Foreign direct investments: The role of corporate social responsibility

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI:10.1016/j.mulfin.2020.100663

Mei Liu , Andrew Marshall , Patrick McColgan

引用次数: 8

Abstract

This paper investigates whether superior corporate social responsibility (CSR) performance leads to greater firm-level foreign direct investment (FDI). We argue that the decisions managers take on their CSR can have a positive influence in the external perception of the firm and act as an important intangible asset. Using a sample of 4764 firms from 44 countries spanning 2003–2014, we find evidence of a positive relation between CSR performance and the propensity to engage in FDI. The positive relation between CSR performance and FDI propensity is strongest for firms without prior international experience in FDI. Our results suggest that that a strong CSR reputation can act as important intangible asset and help firms’ internationalization by increasing external legitimacy and reputation. The results are robust to controls for endogeneity, alternative measures of international experience, and alternative model specifications.

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外商直接投资:企业社会责任的作用

本文研究了企业社会责任绩效的提高是否会导致企业对外直接投资(FDI)的增加。我们认为，管理者对企业社会责任的决策可以对企业的外部感知产生积极影响，并作为一种重要的无形资产。利用2003-2014年间来自44个国家的4764家企业的样本，我们发现了企业社会责任绩效与参与FDI倾向之间存在正相关关系的证据。企业社会责任绩效与FDI倾向之间的正相关关系对于没有国际FDI经验的企业最为显著。我们的研究结果表明，良好的企业社会责任声誉可以作为重要的无形资产，通过增加外部合法性和声誉来帮助企业国际化。结果是稳健的控制内生性，国际经验的替代措施，和替代模型规范。

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

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.

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