Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage
Abstract
:1. Introduction
2. Theoretical Framework and Hypothesis Development
2.1. Relationship between CSR Reporting and Firm Performance
2.2. Link between CSR Reporting and Degree of Green Innovation Performance
2.3. CSR Reporting, Firm Performance, and Green Innovation Performance: The Enterprise Life Stages as a Moderator
3. Data, Measurement, and Research Methodology
3.1. Sample
3.2. Dependent Variable and Independent Variable
3.2.1. Corporate Social Governance (CSR) Reporting
3.2.2. Firm Performance (FP)
3.2.3. Green Innovation Performance (GIP)
3.3. Moderating Variable: Enterprise Life Stages (ELS)
3.3.1. Control Variables
3.3.2. Estimating Model
4. Empirical Results
4.1. Descriptive Statistic
4.2. Correlation Matrix
4.3. Regression Results
Variables | |||||
---|---|---|---|---|---|
CSR Reporting | Model 1 FP (ROA) | Model 2 GIP | Model 3 ELS | Model 4 FP × ELS | Model 5 GIP × ELS |
FP (ROA) | 4.062 *** (0.326) | — | — | 2.671 *** (6.876) | — |
GIP | — | 0.0472 *** (0.038) | — | 0.0491 *** (0.047) | |
ELS | — | — | −0.0532 *** (0.045) | −0.0483 *** (0.039) | −1.107 *** (8.683) |
FP × ELS | — | — | — | −0.485 *** (0.040) | — |
GIP × ELS | — | — | — | — | −1.109 *** (8.664) |
FA | 0.012 *** (2.916) | 0.017 *** (2.925) | 0.013 *** (2.923) | 0.014 *** (2.952) | 0.018 *** (2.927) |
FL | −1.105 *** (−8.662) | −0.832 *** (−6.169) | −1.105 *** (−8.662) | −0.849 *** (6.172) | −0.834 *** (6.167) |
SOEs | 0.971 ** (2.243) | 0.917 ** (2.396) | 0.918 ** (2.397) | 0.939 ** (2.472) | 0.918 ** (2.398) |
CEOD | −0.352 (−0.875) | −0.402 (−0.993) | −0.406 (−0.994) | −0.407 (−0.987) | −0.403 (−0.978) |
FS | 1.025 *** (41.672) | 1.015 *** (40.923 | 1.012 *** (40.921) | 1.014 *** (40.952) | 1.016 *** (40.928) |
OC | 0.018 *** (3.102) | 0.021 *** (0.243) | 0.025 *** (0.247) | 0.027 *** (0.258) | 0.025 *** (0.247) |
IO | −0.010 *** (3.713) | −0.011 *** (3.951) | −0.011 *** (3.951) | −0.013 *** (3.974) | −0.015 *** (3.958) |
GO | 0.004 *** (7.111) | 0.005 *** (7.110) | 0.005 *** (7.110) | 0.006 *** (7.118) | 0.007 *** (7.115) |
YI | included | included | included | Included | included |
Constant | 10.355 *** (30.591) | 10.838 *** (8.662) | −1.105 *** (−8.662) | −7.873 *** (−20.283) | −9.838 *** (19.256) |
R2 | 0.654 | 0.657 | 0.659 | 0.683 | 0.695 |
4.3.1. Robustness Tests with Fixed Effects
Fixed Effects | |||||
---|---|---|---|---|---|
CSR Reporting | Model 1 FP (ROE) | Model 2 GIP | Model 3 ELS | Model 3 ELS | Model 5 GIP × ELS |
FP (ROE) | 3.054 *** (0.643) | — | — | 9.246 *** (2.421) | — |
GIP | — | 0.046 *** (0.066) | — | — | 0.085 *** (2.049) |
ELS | −0.079 ** (0.047) | −0.037 (0.546) | −0.109 *** (0.682) | ||
FP × ELS | — | — | — | −0.074 *** (0.058) | — |
GIP ELS | −1.105 *** (8.620) | ||||
FA | 0.014 *** (2.874) | 0.014 *** (2.753) | 0.047 *** (2.784) | 1.580 ** (2.152) | 1.150 * (1.765) |
FL | −1.13 *** (8.787) | −0.837 *** (6.277) | −0.783 *** (6.237) | 0.056 *** (2.784) | 0.017 *** (2.735) |
SOEs | 0.814 ** (2.322) | 0.918 ** (2.435) | 0.857 ** (2.179) | −0.724 *** (6.240) | −0.856 *** (6.280) |
CEOD | −0.374 (−0.948) | −0.413 (−0.876 | −0.437 (−0.874) | 0.860 ** (2.172) | 0.906 ** (2.440) |
FS | 1.047 *** (41.896) | 1.018 *** (40.788 | 1.025 *** (40.877) | −0.420 (−0.824) | −0.418 (−0.854) |
OC | 0.018 *** (3.235) | 0.025 *** (0.296) | 0.028 *** (0.342) | 1.044 *** (40.823) | 1.089 *** (40.744) |
IO | −0.008 *** (3.977) | −0.017 *** (3.787) | −0.018 *** (3.876) | 0.021 *** (0.380) | 0.026 *** (0.284) |
GO | 0.006 *** (0.763) | 0.008 *** (7.379) | 0.008 *** (7.239) | −0.014 *** (−3.892) | −0.019 *** (3.763) |
YI | included | included | included | included | included |
Constant | 10.336 *** (30.673) | 09.979 *** (20.673) | −7.649 *** (20.348) | −11.645 *** (10.352) | −11.960 *** (−13.686) |
Hausman test Chi2 | 10.87 *** (0.047) | 10.69 *** (0.076) | 10.95 *** (0.062) | — | — |
R2 | 0.658 | 0.674 | 0.687 | 0.694 | 0.687 |
4.3.2. Endogeneity Control
One-Year Lagged | 2SLS | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
CSR Reporting | Model 1 FP (ROE) | Model 2 GIP | Model 3 ELS | Model 4 FP × ELS | Model 5 GIP × ELS | Model 6 FP (ROE) | Model 7 GIP | Model 8 ELS | Model 9 ELS | Model 10 GIP × ELS |
FP (ROE) | 4.272 *** (4.853) | — | — | 9.438 *** (2.495) | — | 3.050 *** (0.642) | — | — | 9.257 *** (2.527) | — |
GIP | — | 0.083 *** (2.417) | — | — | 0.085 *** (2.046) | — | 0.047 *** (0.075) | — | — | 0.087 *** (2.054) |
ELS | — | — | −9.465 *** (2.452) | −0.036 *** (0.548) | −0.105 *** (0.684) | −0.085 ** (0.0537) | −0.038 (−0.573) | −0.112 *** (0.680) | ||
FP × ELS | — | — | — | −0.076 *** (0.053) | — | — | — | — | −0.075 *** (0.059) | — |
GIP × ELS | — | — | −1.107 *** (8.625) | −1.107 *** (8.625) | ||||||
FA | 1.435 * (1.844) | 1.150 * (1.765) | 1.582 ** (2.1475) | 1.584 ** (2.154) | 1.150 * (1.763) | 0.013 *** (2.875) | 0.017 *** (2.754) | 0.078 *** (2.786) | 1.582 ** (2.158) | 1.152 * (1.766) |
FL | 0.014 *** (2.825) | 0.017 *** (2.732) | 0.057 *** (2.784) | 0.058 *** (2.783) | 0.017 *** (2.735) | −1.136 *** (8.785) | −0.838 *** (6.297) | −0.785 *** (6.238) | 0.057 *** (2.746) | 0.019 *** (2.734) |
SOEs | −1.101 *** (8.733 | −0.855 *** (6.280) | −0.726 *** (6.249) | −0.724 *** (6.247) | −0.852 *** (6.280) | 0.817 ** (2.328) | 0.916 ** (2.437) | 0.856 ** (2.173) | −0.727 *** (6.244) | −0.857 *** (6.285) |
CEOD | 0.857 ** (2.362) | 0.907 ** (2.443) | 0.867 ** (2.178) | 0.868 ** (2.177) | 0.907 ** (2.440) | −0.377 (0.945) | −0.417 (0.878) | −0.435 (0.876) | 0.862 ** (2.174) | 0.907 ** (2.452) |
FS | −0.364 (0.970) | −0.418 (0.850) | −0.427 (−0.825) | −0.420 (0.824) | −0.418 (0.852) | 1.058 *** (41.872) | 1.019 *** (40.785 | 1.068 *** (40.823) | −0.405 (0.826) | −0.417 (0.858) |
OC | 1.082 *** (41.883) | 1.087 *** (40.749) | 1.049 *** (40.802) | 1.048 *** (40.867) | 1.085 *** (40.746) | 0.019 *** (3.232) | 0.022 *** (0.297) | 0.025 *** (0.378) | 1.047 *** (40.884) | 1.051 *** (40.778) |
IO | 0.017 *** (3.282) | 0.028 *** (0.286) | 0.027 *** (0.382) | 0.028 *** (0.387) | 0.029 *** (0.283) | −0.009 *** (3.978) | −0.019 *** (3.774) | −0.018 *** (3.862) | 0.020 *** (0.373) | 0.056 *** (0.286) |
GO | −0.007 *** (3.943) | −0.019 *** (3.763) | −0.019 *** (3.893) | −0.013 *** (3.890) | −0.019 *** (3.763) | 0.008 *** (0.764) | 0.008 *** (7.372) | 0.008 *** (7.278) | −0.017 *** (3.890) | −0.018 *** (3.76) |
YI | Included | included | included | included | included | included | included | included | included | included |
Constant | 10.340 *** (14.683) | 11.960 *** (13.685) | −11.642 *** (10.354) | −11.649 *** (10.372) | −11.960 *** (13.672) | 10.378 *** (30.684) | 09.984 *** (20.635) | −7.656 *** (20.344) | −11.647 *** (10.394) | −11.974 *** (13.692) |
R2 | 0.682 | 0.689 | 0.697 | 0.695 | 0.689 | 0.655 | 0.678 | 0.683 | 0.697 | 0.692 |
5. Contributions and Implications
5.1. Theoretical Contributions
5.2. Limitations
5.3. Future Research
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variables | Mean | SD | Min | Max |
---|---|---|---|---|
CSR Reporting | 5.625 | 1.567 | 1.000 | 1.000 |
FP (ROA) | 0.038 | 0.048 | −0.185 | 0.175 |
FP (ROE) | 0.047 | 0.085 | −0.184 | 0.170 |
GIP | 1.345 | 20.040 | 0.000 | 59.000 |
ELS | 2.027 | 0.895 | 0.000 | 1.000 |
FA | 2.156 | 0.758 | 0.000 | 3.121 |
FL | 0.447 | 0.278 | 0.076 | 0.980 |
SOEs | 0.476 | 0.493 | 0.000 | 1.000 |
CEOD | 0.227 | 0.412 | 0.000 | 1.000 |
FS | 20.056 | 1.268 | 19.546 | 25.840 |
OC | 0.356 | 0.183 | 0.090 | 0.740 |
IO | 0.043 | 0.080 | 0.180 | 0.230 |
GO | 0.268 | 0.594 | −0.454 | 4.045 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSR Reporting | 1.000 | ||||||||||||
FP (ROA) | 0.090 *** | 1.000 | |||||||||||
FP (ROE) | 0.310 ** | 0.407 *** | 1.000 | ||||||||||
GIP | 0.246 ** | 0.213 *** | 0.225 *** | 1.000 | |||||||||
ELS | −0.134 * | 0.030 * | 0.026 * | 0.012 * | 1.000 | ||||||||
FA | 0.073 ** | 0.073 *** | 0.274 *** | 0.086 *** | 0.072 * | 1.000 | |||||||
FL | 0.054 *** | 0.134 *** | 0.387 *** | 0.143 *** | 0.324 *** | 0.042 *** | 1.000 | ||||||
SOEs | 0.164 *** | 0.060 *** | 0.364 *** | 0.109 *** | 0.293 *** | 0.106 *** | 0.104 *** | 1.000 | |||||
CEOD | 0.075 *** | 0.025 ** | 0.168 *** | 0.031 *** | 0.136 *** | 0.214 *** | 0.159 *** | 10.124 ** | 1.000 | ||||
FS | 0.256 *** | 0.080 ** | −0.074 ** | 0.092 ** | 0.381 *** | 0.438 *** | 0.134 ** | 0.365 *** | 0.216 *** | 1.000 | |||
OC | −0.236 ** | −0.175 ** | 0.167 ** | 0.097 ** | −0.456 ** | 0.199 ** | −0.037 ** | −0.024 * | 0.094 ** | 0.091 ** | 1.000 | ||
IO | −0.023 ** | 0.063 ** | −0.129 ** | −0.038 ** | 0.072 ** | 0.056 ** | 0.012 * | −0.089 ** | −0.016 | −0.064 ** | 0.070 *** | 1.000 | |
GO | 0.367 ** | 0.335 ** | −0.294 ** | 0.025 ** | 0.015 * | −0.018 * | −0.009 | 0.028 ** | 0.153 ** | −0.039 ** | 0.084 ** | 0.064 ** | 1.000 |
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Rauf, F.; Wang, W.; Voinea, C.L. Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage. Sustainability 2024, 16, 1821. https://doi.org/10.3390/su16051821
Rauf F, Wang W, Voinea CL. Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage. Sustainability. 2024; 16(5):1821. https://doi.org/10.3390/su16051821
Chicago/Turabian StyleRauf, Fawad, Wanqiu Wang, and Cosmina L. Voinea. 2024. "Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage" Sustainability 16, no. 5: 1821. https://doi.org/10.3390/su16051821
APA StyleRauf, F., Wang, W., & Voinea, C. L. (2024). Interaction of Corporate Social Responsibility Reporting at the Crossroads of Green Innovation Performance and Firm Performance: The Moderating Role of the Enterprise Life Stage. Sustainability, 16(5), 1821. https://doi.org/10.3390/su16051821