Moderating Effects of Internationalization between Corporate Social Responsibility and Financial Performance: The Case of Construction Firms
Abstract
:1. Introduction
2. Theoretical Background
2.1. The CSR–CFP Relationship
2.2. Moderating Role of Internationalization
3. Research Methods
3.1. Sample and Data Collection
3.2. Variables
3.3. Model
4. Results
5. Findings and Discussion
5.1. The CSR–CFP Relationship
5.2. The Moderating Effect of DOI
5.3. Managerial Implications
6. Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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Variable | Obs | Mean | Std. Dev. | Min | Max |
---|---|---|---|---|---|
CSR | 501 | 25.515 | 16.501 | −7.17 | 77.92 |
DOI | 501 | 0.148 | 0.202 | 0 | 0.983 |
lnTotalAssets | 501 | 23.6160 | 1.8463 | 19.5852 | 28.6365 |
NetDebt | 501 | 14,570,000,000 | 44,470,000,000 | −22,730,000,000 | 343,600,000,000 |
Age | 501 | 17.303 | 6.919 | 2 | 38 |
ROE | 501 | 0.088 | 0.108 | −0.678 | 0.568 |
Employees | 501 | 43,343.323 | 101,298.53 | 147 | 552,810 |
Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) |
---|---|---|---|---|---|---|---|
(1) ROE | 1.000 | ||||||
(2) CSR | 0.381 *** | 1.000 | |||||
(0.000) | |||||||
(3) lnTotalAssets | 0.095 | 0.264 *** | 1.000 | ||||
(0.033) ** | (0.000) | ||||||
(4) NetDebt | 0.015 | 0.101 ** | 0.649 *** | 1.000 | |||
(0.735) | (0.024) | (0.000) | |||||
(5) Age | −0.156 *** | −0.311 *** | −0.331 *** | −0.280 *** | 1.000 | ||
(0.000) | (0.000) | (0.000) | (0.000) | ||||
(6) Employees | 0.051 | 0.174 *** | 0.582 *** | 0.487 *** | −0.330 *** | 1.000 | |
(0.256) | (0.000) | (0.000) | (0.000) | (0.000) | |||
(7) DOI | 0.095 * | 0.102 ** | −0.057 | −0.003 | 0.044 | 0.026 | 1.000 |
(0.034) | (0.022) | (0.199) | (0.946) | (0.326) | (0.556) |
ROE | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 |
---|---|---|---|---|---|
CSR | 0.0018 ***(0) | 0.0062 ***(0) | 0.0017 ***(0) | 0.0062 ***(0) | |
CSR2 | −0.0002 ***(0) | −0.0002 ***(0) | |||
Interact1 | 0.0016(0.243) | −0.0032(0.167) | |||
Interact2 | 0.0002 **(0.017) | ||||
DOI | 0.0490(0.273) | 0.0744 *(0.089) | 0.0511(0.189) | 0.0645(0.147) | 0.0071(0.865) |
lnTotalAssets | 0.0797 ***(0) | 0.0693 ***(0) | 0.0509 ***(0) | 0.0681 ***(0) | 0.0512 ***(0) |
NetDebt | 0.0000(0.131) | 0.0000(0.261) | 0.0000(0.184) | 0.0000(0.293) | 0.0000(0.237) |
Year | −0.0153 ***(0) | −0.0101 ***(0) | −0.0079 ***(0.001) | −0.0101 ***(0) | −0.0080 ***(0.001) |
Employees | 0.0000(0.63) | 0.0000(0.298) | 0.0000(0.894) | 0.0000(0.357) | 0.0000(0.81) |
Constant | −1.5391 ***(0) | −1.4419 ***(0) | −1.0969 ***(0) | −1.4090 ***(0) | −1.0925 ***(0) |
Effect | Fixed | Fixed | Fixed | Fixed | Fixed |
R-squared | 0.0851 | 0.1386 | 0.3222 | 0.1414 | 0.3340 |
F-test | 7.846 | 11.293 | 28.516 | 9.884 | 23.293 |
Prob > F | 0.0000 | 0.0000 | 0.0003 | 0.0000 | 0.0004 |
Rho | 0.8220 | 0.8052 | 0.6997 | 0.7970 | 0.6830 |
Lower Bound | Upper Bound | |
---|---|---|
Interval | −7.170 | 77.920 |
Slope | 0.009 *** | −0.019 *** |
(17.072) | (−12.812) | |
t-value | P-value | |
Overall test | 12.81 | 0.0000 |
Extreme point: 19.70382 |
Group | Observations | Mean | Std. Dev. |
---|---|---|---|
obs1 | 501 | 0.0959 | 0.0958 |
obs2 | 498 | 0.0884 | 0.1083 |
Combined | 999 | 0.0921 | 0.1023 |
Ha: diff < 0 | Ha: diff! = 0 | Ha: diff > 0 | |
Pr(T < t) = 0.8766 | Pr(|T| > |t|) = 0.2469 | Pr(T > t) = 0.1234 |
ROE | Model (3) | Model (5) |
---|---|---|
CSR | 0.0069 ***(0) | 0.0070 ***(0) |
CSR2 | −0.0002 ***(0) | −0.0002 ***(0) |
Interact1 | −0.0028(0.193) | |
Interact2 | 0.0002 ***(0.009) | |
DOI | 0.0334 *(0.079) | −0.0032(0.887) |
lnTotalAssets | 0.0010(0.734) | 0.0016(0.593) |
NetDebt | 0.0012(0.152) | 0.0000(0.132) |
Year | −0.0012 *(0.051) | −0.0012 **(0.043) |
Employees | 0.0000(0.411) | 0.0000(0.437) |
Wald chi2 | 339.970 | 356.390 |
Prob > chi2 | 0.0003 | 0.0000 |
Rho | 0.27743 | 0.27639 |
lambda | 0.0237 *(0.057) | 0.0233*(0.059) |
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Sang, M.; Zhang, Y.; Ye, K.; Jiang, W. Moderating Effects of Internationalization between Corporate Social Responsibility and Financial Performance: The Case of Construction Firms. Buildings 2022, 12, 185. https://doi.org/10.3390/buildings12020185
Sang M, Zhang Y, Ye K, Jiang W. Moderating Effects of Internationalization between Corporate Social Responsibility and Financial Performance: The Case of Construction Firms. Buildings. 2022; 12(2):185. https://doi.org/10.3390/buildings12020185
Chicago/Turabian StyleSang, Meiyue, Yuqing Zhang, Kunhui Ye, and Weiyan Jiang. 2022. "Moderating Effects of Internationalization between Corporate Social Responsibility and Financial Performance: The Case of Construction Firms" Buildings 12, no. 2: 185. https://doi.org/10.3390/buildings12020185
APA StyleSang, M., Zhang, Y., Ye, K., & Jiang, W. (2022). Moderating Effects of Internationalization between Corporate Social Responsibility and Financial Performance: The Case of Construction Firms. Buildings, 12(2), 185. https://doi.org/10.3390/buildings12020185