The impact of corporate social responsibility in home countries on the financial resilience of emerging-market multinationals: An analysis on Brazilian MNEs

IF 10.5 1区 管理学 Q1 BUSINESS Journal of Business Research Pub Date : 2025-03-15 DOI:10.1016/j.jbusres.2025.115290
Marina A.B. Gama , Cyntia Vilasboas Calixto Casnici , Mariana Bassi-Suter , Maria Alejandra Gonzalez-Perez , Maria Tereza L. Fleury
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Abstract

In today’s volatile business landscape, understanding the impact of an uncertain institutional environment on emerging-market multinational enterprises (EMNEs) is crucial. This study compares the financial resilience (measured by financial performance) of EMNEs with corporate social responsibility (CSR) activities with EMNEs without CSR activities, as well as how local companies changed before and after the COVID-19 outbreak. Using panel data from 404 publicly listed Brazilian companies between 2018 and 2021, this study reveals that an uncertain institutional environment can lead EMNEs to increase non-market strategies and develop distinct firm-specific advantages via CSR. Our findings contribute to the literature by supporting the relevance of CSR activities at home to reduce the liability of origin and to provide global legitimation to EMNEs. Furthermore, it highlights the positive connection between CSR and financial resilience and the role of environmental, social, and governance (ESG)-driven investors in advocating for better governance, which ultimately enhances financial resilience.
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CiteScore
20.30
自引率
10.60%
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956
期刊介绍: The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.
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