1), 16–29. https://doi.org/10.1002/bse.515\r\nDahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13. https://doi.org/10.1002/csr.132\r\nDerwall, J. (2007). The Economic Virtues of SRI and CSR. Retrieved from file:///C:/Users/kleme/Downloads/ESP2007101F&A9058921328DERWALL.pdf\r\nDerwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005). The Eco-Efficiency Premium Puzzle. Financial Analysts Journal, 61(2), 51–63. https://doi.org/10.2469/faj.v61.n2.2716\r\nDonaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992\r\nDuque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w\r\nEccles, R., & Serafeim, G. (2013). A Tale of Two Stories: Sustainability and the Quarterly Earnings Call. Journal of Applied Corporate Finance, 25(3), 8–19. https://doi.org/10.1111/jacf.12023\r\nEccles, R., Serafeim, G., & Krzus, M. P. (2011). Market Interest in Nonfinancial Information. Journal of Applied Corporate Finance, 23(4), 113–127. https://doi.org/10.1111/j.1745-6622.2011.00357.x\r\nEl Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007\r\nElkington, J., & Rowlands, I. (1999). Cannibals with forks: The triple bottom line of 21st century business. Alternatives Journal, 25(4). https://doi.org/10.5860/choice.36-3997\r\nEuropean Commission (2017). Commission Staff Working Document.\r\nFeng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance. American Journal of Business, 32(3-4), 106–133. https://doi.org/10.1108/AJB-05-2016-0015\r\nFlammer, C. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549–2568. https://doi.org/10.1287/mnsc.2014.2038\r\nFlammer, C., Hong, B., & Minor, D. (2019). Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes. Strategic Management Journal, 40(7), 1097–1122. https://doi.org/10.1002/smj.3018\r\nFreeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pittman. Retrieved from https://www.google.com/books?hl=de&lr=&id=npma_qeiopkc&oi=fnd&pg=pr5&dq=strategic+management:+a+stakeholder+approach+1984&ots=61ghl4k7pj&sig=vdm2rb8asbm6ijh43plezmdcqc0\r\nFriede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917\r\nFriedman, M. (1970). The social responsibility of business is to increase its profit. The New York Times, pp. 173–178.\r\nGalema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake: Return and risk in socially responsible investment. Journal of Banking & Finance, 32(12), 2646–2654. https://doi.org/10.1016/j.jbankfin.2008.06.002\r\nGammeltoft, P., Pradhan, J. P., & Goldstein, A. (2010). Emerging multinationals: Home and host country determinants and outcomes. International Journal of Emerging Markets, 5(3/4), 254–265. https://doi.org/10.1108/17468801011058370\r\nGarcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272. https://doi.org/10.1002/bse.2570\r\nGill, A. (2008). Corporate governance as social responsibility: A research agenda. Berkeley J. Int`l L., 26. Retrieved from https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/berkjintlw26§ion=18&casa_token=j-q1e7htrmqaaaaa:yyv75spwmsz4czhwrk5jd7r2ullohjo2wbfpdhi6rp6eachbix35dsj3pumrkhxdfqekqfa\r\nGitman, L., Juchau, R., Flanagan, J., & Zutter, C. J. (2010). Principles of Managerial Finance (6th ed.). Melbourne: P. Ed Australia.\r\nGlobal Sustainable Investment Alliance (2017). Global sustainable investment review. Retrieved from http://www.gsi-alliance.org/wp-content/uploads/2017/03/GSIR_Review2016.F.pdf\r\nGriesse, M. A. (2007). The Geographic, Political, and Economic Context for Corporate Social Responsibility in Brazil. Journal of Business Ethics, 73(1), 21–37. https://doi.org/10.1007/s10551-006-9194-2\r\nGrim, D. M., & Berkowitz, D. B. (2020). Esg, SRI, and Impact Investing: A Primer for Decision-Making. The Journal of Impact and ESG Investing, 1(1), 47–65. https://doi.org/10.3905/jesg.2020.1.1.047\r\nHah, K., & Freeman, S. (2014). Multinational Enterprise Subsidiaries and their CSR: A Conceptual Framework of the Management of CSR in Smaller Emerging Economies. Journal of Business Ethics, 122(1), 125–136. https://doi.org/10.1007/s10551-013-1753-8\r\nHair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2009). Multivariate data analysis. New Jersey: Pearson Educational International. Retrieved from https://digitalcommons.kennesaw.edu/facpubs/2925/\r\nHair, J. F., Sarstedt, M., Ringle, C. M., & Mena, J. A. (2012). An assessment of the use of partial least squares structural equation modeling in marketing research. Journal of the Academy of Marketing Science, 40(3), 414–433. https://doi.org/10.1007/s11747-011-0261-6\r\nHassel, L., Nilsson, H., & Nyquist, S. (2005). The value relevance of environmental performance. European Accounting Review, 14(1), 41–61. https://doi.org/10.1080/0963818042000279722\r\nHayes, A. F., & Cai, L. (2007). Using heteroskedasticity-consistent standard error estimators in OLS regression: An introduction and software implementation. Behavior Research Methods, 39(4), 709–722. https://doi.org/10.3758/BF03192961\r\nHill, C. W. L., & Jones, T. M. (1992). Stakeholder-Agency Theory. Journal of Management Studies, 29(2), 131–154. https://doi.org/10.1111/j.1467-6486.1992.tb00657.x\r\nHodges, J. S., & Atkinson, A. C. (1987). Plots, Transformations, and Regression: An Introduction to Graphical Methods of Diagnostic Regression Analysis. Journal of the American Statistical Association, 82(398), 689. https://doi.org/10.2307/2289498\r\nHofstede, G. (1980). Motivation, leadership, and organization: Do American theories apply abroad? Organizational Dynamics, 9(1), 42–63. https://doi.org/10.1016/0090-2616(80)90013-3\r\nHull, C. E., & Rothenberg, S. (2008). Firm performance: the interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal, 29(7), 781–789. https://doi.org/10.1002/smj.675\r\nHumphrey, J. E., Lee, D. D., & Shen, Y. (2012). The independent effects of environmental, social and governance initiatives on the performance of UK firms. Australian Journal of Management, 37(2), 135–151. https://doi.org/10.1177/0312896211410081\r\nHusted, Bryan, W., & de Sousa-Filho, José, Milton (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227.\r\nInnovest (2007). Carbon beta and equity performance: An empirical analysis. NY: Innovest Strategic Value Advisors.\r\nInoue, Y., & Lee, S. (2011). Effects of different dimensions of corporate social responsibility on corporate financial performance in tourism-related industries. Tourism Management, 32(4), 790–804. https://doi.org/10.1016/j.tourman.2010.06.019\r\nJain, T., & Jamali, D. (2016). Looking Inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility. Corporate Governance: An International Review, 24(3), 253–273. https://doi.org/10.1111/corg.12154\r\nJanah, O. O., & Sassi, H. (2021). The ESG impact on corporate financial performance in developing countries: A systematic literature review. International Journal of Accounting, Finance, Auditing, Management and Economics, 2(6), 391–410. https://doi.org/10.5281/zenodo.5706449\r\nJayachandran, S., Kalaignanam, K., & Eilert, M. (2013). Product and environmental social performance: Varying effect on firm performance. Strategic Management Journal, 34(10), 1255–1264. https://doi.org/10.1002/smj.2054\r\nJensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X\r\nJo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y\r\nJoanes, D. N., & Gill, C. A. (1998). Comparing measures of sample skewness and kurtosis. Journal of the Royal Statistical Society: Series D (the Statistician), 47(1), 183–189. https://doi.org/10.1111/1467-9884.00122\r\nKabajeh, M., Al Nu’aimat, M., & Dahmash, N. (2012). The relationship between the ROA, ROE and ROI ratios with Jordanian insurance public companies market share prices. Retrieved from https://www.uop.edu.jo/download/research/members/mpanies%20market%20share%20prices%20-%20copy.pdf\r\nKang, K. H., Lee, S., & Huh, C. (2010). Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry. International Journal of Hospitality Management, 29(1), 72–82. https://doi.org/10.1016/j.ijhm.2009.05.006\r\nKhanna, T., & Palepu, K. G. (2010). Winning in Emerging Markets: A Road Map for Strategy and Execution. NHRD Network Journal, 3(3), 75. https://doi.org/10.1177/0974173920100316\r\nKlarner, P., & Raisch, S. (2013). Move to the Beat—Rhythms of Change and Firm Performance. Academy of Management Journal, 56(1), 160–184. https://doi.org/10.5465/amj.2010.0767\r\nKoh, P.‑S., Qian, C., & Wang, H. (2014). Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10), 1464–1482. https://doi.org/10.1002/smj.2171\r\nKölbel, J. F., Busch, T., & Jancso, L. M. (2017). How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk. Strategic Management Journal, 38(11), 2266–2284. https://doi.org/10.1002/smj.2647\r\nKolk, A., & Hoffman, V. (2007). Business, Climate Change and Emissions Trading: Taking Stock and Looking Ahead. European Management Journal, 25(6), 411–414.\r\nKraatz, M. S., & Zajac, E. J. (2001). How Organizational Resources Affect Strategic Change and Performance in Turbulent Environments: Theory and Evidence. Organization Science, 12(5), 632–657. https://doi.org/10.1287/orsc.12.5.632.10088\r\nLavin, J. F., & Montecinos-Pearce, A. A. (2021). Esg Disclosure in an Emerging Market: An Empirical Analysis of the Influence of Board Characteristics and Ownership Structure. Sustainability, 13(19), 10498. https://doi.org/10.3390/su131910498\r\nLi, T.‑T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). Esg: Research Progress and Future Prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663\r\nLin, X. F., Xiao, D., Liu, W., & Liu, C. [C.] (2011). The analysis and model reconstruction of corporate social responsibility in Chinese pharmaceutical companies. Medicine and Society, 24(7), 368–371.\r\nLo, S.‑F., & Sheu, H.‑J. (2007). Is Corporate Sustainability a Value-Increasing Strategy for Business? Corporate Governance: An International Review, 15(2), 345–358. https://doi.org/10.1111/j.1467-8683.2007.00565.x\r\nLoderer, C., Stulz, R., & Waelchli, U. (2017). Firm Rigidities and the Decline in Growth Opportunities. Management Science, 63(9), 3000–3020. https://doi.org/10.1287/mnsc.2016.2478\r\nLoew, T., & Clausen, J. (2010). Wettbewerbsvorteile durch CSR. Eine Metastudie zu den Wettbewerbsvorteilen von CSR und Empfehlungen zur Kommunikation an Unternehmen. Berlin, Hannover. Retrieved from https://www.borderstep.org/wp-content/uploads/2014/07/loew-clausen-wettbewerbsvorteile_durch_csr-2010.pdf\r\nLys, T., Naughton, J. P., & Wang, C. (2015). Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60(1), 56–72. https://doi.org/10.1016/j.jacceco.2015.03.001\r\nManchiraju, H., & Rajgopal, S. (2017). Does Corporate Social Responsibility (CSR) Create Shareholder Value? Evidence from the Indian Companies Act 2013. Journal of Accounting Research, 55(5), 1257–1300. https://doi.org/10.1111/1475-679X.12174\r\nMaqbool, S., & Zameer, M. N. (2018). Corporate social responsibility and financial performance: An empirical analysis of Indian banks. Future Business Journal, 4(1), 84–93. https://doi.org/10.1016/j.fbj.2017.12.002\r\nMardia, K. V. (1970). Measures of multivariate skewness and kurtosis with applications. Biometrika, 57(3), 519–530. https://doi.org/10.1093/biomet/57.3.519\r\nMartínez, J. B., Fernández, M. L., & Fernández, P. M. R. (2016). Corporate social responsibility: Evolution through institutional and stakeholder perspectives. European Journal of Management and Business Economics, 25(1), 8–14.\r\nMatsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, 89(2), 695–724. https://doi.org/10.2308/accr-50629\r\nMatten, D., & Moon, J. (2004). Corporate Social Responsibility. Journal of Business Ethics, 54(4), 323–337. https://doi.org/10.1007/s10551-004-1822-0\r\nMcGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate Social Responsibility and Firm Financial Performance. Academy of Management Journal, 31(4), 854–872. https://doi.org/10.5465/256342\r\nMcWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate Social Responsibility: Strategic Implications Journal of Management Studies, 43(1), 1–18. https://doi.org/10.1111/j.1467-6486.2006.00580.x\r\nMSCI (1999). Global Industry Certification Standard (GICS).\r\nMSCI (2022). Emerging Markets Index. Retrieved from https://www.msci.com/our-solutions/indexes/emerging-markets\r\nNg, T.‑H., Lye, C.‑T., Chan, K.‑H., Lim, Y.‑Z., & Lim, Y.‑S. (2020). Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance. Social Indicators Research, 150(1), 17–44. https://doi.org/10.1007/s11205-020-02288-w\r\nOrlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies, 24(3), 403–441. https://doi.org/10.1177/0170840603024003910\r\nPeinado-Vara, E. (2006). Corporate Social Responsibility in Latin America. Journal of Corporate Citizenship, 2006(21), 61–69. https://doi.org/10.9774/gleaf.4700.2006.sp.00008\r\nPempel, T. J. (2002). Labor exclusion and privatized welfare: Two keys to Asian capitalist development. Retrieved from https://www.google.com/books?hl=de&lr=&id=0rt-eanlukuc&oi=fnd&pg=pa277&dq=labor+exclusion+and+privatized+welfare:+two+keys+to+asian+capitalist+development&ots=ynis_7o6y2&sig=df0_bor8gtqyogtthqsyu5uo4eo\r\nPeng, M. W., Wang, D. Y. L., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5), 920–936. https://doi.org/10.1057/palgrave.jibs.8400377\r\nPorter, M. E. (1980). Industry Structure and Competitive Strategy: Keys to Profitability. Financial Analysts Journal, 36(4), 30–41. https://doi.org/10.2469/faj.v36.n4.30\r\nPorter, M. E., & Kramer, R. K. (2006). Strategy and Society. Harvard Business Review.\r\nPorter, M. E., & Kramer, R. K. (2011). Creating shared value. Harvard Business Review. Retrieved from https://pdfs.semanticscholar.org/96c9/8048cd8f17eac411d05aa73fe6d04d691fa6.pdf\r\nPRI (2022). What is Responsible Investment? Retrieved from https://www.unpri.org/an-introduction-to-responsible-investment/what-is-responsible-investment/4780.article\r\nRamchander, S., Schwebach, R. G., & Staking, K. I. (2012). The informational relevance of corporate social responsibility: Evidence from DS400 index reconstitutions. Strategic Management Journal, 33(3), 303–314. https://doi.org/10.1002/smj.952\r\nRefinitiv (2022). Environmental, Social and Governance (ESG) Scores from Refinitiv. Retrieved from https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf\r\nSekhon, A. K., & Kathuria, L. M. (2019). Analyzing the impact of corporate social responsibility on corporate financial performance: Evidence from top Indian firms. Corporate Governance: The International Journal of Business in Society, 20(1), 143–157. https://doi.org/10.1108/CG-04-2019-0135\r\nServaes, H., & Tamayo, A. (2013). The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness. Management Science, 59(5), 1045–1061. https://doi.org/10.1287/mnsc.1120.1630\r\nSharma, B. (2013). Contextualising CSR in Asia: Corporate social responsibility in Asian economies. Retrieved from https://ink.library.smu.edu.sg/lien_reports/5/\r\nSolomon, J. (2020). Corporate governance and accountability. John Wiley & Sons, Ltd. Retrieved from https://www.google.com/books?hl=de&lr=&id=jax9dwaaqbaj&oi=fnd&pg=pr7&dq=solomon,+j.+(2010).+corporate+governance+and+accountability&ots=nx3z1dgzu2&sig=nqcm0wd2s3usuh8vpecqk8ycs2c\r\nSprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445–453. https://doi.org/10.1016/j.bushor.2010.05.006\r\nStatman, M., & Glushkov, D. (2009). The Wages of Social Responsibility. Financial Analysts Journal, 65(4), 33–46. https://doi.org/10.2469/faj.v65.n4.5\r\nStaub-Bisang, M. (2012). Sustainable investing for institutional investors: Risks, regulations and strategies. John Wiley & Sons, Ltd. Retrieved from https://www.google.com/books?hl=de&lr=&id=d2xd5whf_cec&oi=fnd&pg=pr3&dq=%e2%80%98sustainable+investing+for+institutional+investors+%e2%80%93+risks,+regulations+and+strategies&ots=c_g6abcgmk&sig=i_7awgrl-ocv6sfkummacrfccrc\r\nSteiger, J. H. (1980). Tests for comparing elements of a correlation matrix. Psychological Bulletin, 87(2), 245–251. https://doi.org/10.1037/0033-2909.87.2.245\r\nStudenmund, A. (2014). Using econometrics a practical guide.\r\nSu, R., Liu, C. [Chunping], & Teng, W. (2020). The heterogeneous effects of CSR dimensions on financial performance–a new approach for CSR measurement. Journal of Business Economics and Management, 21(4), 987–1009. https://doi.org/10.3846/jbem.2020.12394\r\nSurroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463–490. https://doi.org/10.1002/smj.820\r\nTricker, B., & Tricker, R. (2015). Corporate governance: Principles, policies, and practices. USA: Oxford University Press. Retrieved from https://www.google.com/books?hl=de&lr=&id=x4qqbgaaqbaj&oi=fnd&pg=pp1&dq=%e2%80%98corporate+governance,+principles,+policies+and+practices%e2%80%99+oxford:+oxford+university+press&ots=g26ied2wdz&sig=fwstxyknxvuoocqmgtz62b4-zpw\r\nUllmann, A. A. (1985). Data in Search of a Theory: A Critical Examination of the Relationships Among Social Performance, Social Disclosure, and Economic Performance of U.S. Firms. Academy of Management Review, 10(3), 540–557. https://doi.org/10.5465/amr.1985.4278989\r\nVaradarajan, P. R., & Menon, A. (1988). Cause-Related Marketing: A Coalignment of Marketing Strategy and Corporate Philanthropy. Journal of Marketing, 52(3), 58–74. https://doi.org/10.1177/002224298805200306\r\nVelte, P. (2016). Women on management board and ESG performance. Journal of Global Responsibility, 7(1), 98–109. https://doi.org/10.1108/JGR-01-2016-0001\r\nVelte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029\r\nVisser, W. (2008). Corporate social responsibility in developing countries. The Oxford handbook of corporate social responsibility.\r\nVoss, G. B., Sirdeshmukh, D., & Voss, Z. G. (2008). The Effects of Slack Resources and Environmentalthreat on Product Exploration and Exploitation. Academy of Management Journal, 51(1), 147–164. https://doi.org/10.5465/amj.2008.30767373\r\nWaddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G\r\nWindsor, D. (2006). Corporate Social Responsibility: Three Key Approaches. Journal of Management Studies, 43(1), 93–114. https://doi.org/10.1111/j.1467-6486.2006.00584.x\r\nWood, D. J., & Jones, R. E. (1995). Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance. The International Journal of Organizational Analysis, 3(3), 229–267. https://doi.org/10.1108/eb028831\r\nWooldridge, J. M. (2009). Introductory Econometrics: a modern approach. (4th). Mason, OH: South-Western Cengage Learning. Retrieved from https://scholar.google.com/citations?user=fae3_ksaaaaj&hl=de&oi=sra\r\nWooldridge, J. M. (2015). Introductory econometrics: A modern approach (6th edition). Boston (USA): Cengage Learning.\r\nWorld Bank (2022). GDP country comparison. Retrieved from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=CN-MY\r\nWorld Commission on Environment and Development (1987). Our Common Future: The Report of the World Commission on Environment and Development. - The Brundtland Report. Oxford University Press. Retrieved from https://www.cambridge.org/core/journals/environmental-conservation/article/our-common-future-the-report-of-the-world-commission-on-environment-and-development-oxford-university-press-oxford-new-york-xv-347-35-pp-2025-1325-175-cm-oxford-paperback-595-net-in-uk-1987/b44b4bfbe6879e799dbd19140b13e196\r\nXie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300. https://doi.org/10.1002/bse.2224\r\nXLSTAT (2022). Heteroscedasticity tests. Retrieved from https://www.xlstat.com/en/solutions/features/heteroscedasticity-tests\r\nYang, M., Bento, P., & Akbar, A. (2019). Does CSR Influence Firm Performance Indicators? Evidence from Chinese Pharmaceutical Enterprises. Sustainability, 11(20), 5656. https://doi.org/10.3390/su11205656\r\nYang, X., & Rivers, C. (2009). Antecedents of CSR Practices in MNCs’ Subsidiaries: A Stakeholder and Institutional Perspective. Journal of Business Ethics, 86(S2), 155–169. https://doi.org/10.1007/s10551-009-0191-0\r\nYoon, B., Lee, J., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 3635. https://doi.org/10.3390/su10103635\r\nYu, C., & Cui, S. (2020). ESG investment in China. Retrieved from https://group.pingan.com/resource/pingan/ESG/Report/ESG_-Investment_-in_China.pdf\r\nZaman, R., Jain, T., Samara, G., & Jamali, D. (2020). Corporate Governance Meets Corporate Social Responsibility: Mapping the Interface. Business & Society, 61(3), 690–752. https://doi.org/10.1177/0007650320973415 描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
110933069資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110933069 資料類型 thesis dc.contributor.advisor 林月雲 zh_TW dc.contributor.advisor Lin, Carol en_US dc.contributor.author (Authors) 郭鎧明 zh_TW dc.contributor.author (Authors) Klemens Goetze en_US dc.creator (作者) 郭鎧明 zh_TW dc.creator (作者) Goetze, Klemens en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:18:20 (UTC+8) - dc.date.available 1-Jul-2022 16:18:20 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:18:20 (UTC+8) - dc.identifier (Other Identifiers) G0110933069 en_US dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=159987 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營管理英語碩士學位學程(IMBA) zh_TW dc.description (描述) 110933069 zh_TW dc.description.abstract (摘要) This thesis adds an Asian emerging markets perspective to the long-running debate discussing the association of environmental, social, and governance (ESG) criteria with corporate financial performance (CFP). While evidence from frontier economies tends towards a positive ESG – CFP connotation, the phenomenon is yet scarcely investigated in emerging markets, especially within the Asian context. To address this research gap, ten linear models based on 3,270 observations from 327 firms headquartered in China, India, Indonesia, Republic of Korea (S. Korea), Malaysia, Philippines, Taiwan, and Thailand from 2012 to 2021 were subject to this thesis. The results indicate a significant positive relationship between ESG and financial return as well as firm value, both complementary to an approximation of overall financial performance. Observed effects were particularly vigorous for social aspects, which is in line with Asian companies’ age-old tradition of giving back to the community. Moreover, the empirical analysis provides evidence for a significant positive moderating effect of financial slack on the ESG – CFP link, suggesting both stakeholder theory and slack resources act simultaneously and reinforcingly resulting in a virtuous cycle. en_US dc.description.tableofcontents Acknowledgements i\r\nAbstract ii\r\nList of Figures vi\r\nList of Tables vii\r\nList of Abbreviations viii\r\nKeywords ix\r\n1. Introduction 1\r\n1.1. Motivation and Research Question 1\r\n1.2. Methods and Structural Framework 2\r\n2. Theoretical Foundations 4\r\n2.1. Definition of ESG 4\r\n2.2. Complementary Concepts to ESG 5\r\n2.2.1. Socially Responsible Investment (SRI) 6\r\n2.2.2. Corporate Social Responsibility (CSR) 6\r\n2.2.3. Corporate governance (CG) 8\r\n2.2.4. Convergence of Sustainability Concepts to ESG 9\r\n2.3. Why Act Responsibly? Non-Financial Implications of ESG 9\r\n2.4. ESG in Asian Emerging Markets 10\r\n2.5. The Theoretical Relationship between ESG and Financial Performance 12\r\n2.5.1. Shareholder Theory 12\r\n2.5.2. Stakeholder Theory 13\r\n2.5.3. Slack Resources Theory 14\r\n2.5.4. Summary of Theories 14\r\n3. Literature Review 15\r\n3.1. Positive Effect of ESG on Financial Performance 15\r\n3.2. Negative Effect of ESG on Financial Performance 16\r\n3.3. Indirect Effect of ESG on Financial Performance 17\r\n3.4. Summary 18\r\n4. Hypotheses and Research Model 19\r\n4.1. ESG and Financial Performance (H1 & H2) 19\r\n4.1.1. ESG and Financial Return (H1) 19\r\n4.1.2. ESG and Firm Value (H2) 20\r\n4.2. Moderating Effect of Financial Slack (H3 & H4) 21\r\n4.3. Research Model 22\r\n5. Methodology 23\r\n5.1. Data 23\r\n5.1.1. Data Sample 23\r\n5.1.2. ESG Data 24\r\n5.1.3. Financial Data 27\r\n5.2. Variables 29\r\n5.2.1. Financial Performance Measurements as Dependent Variables 29\r\n5.2.2. ESG Scores as Independent Variables 30\r\n5.2.3. Financial Slack as Moderating Variable 31\r\n5.2.4. Market Information as Control Variables 31\r\n5.3. Regression Models 35\r\n5.3.1. ESG and Financial Performance 35\r\n5.3.2. Moderating Effect of Slack on ESG and Financial Performance 37\r\n5.3.3. Model Diagnostics 38\r\n6. Results 41\r\n6.1. Descriptive Statistics 41\r\n6.1.1. Asian Emerging Markets Distribution 41\r\n6.1.2. Sector Distribution 42\r\n6.1.3. Descriptive Statistics of Non-Adjusted Variables 43\r\n6.1.4. Adjustment of Data 45\r\n6.1.5. Visualization of Variable Distribution 46\r\n6.1.6. Descriptive Statistics of Adjusted Variables 50\r\n6.2. Correlation 51\r\n6.3. Model Diagnostic Results 53\r\n6.3.1. Endogeneity Test 53\r\n6.3.2. Multicollinearity Test 54\r\n6.3.3. Heteroscedasticity Test 54\r\n6.3.4. Robustness Test 54\r\n6.4. Regression Results 55\r\n6.4.1. ESG and Financial Return (H1) 55\r\n6.4.2. ESG and Firm Value (H2) 58\r\n6.4.3. Slack’s Effect on ESG and Financial Performance (H3 & H4) 60\r\n7. Discussion and Conclusion 62\r\nReferences 66\r\nAppendix 82 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110933069 en_US dc.subject (關鍵詞) 企業社會責任(CSR) zh_TW dc.subject (關鍵詞) 環境、社會、治理 (ESG) zh_TW dc.subject (關鍵詞) 中國 zh_TW dc.subject (關鍵詞) 印度 zh_TW dc.subject (關鍵詞) 印尼 zh_TW dc.subject (關鍵詞) 馬來西亞 zh_TW dc.subject (關鍵詞) 南韓 zh_TW dc.subject (關鍵詞) 菲律賓 zh_TW dc.subject (關鍵詞) 台灣 zh_TW dc.subject (關鍵詞) 泰國 zh_TW dc.subject (關鍵詞) 發展中國家 zh_TW dc.subject (關鍵詞) Corporate Social Responsibility (CSR) en_US dc.subject (關鍵詞) Environmental, Social, and Governance (ESG) en_US dc.subject (關鍵詞) China en_US dc.subject (關鍵詞) India en_US dc.subject (關鍵詞) Indonesia en_US dc.subject (關鍵詞) Malaysia en_US dc.subject (關鍵詞) South Korea en_US dc.subject (關鍵詞) Philippines en_US dc.subject (關鍵詞) Taiwan en_US dc.subject (關鍵詞) Thailand en_US dc.subject (關鍵詞) Developing Countries en_US dc.title (題名) 亞洲新興國家之ESG 對財務績效的影響： 經濟E、社會S、或治理G的影響力較大？ zh_TW dc.title (題名) E, S, or G? The Effect of ESG on Financial Performance in Asian Emerging Markets en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aguilera-Caracuel, J., Guerrero-Villegas, J., Vidal-Salazar, M. D., & Delgado-Márquez, B. L. (2015). International Cultural Diversification and Corporate Social Performance in Multinational Enterprises: The Role of Slack Financial Resources. Management International Review, 55(3), 323–353. https://doi.org/10.1007/s11575-014-0225-4\r\nAhmed, A. H., Eliwa, Y., & Power, D. M. (2019). The impact of corporate social and environmental practices on the cost of equity capital: Uk evidence. International Journal of Accounting & Information Management, 27(3), 425–441. https://doi.org/10.1108/IJAIM-11-2017-0141\r\nAras, G., Aybars, A., & Kutlu, O. (2010). Managing corporate performance. International Journal of Productivity and Performance Management, 59(3), 229–254. https://doi.org/10.1108/17410401011023573\r\nAtan, R., Alam, M. M., Said, J., & Zamri, M. (2018). The impacts of environmental, social, and governance factors on firm performance. Management of Environmental Quality, 29(2), 182–194. https://doi.org/10.1108/MEQ-03-2017-0033\r\nAwaysheh, A., Heron, R. A., Perry, T., & Wilson, J. I. (2020). On the relation between corporate social responsibility and financial performance. Strategic Management Journal, 41(6), 965–987. https://doi.org/10.1002/smj.3122\r\nBansal, P., & Clelland, I. (2004). Talking Trash: Legitimacy, Impression Management, and Unsystematic Risk in the Context of the Natural Environment. Academy of Management Journal, 47(1), 93–103. https://doi.org/10.5465/20159562\r\nBarbosa, N., & Louri, H. (2005). Corporate Performance: Does Ownership Matter? A Comparison of Foreign- and Domestic-Owned Firms in Greece and Portugal. Review of Industrial Organization, 27(1), 73–102. https://doi.org/10.1007/s11151-005-4920-y\r\nBarnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794–816. https://doi.org/10.5465/amr.2007.25275520\r\nBartlett, M. S., & Kendall, D. G. (1946). The Statistical Analysis of Variance-Heterogeneity and the Logarithmic Transformation. Supplement to the Journal of the Royal Statistical Society, 8(1), 128. https://doi.org/10.2307/2983618\r\nBauer, R., Guenster, N., & Otten, R. (2004). Empirical evidence on corporate governance in Europe: The effect on stock returns, firm value and performance. Journal of Asset Management, 5(2), 91–104. https://doi.org/10.1057/palgrave.jam.2240131\r\nBeets, S. D. (2005). Understanding the Demand-Side Issues of International Corruption. Journal of Business Ethics, 57(1), 65–81. https://doi.org/10.1007/s10551-004-3824-3\r\nBendell, J., & Ng, C. (2009). Characteristics of Asian CSR. Social Space, 56–61. Retrieved from https://ink.library.smu.edu.sg/lien_research/30/\r\nBlack, B. S., Kim, W., Jang, H., & Park, K.‑S. (2015). How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea. Journal of Banking & Finance, 51, 131–150. https://doi.org/10.1016/j.jbankfin.2014.08.020\r\nBloom, N., & van Reenen, J. (2006). Management Practices, Work--Life Balance, and Productivity: A Review of Some Recent Evidence. Oxford Review of Economic Policy, 22(4), 457–482. https://doi.org/10.1093/oxrep/grj027\r\nBodhanwala, S., & Bodhanwala, R. (2018). Does corporate sustainability impact firm profitability? Evidence from India. Management Decision, 56(8), 1734–1747. https://doi.org/10.1108/MD-04-2017-0381\r\nBowen, F. E. (2002). Organizational Slack and Corporate Greening: Broadening the Debate. British Journal of Management, 13(4), 305–316. https://doi.org/10.1111/1467-8551.00248\r\nBowen, H. R. (1953). Social Responsibilities of the Businessman. New York: Harper.\r\nBrammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29(12), 1325–1343. https://doi.org/10.1002/smj.714\r\nBreusch, T. S., & Pagan, A. R. (1979). A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica, 47(5), 1287. https://doi.org/10.2307/1911963\r\nBusch, T., & Hoffmann, V. H. (2011). How Hot Is Your Bottom Line? Linking Carbon and Financial Performance. Business & Society, 50(2), 233–265. https://doi.org/10.1177/0007650311398780\r\nByrne, B. M. (2012). Structural equation modeling with Mplus: Basic concepts, applications, and programming. Multivariate applications series. New York, London: Routledge Taylor & Francis Group. Retrieved from https://www.taylorfrancis.com/books/mono/10.4324/9780203807644/structural-equation-modeling-mplus-barbara-byrne https://doi.org/10.4324/9780203807644\r\nCaplan, L., Griswold, J. S., & Jarvis, W. F. (2013). From SRI to ESG: The Changing World of Responsible Investing. Commonfund Institute. Retrieved from https://eric.ed.gov/?id=ed559300\r\nCarroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review, 4(4), 497–505. https://doi.org/10.5465/amr.1979.4498296\r\nCarroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons, 34(4), 39–48. https://doi.org/10.1016/0007-6813(91)90005-g\r\nCarroll, A. B., & Shabana, K. M. (2010). The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice. International Journal of Management Reviews, 12(1), 85–105. https://doi.org/10.1111/j.1468-2370.2009.00275.x\r\nCasanova, L., & Miroux, A. (2022). Emerging Market Multinationals Report 2021: Building the Future on ESG Excellence (No. 978-1-7328044-4-1). Retrieved from Emerging Markets Institute, Cornell University website: https://ecommons.cornell.edu/handle/1813/110935\r\nChaffee, E. (2017). The origins of corporate social responsibility (85th ed.). University of Cincinnati Law Review. Retrieved from https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/ucinlr85§ion=18&casa_token=9fxdnarkjsgaaaaa:it5iaoi-bvkev8qabddrau9o0hljyrqo65lwp6yylbmywq8rgyxnz7yixhn0h_gvyauyqzs\r\nChell, E. (2007). Social Enterprise and Entrepreneurship. International Small Business Journal, 25(1), 5–26. https://doi.org/10.1177/0266242607071779\r\nChen, Y. C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190.\r\nChhibber, P. K., & Majumdar, S. K. (1999). Foreign Ownership and Profitability: Property Rights, Control, and the Performance of Firms in Indian Industry. The Journal of Law and Economics, 42(1), 209–238. https://doi.org/10.1086/467423\r\nCho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012). Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations and Society, 37(1), 14–25.\r\nCho, S., Chung, C., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343. https://doi.org/10.3390/su11020343\r\nChoi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30(8), 895–907. https://doi.org/10.1002/smj.759\r\nChung, K. H., & Pruitt, S. W. (1994). A Simple Approximation of Tobin`s q. Financial Management, 23(3), 70. https://doi.org/10.2307/3665623\r\nClarkson, M. E. (1995). A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance. Academy of Management Review, 20(1), 92–117. https://doi.org/10.5465/amr.1995.9503271994\r\nCook, R. D., & Weisberg, S. (1983). Diagnostics for heteroscedasticity in regression. Biometrika, 70(1), 1–10. https://doi.org/10.1093/biomet/70.1.1\r\nCrowther, D., & Aras, G. (2008). Corporate social responsibility. Bookboon. Retrieved from https://www.google.com/books?hl=de&lr=&id=uzh7isaufr8c&oi=fnd&pg=pt16&dq=crowther+%26+aras,+2008&ots=laz6lhxxzn&sig=lindwk3pfxxx2hr6qh-he05_tsw\r\nCummings, L. S. (2008). Managerial attitudes toward environmental management within Australia, the People`s Republic of China and Indonesia. Business Strategy and the Environment, 17(1), 16–29. https://doi.org/10.1002/bse.515\r\nDahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13. https://doi.org/10.1002/csr.132\r\nDerwall, J. (2007). The Economic Virtues of SRI and CSR. Retrieved from file:///C:/Users/kleme/Downloads/ESP2007101F&A9058921328DERWALL.pdf\r\nDerwall, J., Guenster, N., Bauer, R., & Koedijk, K. (2005). The Eco-Efficiency Premium Puzzle. Financial Analysts Journal, 61(2), 51–63. https://doi.org/10.2469/faj.v61.n2.2716\r\nDonaldson, T., & Preston, L. E. (1995). The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications. Academy of Management Review, 20(1), 65–91. https://doi.org/10.5465/amr.1995.9503271992\r\nDuque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, Social and Governance (ESG) Scores and Financial Performance of Multilatinas: Moderating Effects of Geographic International Diversification and Financial Slack. Journal of Business Ethics, 168(2), 315–334. https://doi.org/10.1007/s10551-019-04177-w\r\nEccles, R., & Serafeim, G. (2013). A Tale of Two Stories: Sustainability and the Quarterly Earnings Call. Journal of Applied Corporate Finance, 25(3), 8–19. https://doi.org/10.1111/jacf.12023\r\nEccles, R., Serafeim, G., & Krzus, M. P. (2011). Market Interest in Nonfinancial Information. Journal of Applied Corporate Finance, 23(4), 113–127. https://doi.org/10.1111/j.1745-6622.2011.00357.x\r\nEl Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388–2406. https://doi.org/10.1016/j.jbankfin.2011.02.007\r\nElkington, J., & Rowlands, I. (1999). Cannibals with forks: The triple bottom line of 21st century business. Alternatives Journal, 25(4). https://doi.org/10.5860/choice.36-3997\r\nEuropean Commission (2017). Commission Staff Working Document.\r\nFeng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance. American Journal of Business, 32(3-4), 106–133. https://doi.org/10.1108/AJB-05-2016-0015\r\nFlammer, C. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549–2568. https://doi.org/10.1287/mnsc.2014.2038\r\nFlammer, C., Hong, B., & Minor, D. (2019). Corporate governance and the rise of integrating corporate social responsibility criteria in executive compensation: Effectiveness and implications for firm outcomes. Strategic Management Journal, 40(7), 1097–1122. https://doi.org/10.1002/smj.3018\r\nFreeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pittman. Retrieved from https://www.google.com/books?hl=de&lr=&id=npma_qeiopkc&oi=fnd&pg=pr5&dq=strategic+management:+a+stakeholder+approach+1984&ots=61ghl4k7pj&sig=vdm2rb8asbm6ijh43plezmdcqc0\r\nFriede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917\r\nFriedman, M. (1970). The social responsibility of business is to increase its profit. The New York Times, pp. 173–178.\r\nGalema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake: Return and risk in socially responsible investment. Journal of Banking & Finance, 32(12), 2646–2654. https://doi.org/10.1016/j.jbankfin.2008.06.002\r\nGammeltoft, P., Pradhan, J. P., & Goldstein, A. (2010). Emerging multinationals: Home and host country determinants and outcomes. International Journal of Emerging Markets, 5(3/4), 254–265. https://doi.org/10.1108/17468801011058370\r\nGarcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272. https://doi.org/10.1002/bse.2570\r\nGill, A. (2008). Corporate governance as social responsibility: A research agenda. Berkeley J. Int`l L., 26. Retrieved from https://heinonline.org/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/berkjintlw26§ion=18&casa_token=j-q1e7htrmqaaaaa:yyv75spwmsz4czhwrk5jd7r2ullohjo2wbfpdhi6rp6eachbix35dsj3pumrkhxdfqekqfa\r\nGitman, L., Juchau, R., Flanagan, J., & Zutter, C. J. (2010). Principles of Managerial Finance (6th ed.). Melbourne: P. Ed Australia.\r\nGlobal Sustainable Investment Alliance (2017). Global sustainable investment review. Retrieved from http://www.gsi-alliance.org/wp-content/uploads/2017/03/GSIR_Review2016.F.pdf\r\nGriesse, M. A. (2007). The Geographic, Political, and Economic Context for Corporate Social Responsibility in Brazil. Journal of Business Ethics, 73(1), 21–37. https://doi.org/10.1007/s10551-006-9194-2\r\nGrim, D. M., & Berkowitz, D. B. (2020). Esg, SRI, and Impact Investing: A Primer for Decision-Making. The Journal of Impact and ESG Investing, 1(1), 47–65. https://doi.org/10.3905/jesg.2020.1.1.047\r\nHah, K., & Freeman, S. (2014). Multinational Enterprise Subsidiaries and their CSR: A Conceptual Framework of the Management of CSR in Smaller Emerging Economies. Journal of Business Ethics, 122(1), 125–136. https://doi.org/10.1007/s10551-013-1753-8\r\nHair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2009). Multivariate data analysis. New Jersey: Pearson Educational International. Retrieved from https://digitalcommons.kennesaw.edu/facpubs/2925/\r\nHair, J. F., Sarstedt, M., Ringle, C. M., & Mena, J. A. (2012). An assessment of the use of partial least squares structural equation modeling in marketing research. Journal of the Academy of Marketing Science, 40(3), 414–433. https://doi.org/10.1007/s11747-011-0261-6\r\nHassel, L., Nilsson, H., & Nyquist, S. (2005). The value relevance of environmental performance. European Accounting Review, 14(1), 41–61. https://doi.org/10.1080/0963818042000279722\r\nHayes, A. F., & Cai, L. (2007). Using heteroskedasticity-consistent standard error estimators in OLS regression: An introduction and software implementation. Behavior Research Methods, 39(4), 709–722. https://doi.org/10.3758/BF03192961\r\nHill, C. W. L., & Jones, T. M. (1992). Stakeholder-Agency Theory. Journal of Management Studies, 29(2), 131–154. https://doi.org/10.1111/j.1467-6486.1992.tb00657.x\r\nHodges, J. S., & Atkinson, A. C. (1987). Plots, Transformations, and Regression: An Introduction to Graphical Methods of Diagnostic Regression Analysis. Journal of the American Statistical Association, 82(398), 689. https://doi.org/10.2307/2289498\r\nHofstede, G. (1980). Motivation, leadership, and organization: Do American theories apply abroad? Organizational Dynamics, 9(1), 42–63. https://doi.org/10.1016/0090-2616(80)90013-3\r\nHull, C. E., & Rothenberg, S. (2008). Firm performance: the interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal, 29(7), 781–789. https://doi.org/10.1002/smj.675\r\nHumphrey, J. E., Lee, D. D., & Shen, Y. (2012). The independent effects of environmental, social and governance initiatives on the performance of UK firms. Australian Journal of Management, 37(2), 135–151. https://doi.org/10.1177/0312896211410081\r\nHusted, Bryan, W., & de Sousa-Filho, José, Milton (2019). Board structure and environmental, social, and governance disclosure in Latin America. Journal of Business Research, 102, 220–227.\r\nInnovest (2007). Carbon beta and equity performance: An empirical analysis. NY: Innovest Strategic Value Advisors.\r\nInoue, Y., & Lee, S. (2011). Effects of different dimensions of corporate social responsibility on corporate financial performance in tourism-related industries. Tourism Management, 32(4), 790–804. https://doi.org/10.1016/j.tourman.2010.06.019\r\nJain, T., & Jamali, D. (2016). Looking Inside the Black Box: The Effect of Corporate Governance on Corporate Social Responsibility. Corporate Governance: An International Review, 24(3), 253–273. https://doi.org/10.1111/corg.12154\r\nJanah, O. O., & Sassi, H. (2021). The ESG impact on corporate financial performance in developing countries: A systematic literature review. International Journal of Accounting, Finance, Auditing, Management and Economics, 2(6), 391–410. https://doi.org/10.5281/zenodo.5706449\r\nJayachandran, S., Kalaignanam, K., & Eilert, M. (2013). Product and environmental social performance: Varying effect on firm performance. Strategic Management Journal, 34(10), 1255–1264. https://doi.org/10.1002/smj.2054\r\nJensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X\r\nJo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y\r\nJoanes, D. N., & Gill, C. A. (1998). Comparing measures of sample skewness and kurtosis. Journal of the Royal Statistical Society: Series D (the Statistician), 47(1), 183–189. https://doi.org/10.1111/1467-9884.00122\r\nKabajeh, M., Al Nu’aimat, M., & Dahmash, N. (2012). The relationship between the ROA, ROE and ROI ratios with Jordanian insurance public companies market share prices. Retrieved from https://www.uop.edu.jo/download/research/members/mpanies%20market%20share%20prices%20-%20copy.pdf\r\nKang, K. H., Lee, S., & Huh, C. (2010). Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry. International Journal of Hospitality Management, 29(1), 72–82. https://doi.org/10.1016/j.ijhm.2009.05.006\r\nKhanna, T., & Palepu, K. G. (2010). Winning in Emerging Markets: A Road Map for Strategy and Execution. NHRD Network Journal, 3(3), 75. https://doi.org/10.1177/0974173920100316\r\nKlarner, P., & Raisch, S. (2013). Move to the Beat—Rhythms of Change and Firm Performance. Academy of Management Journal, 56(1), 160–184. https://doi.org/10.5465/amj.2010.0767\r\nKoh, P.‑S., Qian, C., & Wang, H. (2014). Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10), 1464–1482. https://doi.org/10.1002/smj.2171\r\nKölbel, J. F., Busch, T., & Jancso, L. M. (2017). How Media Coverage of Corporate Social Irresponsibility Increases Financial Risk. Strategic Management Journal, 38(11), 2266–2284. https://doi.org/10.1002/smj.2647\r\nKolk, A., & Hoffman, V. (2007). Business, Climate Change and Emissions Trading: Taking Stock and Looking Ahead. European Management Journal, 25(6), 411–414.\r\nKraatz, M. S., & Zajac, E. J. (2001). How Organizational Resources Affect Strategic Change and Performance in Turbulent Environments: Theory and Evidence. Organization Science, 12(5), 632–657. https://doi.org/10.1287/orsc.12.5.632.10088\r\nLavin, J. F., & Montecinos-Pearce, A. A. (2021). Esg Disclosure in an Emerging Market: An Empirical Analysis of the Influence of Board Characteristics and Ownership Structure. Sustainability, 13(19), 10498. https://doi.org/10.3390/su131910498\r\nLi, T.‑T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). Esg: Research Progress and Future Prospects. Sustainability, 13(21), 11663. https://doi.org/10.3390/su132111663\r\nLin, X. F., Xiao, D., Liu, W., & Liu, C. [C.] (2011). The analysis and model reconstruction of corporate social responsibility in Chinese pharmaceutical companies. Medicine and Society, 24(7), 368–371.\r\nLo, S.‑F., & Sheu, H.‑J. (2007). Is Corporate Sustainability a Value-Increasing Strategy for Business? Corporate Governance: An International Review, 15(2), 345–358. https://doi.org/10.1111/j.1467-8683.2007.00565.x\r\nLoderer, C., Stulz, R., & Waelchli, U. (2017). Firm Rigidities and the Decline in Growth Opportunities. Management Science, 63(9), 3000–3020. https://doi.org/10.1287/mnsc.2016.2478\r\nLoew, T., & Clausen, J. (2010). Wettbewerbsvorteile durch CSR. Eine Metastudie zu den Wettbewerbsvorteilen von CSR und Empfehlungen zur Kommunikation an Unternehmen. Berlin, Hannover. Retrieved from https://www.borderstep.org/wp-content/uploads/2014/07/loew-clausen-wettbewerbsvorteile_durch_csr-2010.pdf\r\nLys, T., Naughton, J. P., & Wang, C. (2015). Signaling through corporate accountability reporting. Journal of Accounting and Economics, 60(1), 56–72. https://doi.org/10.1016/j.jacceco.2015.03.001\r\nManchiraju, H., & Rajgopal, S. (2017). Does Corporate Social Responsibility (CSR) Create Shareholder Value? Evidence from the Indian Companies Act 2013. Journal of Accounting Research, 55(5), 1257–1300. https://doi.org/10.1111/1475-679X.12174\r\nMaqbool, S., & Zameer, M. N. (2018). Corporate social responsibility and financial performance: An empirical analysis of Indian banks. Future Business Journal, 4(1), 84–93. https://doi.org/10.1016/j.fbj.2017.12.002\r\nMardia, K. V. (1970). Measures of multivariate skewness and kurtosis with applications. Biometrika, 57(3), 519–530. https://doi.org/10.1093/biomet/57.3.519\r\nMartínez, J. B., Fernández, M. L., & Fernández, P. M. R. (2016). Corporate social responsibility: Evolution through institutional and stakeholder perspectives. European Journal of Management and Business Economics, 25(1), 8–14.\r\nMatsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-Value Effects of Carbon Emissions and Carbon Disclosures. The Accounting Review, 89(2), 695–724. https://doi.org/10.2308/accr-50629\r\nMatten, D., & Moon, J. (2004). Corporate Social Responsibility. Journal of Business Ethics, 54(4), 323–337. https://doi.org/10.1007/s10551-004-1822-0\r\nMcGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate Social Responsibility and Firm Financial Performance. Academy of Management Journal, 31(4), 854–872. https://doi.org/10.5465/256342\r\nMcWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate Social Responsibility: Strategic Implications Journal of Management Studies, 43(1), 1–18. https://doi.org/10.1111/j.1467-6486.2006.00580.x\r\nMSCI (1999). Global Industry Certification Standard (GICS).\r\nMSCI (2022). Emerging Markets Index. Retrieved from https://www.msci.com/our-solutions/indexes/emerging-markets\r\nNg, T.‑H., Lye, C.‑T., Chan, K.‑H., Lim, Y.‑Z., & Lim, Y.‑S. (2020). Sustainability in Asia: The Roles of Financial Development in Environmental, Social and Governance (ESG) Performance. Social Indicators Research, 150(1), 17–44. https://doi.org/10.1007/s11205-020-02288-w\r\nOrlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies, 24(3), 403–441. https://doi.org/10.1177/0170840603024003910\r\nPeinado-Vara, E. (2006). Corporate Social Responsibility in Latin America. Journal of Corporate Citizenship, 2006(21), 61–69. https://doi.org/10.9774/gleaf.4700.2006.sp.00008\r\nPempel, T. J. (2002). Labor exclusion and privatized welfare: Two keys to Asian capitalist development. Retrieved from https://www.google.com/books?hl=de&lr=&id=0rt-eanlukuc&oi=fnd&pg=pa277&dq=labor+exclusion+and+privatized+welfare:+two+keys+to+asian+capitalist+development&ots=ynis_7o6y2&sig=df0_bor8gtqyogtthqsyu5uo4eo\r\nPeng, M. W., Wang, D. Y. L., & Jiang, Y. (2008). An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5), 920–936. https://doi.org/10.1057/palgrave.jibs.8400377\r\nPorter, M. E. (1980). Industry Structure and Competitive Strategy: Keys to Profitability. Financial Analysts Journal, 36(4), 30–41. https://doi.org/10.2469/faj.v36.n4.30\r\nPorter, M. E., & Kramer, R. K. (2006). Strategy and Society. Harvard Business Review.\r\nPorter, M. E., & Kramer, R. K. (2011). Creating shared value. Harvard Business Review. Retrieved from https://pdfs.semanticscholar.org/96c9/8048cd8f17eac411d05aa73fe6d04d691fa6.pdf\r\nPRI (2022). What is Responsible Investment? Retrieved from https://www.unpri.org/an-introduction-to-responsible-investment/what-is-responsible-investment/4780.article\r\nRamchander, S., Schwebach, R. G., & Staking, K. I. (2012). The informational relevance of corporate social responsibility: Evidence from DS400 index reconstitutions. Strategic Management Journal, 33(3), 303–314. https://doi.org/10.1002/smj.952\r\nRefinitiv (2022). Environmental, Social and Governance (ESG) Scores from Refinitiv. Retrieved from https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf\r\nSekhon, A. K., & Kathuria, L. M. (2019). Analyzing the impact of corporate social responsibility on corporate financial performance: Evidence from top Indian firms. Corporate Governance: The International Journal of Business in Society, 20(1), 143–157. https://doi.org/10.1108/CG-04-2019-0135\r\nServaes, H., & Tamayo, A. (2013). The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness. Management Science, 59(5), 1045–1061. https://doi.org/10.1287/mnsc.1120.1630\r\nSharma, B. (2013). Contextualising CSR in Asia: Corporate social responsibility in Asian economies. Retrieved from https://ink.library.smu.edu.sg/lien_reports/5/\r\nSolomon, J. (2020). Corporate governance and accountability. John Wiley & Sons, Ltd. Retrieved from https://www.google.com/books?hl=de&lr=&id=jax9dwaaqbaj&oi=fnd&pg=pr7&dq=solomon,+j.+(2010).+corporate+governance+and+accountability&ots=nx3z1dgzu2&sig=nqcm0wd2s3usuh8vpecqk8ycs2c\r\nSprinkle, G. B., & Maines, L. A. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445–453. https://doi.org/10.1016/j.bushor.2010.05.006\r\nStatman, M., & Glushkov, D. (2009). The Wages of Social Responsibility. Financial Analysts Journal, 65(4), 33–46. https://doi.org/10.2469/faj.v65.n4.5\r\nStaub-Bisang, M. (2012). Sustainable investing for institutional investors: Risks, regulations and strategies. John Wiley & Sons, Ltd. Retrieved from https://www.google.com/books?hl=de&lr=&id=d2xd5whf_cec&oi=fnd&pg=pr3&dq=%e2%80%98sustainable+investing+for+institutional+investors+%e2%80%93+risks,+regulations+and+strategies&ots=c_g6abcgmk&sig=i_7awgrl-ocv6sfkummacrfccrc\r\nSteiger, J. H. (1980). Tests for comparing elements of a correlation matrix. Psychological Bulletin, 87(2), 245–251. https://doi.org/10.1037/0033-2909.87.2.245\r\nStudenmund, A. (2014). Using econometrics a practical guide.\r\nSu, R., Liu, C. [Chunping], & Teng, W. (2020). The heterogeneous effects of CSR dimensions on financial performance–a new approach for CSR measurement. Journal of Business Economics and Management, 21(4), 987–1009. https://doi.org/10.3846/jbem.2020.12394\r\nSurroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463–490. https://doi.org/10.1002/smj.820\r\nTricker, B., & Tricker, R. (2015). Corporate governance: Principles, policies, and practices. USA: Oxford University Press. Retrieved from https://www.google.com/books?hl=de&lr=&id=x4qqbgaaqbaj&oi=fnd&pg=pp1&dq=%e2%80%98corporate+governance,+principles,+policies+and+practices%e2%80%99+oxford:+oxford+university+press&ots=g26ied2wdz&sig=fwstxyknxvuoocqmgtz62b4-zpw\r\nUllmann, A. A. (1985). Data in Search of a Theory: A Critical Examination of the Relationships Among Social Performance, Social Disclosure, and Economic Performance of U.S. Firms. Academy of Management Review, 10(3), 540–557. https://doi.org/10.5465/amr.1985.4278989\r\nVaradarajan, P. R., & Menon, A. (1988). Cause-Related Marketing: A Coalignment of Marketing Strategy and Corporate Philanthropy. Journal of Marketing, 52(3), 58–74. https://doi.org/10.1177/002224298805200306\r\nVelte, P. (2016). Women on management board and ESG performance. Journal of Global Responsibility, 7(1), 98–109. https://doi.org/10.1108/JGR-01-2016-0001\r\nVelte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169–178. https://doi.org/10.1108/JGR-11-2016-0029\r\nVisser, W. (2008). Corporate social responsibility in developing countries. The Oxford handbook of corporate social responsibility.\r\nVoss, G. B., Sirdeshmukh, D., & Voss, Z. G. (2008). The Effects of Slack Resources and Environmentalthreat on Product Exploration and Exploitation. Academy of Management Journal, 51(1), 147–164. https://doi.org/10.5465/amj.2008.30767373\r\nWaddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G\r\nWindsor, D. (2006). Corporate Social Responsibility: Three Key Approaches. Journal of Management Studies, 43(1), 93–114. https://doi.org/10.1111/j.1467-6486.2006.00584.x\r\nWood, D. J., & Jones, R. E. (1995). Stakeholder mismatching: A theoretical problem in empirical research on corporate social performance. The International Journal of Organizational Analysis, 3(3), 229–267. https://doi.org/10.1108/eb028831\r\nWooldridge, J. M. (2009). Introductory Econometrics: a modern approach. (4th). Mason, OH: South-Western Cengage Learning. Retrieved from https://scholar.google.com/citations?user=fae3_ksaaaaj&hl=de&oi=sra\r\nWooldridge, J. M. (2015). Introductory econometrics: A modern approach (6th edition). Boston (USA): Cengage Learning.\r\nWorld Bank (2022). GDP country comparison. Retrieved from https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=CN-MY\r\nWorld Commission on Environment and Development (1987). Our Common Future: The Report of the World Commission on Environment and Development. - The Brundtland Report. Oxford University Press. Retrieved from https://www.cambridge.org/core/journals/environmental-conservation/article/our-common-future-the-report-of-the-world-commission-on-environment-and-development-oxford-university-press-oxford-new-york-xv-347-35-pp-2025-1325-175-cm-oxford-paperback-595-net-in-uk-1987/b44b4bfbe6879e799dbd19140b13e196\r\nXie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300. https://doi.org/10.1002/bse.2224\r\nXLSTAT (2022). Heteroscedasticity tests. Retrieved from https://www.xlstat.com/en/solutions/features/heteroscedasticity-tests\r\nYang, M., Bento, P., & Akbar, A. (2019). Does CSR Influence Firm Performance Indicators? Evidence from Chinese Pharmaceutical Enterprises. Sustainability, 11(20), 5656. https://doi.org/10.3390/su11205656\r\nYang, X., & Rivers, C. (2009). Antecedents of CSR Practices in MNCs’ Subsidiaries: A Stakeholder and Institutional Perspective. Journal of Business Ethics, 86(S2), 155–169. https://doi.org/10.1007/s10551-009-0191-0\r\nYoon, B., Lee, J., & Byun, R. (2018). Does ESG Performance Enhance Firm Value? Evidence from Korea. Sustainability, 10(10), 3635. https://doi.org/10.3390/su10103635\r\nYu, C., & Cui, S. (2020). ESG investment in China. Retrieved from https://group.pingan.com/resource/pingan/ESG/Report/ESG_-Investment_-in_China.pdf\r\nZaman, R., Jain, T., Samara, G., & Jamali, D. (2020). Corporate Governance Meets Corporate Social Responsibility: Mapping the Interface. Business & Society, 61(3), 690–752. https://doi.org/10.1177/0007650320973415 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200506 en_US
