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When Bigger Is Not Better: How Firm Size Shapes the Board Diversity–Profitability Nexus 当越大越不好:公司规模如何塑造董事会多元化与盈利能力的关系
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-14 DOI: 10.1002/csr.70223
Dalia Utama Zulnisyam, Rohail Hassan, Nurwati A. Ahmad-Zaluki

This paper empirically investigates how board characteristics—gender diversity, ethnic diversity, foreign participation, and board independence—affect firm performance (ROA, ROE, and Tobin's Q) among the top 100 FTSE Bursa Malaysia non-financial firms. Further, we examine the moderating role of firm size on the relationships between board characteristics and firm performance. The dataset comprises 800 firm-year observations for 2015–2022. Our study uses interactive variables to assess the effect of gender diversity, ethnic diversity, and foreign participation on firm performance. The findings reveal that firm size alters the impact of board characteristics on firm performance. Specifically, gender diversity's influence shifts from negative to positive with larger firms, while ethnic diversity and board independence exhibit the opposite trend when measured by Tobin's Q. Additionally, firm size weakens the positive effect of foreign participation on ROE, rendering it insignificant. The study also finds that ethnic diversity within gender-diverse boards negatively but significantly impacts firm performance. This study challenges the uniform assumptions about board diversity's impact on firm performance, demonstrating context-dependent variations. It extends corporate governance literature by revealing firm size as a critical moderator in board-performance relationships and highlights inconsistencies in board diversity effects within an emerging economy context. The findings suggest policymakers and corporate leaders should tailor board diversity strategies based on firm size to maximize performance benefits. Larger firms may leverage gender-diverse boards for positive outcomes, while ethnic diversity and board independence require careful management to avoid unintended negative effects. Regulators should consider firm size when designing corporate governance policies to enhance firm performance in emerging markets.

本文实证研究了董事会特征——性别多样性、种族多样性、外资参与和董事会独立性——如何影响富时马来西亚证券交易所前100家非金融公司的公司绩效(ROA、ROE和托宾Q)。进一步,我们考察了公司规模对董事会特征与公司绩效关系的调节作用。该数据集包括2015-2022年800个公司年的观测数据。我们的研究使用交互变量来评估性别多样性、种族多样性和外国参与对公司绩效的影响。研究结果表明,公司规模会改变董事会特征对公司绩效的影响。具体而言,性别多样性的影响随着公司规模的扩大而由负向正转变,而种族多样性和董事会独立性在托宾q测量中呈现相反的趋势。此外,公司规模削弱了外资参与对ROE的积极影响,使其不显著。研究还发现,在性别多元化的董事会中,种族多样性对公司绩效产生了负面但显著的影响。本研究挑战了关于董事会多样性对公司绩效影响的统一假设,展示了环境相关的差异。它通过揭示公司规模是董事会绩效关系的关键调节因素,扩展了公司治理文献,并强调了新兴经济体背景下董事会多样性效应的不一致性。研究结果表明,决策者和企业领导人应根据公司规模量身定制董事会多元化战略,以最大限度地提高绩效效益。大公司可能会利用性别多元化的董事会来取得积极成果,而种族多元化和董事会独立性需要谨慎的管理,以避免意外的负面影响。监管机构在设计公司治理政策以提高新兴市场公司绩效时应考虑公司规模。
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引用次数: 0
Understanding Targets' Corporate Social Performance From the Acquirer's Perspective—Based on Foreign Entries Into the American Market 从收购方的角度理解目标企业的社会绩效——以外资进入美国市场为例
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-14 DOI: 10.1002/csr.70212
Bolun Zhang

Through the lenses of the resource-based view (RBV) and signaling theory, this study investigates the link between corporate social performance (CSP) and acquisition premiums in cross-border M&As, with a focus on the signaling role of CSP. The results confirm that targets' CSP serves as a value-conveying signal that can shape acquirers' pricing decisions and informational landscape. Specifically, superior overall CSP corresponds to higher premiums; CSP concerns to discounts; and CSP strengths to no significant effect. Meanwhile, CSP signals help acquirers navigate both culture- and firm-level information asymmetries, with the effectiveness of this signaling contingent on the type and magnitude of informational barriers.

本文通过资源基础理论和信号理论的视角,探讨了跨国并购中企业社会绩效与收购溢价之间的关系,并重点研究了企业社会绩效的信号作用。研究结果证实,被收购企业的CSP是一种价值传递信号,可以影响收购方的定价决策和信息格局。具体来说,总体CSP越高,保费越高;CSP关注折扣;和CSP强度无显著影响。同时,CSP信号帮助收购方应对文化和公司层面的信息不对称,这种信号的有效性取决于信息障碍的类型和程度。
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引用次数: 0
Corporate Sustainability Transformation: Exploring the Role of Knowledge Transfer in Business Model Portfolios 企业可持续发展转型:探索知识转移在商业模式组合中的作用
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-14 DOI: 10.1002/csr.70226
Terje Berntsen

With rising pressure to become more sustainable, established firms increasingly seek to transform prevailing practices and implement sustainable business models. Managers find it difficult to achieve this transition, often lacking the capabilities needed to effectively respond to changes in the business environment. Through a qualitative in-depth case study, using retrospective and longitudinal data, this study explores the transition from a single business model to a portfolio that includes sustainable business models. The findings show that business model portfolios can create an environment for knowledge transfer, particularly at the corporate level, which improves the organizational capabilities. The analysis further revealed two individual-level components related to the source and recipient of knowledge that influence the transfer of knowledge. The study contributes to the literature by linking business model diversification and corporate sustainability transformation, demonstrating the central role of knowledge transfer in nurturing the capabilities needed in firm-level sustainability transitions.

随着越来越大的压力变得更加可持续,成熟的公司越来越多地寻求改变流行的做法和实施可持续的商业模式。管理人员发现很难实现这种转变,通常缺乏有效响应业务环境变化所需的能力。通过定性的深入案例研究,使用回顾性和纵向数据,本研究探讨了从单一商业模式到包括可持续商业模式的投资组合的转变。研究结果表明,商业模式组合可以创造一个知识转移的环境,特别是在公司层面,这可以提高组织的能力。分析进一步揭示了与影响知识转移的知识来源和接受者相关的两个个人层面的组成部分。本研究通过将商业模式多元化与企业可持续发展转型联系起来,证明了知识转移在培养企业可持续发展转型所需能力方面的核心作用,从而为文献做出了贡献。
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引用次数: 0
How Is Intellectual Capital Reshaping Sustainable Supply Chain Outcomes? Exploring the Mediating Effects of Circular Innovation 知识资本如何重塑可持续供应链成果?循环创新的中介效应研究
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-14 DOI: 10.1002/csr.70225
Ayman wael Al-khatib, Mohammad A. A. Zaid

The main objective of this research is to explore the impact of the components of intellectual capital (IC) with its three components (human capital [HC], structural capital [SC], relational capital [RC]) on both circular innovation (CI) and sustainable supply chain outcomes (SSCO) in a sample of manufacturing firms in Jordan. This study also tests the indirect effects of CI. To achieve these objectives, 180 responses were collected through purposive sampling, and the quantitative approach was used. By employing partial least squares-structural equation modeling (PLS-SEM), the hypotheses were tested and empirical results were extracted. The empirical results identified support for all direct paths, as all components of IC (HC, SC, RC) had a positive impact on both CI and SSCO. There were also empirical results supporting the positive impact of CI on SSCO. When testing the mediating paths, it was revealed that CI only mediates the relationship between HC and SSCO. This paper presents a set of interesting theoretical and managerial contributions that expand the existing knowledge base regarding supply chain management sustainability and the achievement of sustainable development goals.

本研究的主要目的是探讨约旦制造企业样本中智力资本(IC)及其三个组成部分(人力资本[HC]、结构资本[SC]、关系资本[RC])对循环创新(CI)和可持续供应链结果(SSCO)的影响。本研究还检验了CI的间接效应。为了实现这些目标,通过有目的的抽样收集了180份回复,并采用了定量方法。采用偏最小二乘-结构方程模型(PLS-SEM)对假设进行检验,提取实证结果。实证结果表明支持所有直接路径,因为IC的所有组成部分(HC, SC, RC)对CI和SSCO都有积极影响。实证结果也支持CI对SSCO的正向影响。通过对中介路径的检验,我们发现CI仅在HC和SSCO之间起中介作用。本文提出了一系列有趣的理论和管理贡献,扩展了关于供应链管理可持续性和实现可持续发展目标的现有知识库。
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引用次数: 0
Why CSR and Attribution Matter for Loyalty: A Mediated Model of Customer Identification 为什么企业社会责任和归因对忠诚很重要:顾客认同的中介模型
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-12 DOI: 10.1002/csr.70216
Xiaohong Chen, Pang Lijun, Javier Cifuentes-Faura, Adnan Khurshid

The current study examines the impact of corporate social responsibility (CSR) on customer loyalty (CL), based on the premise that CSR is fundamentally aimed at serving society better. Data were collected through a structured questionnaire administered to consumers in Zhejiang, China. From 459 distributed questionnaires, a total of 320 valid responses were obtained. Participants were selected based on their recent experience in purchasing branded products and demonstrated literacy. The data were analyzed using SPSS 22.0 for reliability, validity, correlation, and regression analyses, while AMOS 22.0 was employed to perform confirmatory factor analysis and structural equation modeling. Current work considered the depth of CSR and the breadth of CSR and applied attribution and social identity theory to examine how various CSR practices affect CL from the consumers' perspective. The research outcomes disclose that both the depth and breadth of CSR exert a positive impact on CL. Customer identification (CI) was disclosed as a significant mediator between CSR and the CL relationship. This result suggests that customers who identify with the company's CSR efforts are more loyal than others. Moreover, CSR attribution moderates the depth of the CSR and CI relationship positively. Also, CSR attribution moderates the mediating effect of CI on the relationship between the depth of CSR and CL. These outcomes contribute to the understanding of CSR by elucidating the complex dynamics between CSR and customer behavior and advance prior work by distinguishing the depth of CSR from its breadth and integrating CI and attribution into a unified moderated mediation model of CL.

基于企业社会责任的根本目的是更好地服务社会这一前提,本研究考察了企业社会责任(CSR)对顾客忠诚(CL)的影响。数据是通过对中国浙江的消费者进行结构化问卷调查收集的。共发放问卷459份,获得有效回复320份。参与者是根据他们最近购买品牌产品的经验和表现出的读写能力来选择的。数据分析采用SPSS 22.0进行信度、效度、相关和回归分析,采用AMOS 22.0进行验证性因子分析和结构方程建模。目前的研究考虑了企业社会责任的深度和广度,并应用归因和社会认同理论,从消费者的角度来研究各种企业社会责任实践如何影响企业社会责任。研究结果表明,企业社会责任的深度和广度都对企业绩效有正向影响。发现顾客认同(CI)在企业社会责任与顾客信任关系之间具有显著中介作用。这一结果表明,认同公司CSR努力的客户比其他客户更忠诚。企业社会责任归因正向调节企业社会责任与CI关系的深度。企业社会责任归因在企业社会责任深度与企业社会责任之间的中介作用中起到了调节作用。这些结果通过阐明企业社会责任与客户行为之间的复杂动态关系,有助于理解企业社会责任;通过区分企业社会责任的深度和广度,并将企业社会责任和归因整合到一个统一的有调节的企业社会责任中介模型中,促进了先前的工作。
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引用次数: 0
Symbolic Green Innovation When Expectations Are Failed: The Moderating Effect of Multidimensional TMT Human Capital 期望失败时的象征性绿色创新:多维TMT人力资本的调节作用
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-12 DOI: 10.1002/csr.70221
Shiyi Tang, Yu Zhao, Qian Zheng, Yuxin Zhao, Ao Zan

The question of whether negative performance feedback (NPF) inhibits or promotes green innovation remains unresolved. We argue that a significant source of controversy in existing research lies in the failure to consider the multiple sources of NPF and the role of top management team (TMT) multi-dimensional human capital. Drawing on the behavioral theory of the firm and upper echelons theory, this study classifies corporate green innovation into substantive and symbolic green innovation based on innovation motivations. It focuses on how the scope of negative performance feedback (SNPF) influences the choice of corporate green innovation strategy, while also considering the moderating effect of TMT multi-dimensional human capital. The empirical results reveal that the SNPF has a differential impact on symbolic and substantive green innovation. Specifically, the SNPF diminishes substantive green innovation while promoting symbolic green innovation. Furthermore, in testing the moderating effects, we find that the TMT's technical background, overseas experience, and education level can amplify the positive effect of SNPF on symbolic green innovation and mitigate its negative effect on substantive green innovation. Our research demonstrates that the SNPF is a key antecedent in determining the strategic choice of green innovation, offering valuable insights for both corporate management practices and government policies.

负绩效反馈(NPF)是否抑制或促进绿色创新的问题仍未解决。我们认为,现有研究的一个重要争议来源在于未能考虑NPF的多重来源和高层管理团队(TMT)多维人力资本的作用。本文借鉴企业行为理论和上层理论,根据创新动机将企业绿色创新分为实质性绿色创新和象征性绿色创新。研究了负绩效反馈范围对企业绿色创新战略选择的影响,同时也考虑了TMT多维人力资本的调节作用。实证结果表明,国家绿色基金对象征性和实质性绿色创新的影响存在差异。具体而言,SNPF在促进象征性绿色创新的同时减少了实质性绿色创新。此外,通过对调节效应的检验,我们发现技术背景、海外经历和教育水平可以放大SNPF对象征性绿色创新的正向效应,减弱其对实质性绿色创新的负向效应。我们的研究表明,SNPF是决定绿色创新战略选择的关键前提,为企业管理实践和政府政策提供了有价值的见解。
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引用次数: 0
Physical Climate Risk in Asset Management 资产管理中的物理气候风险
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-11 DOI: 10.1002/csr.70215
Michele Azzone, Matteo Ghesini, Davide Stocco, Lorenzo Viola

Climate-related phenomena are increasingly affecting regions worldwide, manifesting as floods, water scarcity, and heat waves, significantly impairing companies' assets and productivity. It is essential for asset managers to quantify the exposure of their portfolios to such risk. To this aim, we develop a framework, based on the Vasicek model for credit risk, that introduces downward jumps due to climate phenomena in a company asset's dynamics. These negative shocks are designed to mirror the negative effect of extreme climate events. The model calibration relies on companies' asset intensity and geographical exposure. We apply the new multivariate firm value model with jumps to assess the impact of climate-related extreme events on expected and unexpected portfolio losses. Our findings indicate that expected losses increase over time, with pronounced differences in exposure observed across sectoral indices. From an environmental policy perspective, these results suggest the need for additional capital buffers to offset losses arising from physical climate risks, particularly in sectors with high asset intensity.

与气候相关的现象正越来越多地影响着世界各地,表现为洪水、水资源短缺和热浪,严重损害了企业的资产和生产力。对于资产管理公司来说,量化其投资组合对此类风险的敞口是至关重要的。为此,我们开发了一个基于Vasicek信用风险模型的框架,该框架在公司资产动态中引入了由于气候现象而导致的向下跳跃。这些负面冲击旨在反映极端气候事件的负面影响。模型校准依赖于公司的资产强度和地理暴露。我们应用新的多变量跳跃企业价值模型来评估与气候相关的极端事件对预期和意外投资组合损失的影响。我们的研究结果表明,随着时间的推移,预期损失会增加,不同部门指数的风险敞口存在显著差异。从环境政策的角度来看,这些结果表明需要额外的资本缓冲来抵消物理气候风险造成的损失,特别是在高资产强度部门。
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引用次数: 0
Green Finance and Corporate Sustainability: The Case of Sub-Saharan African Countries 绿色金融与企业可持续性:以撒哈拉以南非洲国家为例
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-09 DOI: 10.1002/csr.70210
Magloire Tchatchoua Nya

This article empirically analyzes the impact of green finance on corporate sustainability in Sub-Saharan Africa, based on a panel of 35 Sub-Saharan African countries over the period 2000–2023. Using robust econometric techniques (OLS, Driscoll-Kraay, and GMM), the study highlights a significant and positive effect of green finance on corporate sustainability. The results also show that access to electricity and human capital reinforce this sustainability, while inflation and certain foreign direct investment flows can hinder it. The study underlines the catalytic role of institutional governance, notably through the control of corruption and political stability. These results call for the structuring of green financial markets, the creation of appropriate incentives for SMEs, and better integration of ESG objectives into public policy.

本文基于2000-2023年期间35个撒哈拉以南非洲国家的面板数据,实证分析了绿色金融对撒哈拉以南非洲地区企业可持续性的影响。利用稳健的计量经济学技术(OLS、Driscoll-Kraay和GMM),本研究强调了绿色金融对企业可持续性的显著和积极影响。结果还表明,获得电力和人力资本加强了这种可持续性,而通货膨胀和某些外国直接投资流量可能会阻碍这种可持续性。该研究强调了制度治理的催化作用,特别是通过控制腐败和政治稳定。这些结果要求构建绿色金融市场,为中小企业创造适当的激励机制,并将ESG目标更好地纳入公共政策。
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引用次数: 0
The Impact of CSR Dimension on Brand Love, Brand Loyalty, WOM: Quantitative Research of Turkish Customers 企业社会责任维度对品牌爱、品牌忠诚、口碑的影响:土耳其顾客的定量研究
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-08 DOI: 10.1002/csr.70218
Mohammadsadegh Omidvar, Pelin Candar, Maria Palazzo

This study focusses on how corporate social responsibility (CSR) initiatives affect consumer engagement, with a particular focus on brand love (BLv), brand loyalty (BL), and both word-of-mouth (WOM) and electronic word-of-mouth (eWOM) communication. It seeks to uncover how a brand's dedication to ethical standards and social responsibility shapes consumers' emotional bonds with the brand, their purchasing habits, and their propensity to recommend the brand, both in person and online. By exploring these connections, the study intends to deliver important perspectives on the role of CSR in building strong, positive relationships between brands and their consumers. For this research, data from 399 online surveys conducted with hotel customers in Antalya was utilized. The conceptual framework was evaluated using structural equation modeling (SEM). The outcomes demonstrate that all dimensions of CSR significantly and directly influence BLv and BL. Additionally, the outcomes reveal that BLv and loyalty directly and significantly influence WOM and e-WOM.

本研究聚焦于企业社会责任(CSR)倡议如何影响消费者参与,特别关注品牌爱(BLv)、品牌忠诚(BL),以及口碑(WOM)和电子口碑(eom)传播。它试图揭示一个品牌对道德标准和社会责任的奉献如何塑造消费者与该品牌的情感纽带、他们的购买习惯,以及他们当面和网上推荐该品牌的倾向。通过探索这些联系,本研究旨在为企业社会责任在建立品牌与消费者之间牢固、积极的关系中的作用提供重要视角。在这项研究中,我们利用了399份针对安塔利亚酒店客户的在线调查数据。利用结构方程模型(SEM)对概念框架进行了评估。结果表明,企业社会责任的各个维度都显著且直接地影响着口碑和利润。此外,结果还表明,口碑和忠诚度直接且显著地影响着口碑和电子口碑。
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引用次数: 0
Unmasking Independent Directors: Corporate Social Responsibility Strategy as a Mediator of ESG Controversies in European Firms 揭露独立董事:企业社会责任策略在欧洲企业ESG争议中的中介作用
IF 9.1 2区 管理学 Q1 BUSINESS Pub Date : 2025-10-08 DOI: 10.1002/csr.70217
Vasiliki Papadopoulou, Sofia Karagiannopoulou, Nikolaos Sariannidis, Grigoris Giannarakis

This paper contributes to the literature by being a pioneer in investigating the role of independent directors in influencing ESG controversies in European firms, examining CSR strategy as a mediating mechanism. Using data from STOXX Europe 600 Index listed companies from 2007 to 2023, the results reveal that while independent directors enhance CSR strategy, they are also associated with higher reported ESG controversies. This negative outcome is partially mitigated by CSR strategy, highlighting its effectiveness as a strategic mechanism to mitigate ESG risks. Board size positively moderates the relationship between independent directors and CSR strategy. Robustness tests confirm the validity of the findings. The study highlights the importance of a combined theoretical approach by using agency theory, legitimacy theory, social capital theory, and resource dependence theory to understand the role of independents and CSR strategy in managing ESG controversies and suggests specific policies for corporate managers, policymakers, investors, and stakeholders.

本文作为研究独立董事在影响欧洲公司ESG争议中的作用的先驱,对作为中介机制的企业社会责任战略进行了研究,从而为文献做出了贡献。利用2007年至2023年斯托克欧洲600指数上市公司的数据,结果表明,独立董事在加强企业社会责任战略的同时,也与更高的ESG争议报告相关。企业社会责任战略在一定程度上缓解了这一负面结果,凸显了其作为缓解ESG风险的战略机制的有效性。董事会规模正向调节独立董事与企业社会责任战略之间的关系。稳健性测试证实了研究结果的有效性。该研究强调了运用代理理论、合法性理论、社会资本理论和资源依赖理论来理解独立人士和企业社会责任战略在管理ESG争议中的作用的重要性,并为企业管理者、决策者、投资者和利益相关者提出了具体的政策建议。
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引用次数: 0
期刊
Corporate Social Responsibility and Environmental Management
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