Corporate Un-Sustainability - How Global Financial Crisis Alters the Sustainability of Multinational Enterprises: An Institution Based Explanation
- 주제(키워드) Corporate Sustainability (CS) , Sustainability Strategy , Sustainability Performance , Financial Crisis , Social and Environmental Performance , Institution Based View
- 발행기관 고려대학교 대학원
- 지도교수 문정빈
- 발행년도 2017
- 학위수여년월 2017. 8
- 학위구분 석사
- 학과 대학원 국제경영학과
- 세부전공 국제경영론전공
- 원문페이지 88 p
- 실제URI http://www.dcollection.net/handler/korea/000000077367
- 본문언어 영어
- 제출원본 000045915791
초록/요약
In this study, we explain how multinational enterprises (MNEs) corporate sustainability (CS) performance is negatively affected by global financial crisis. Sustainability and institution based literature offer insights as to why firms perform significantly worse on both environmental and social levels during such uncertain periods. We further show that formal regulatory (government quality) and informal cultural (power distance, individualism and uncertainty avoidance) pillars moderate the negative relationship between CS and financial crisis, as MNEs originating from countries with higher quality regulatory institutions, more individualistic and less uncertainty avoidant characteristics operate significantly better in terms of CS performance during times of financial crisis. Our hypotheses are empirically supported by using a unique cross-cultural panel dataset spanning a 9-year observation period, including 3,120 firms and 19,468 observations with MNEs originating from 17 countries. These results are robust to alternative measures and sample.
more목차
1. Introduction 1
2. Literature Review 7
Corporate Sustainability (CS) 11
Economic Crisis and Corporate Sustainability (CS) 16
Corporate Sustainability (CS) and Institution Based View 20
3. Hypotheses 23
Moderating Variables 26
Cultural Hypothesis 26
Power Distance Index (PDI) 27
Individualism Versus Collectivism (IDV) 28
Uncertainty Avoidance Index (UAI) 30
Regulatory Variable 32
Quality of Government (QoG) 32
4. Methodology 34
Data and Sample 34
Variables 38
Dependent Variable: Corporate Sustainability (CS) Performance 38
Independent Variables: Different Periods of the Economic Cycle 39
Moderating Variables: Informal (Cultural) and Formal (Regulatory) Institutions 40
Control Variables 41
5. Empirical Analysis and Results 44
Robustness Checks 50
6. Discussion 52
Findings and Contributions 52
Practical Implications 54
Limitations and Future Research 55
References 58
Appendix 79
