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Title: Three essays on the corporate social responsibility and firm outcomes
Author: Pan, Xiao
ISNI:       0000 0004 8506 5101
Awarding Body: University of Liverpool
Current Institution: University of Liverpool
Date of Award: 2020
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This thesis builds upon three separate papers that focus on how socially responsible behavior, mainly corporate social responsibility (CSR), affects firm-level strategies and outcomes. I first investigate how a firm’s corporate philanthropy (CP)–corporate financial performance (CFP) relationship changes as firms move through their life-cycle stages. Drawing from dynamic capability-life-cycle perspective, I find that the CP–CFP relationship is not monotonically linear throughout the firm’s life cycle, but changes from negative to positive from development to mature life-cycle stage. I then investigate the benefits of CSR in helping a firm increase its investment from an integrated information-asymmetry and stakeholder perspective. Different from previous literature that takes internal aspects such as financial capability as its starting point to investigate corporate investment, we argue that the external social-acceptance perspective is also crucial in determining a firm’s investment behavior. We find that the firm’s CSR behavior will help a firm achieve more investment opportunities and, thus, lead to a higher level of corporate investment. Finally, I link the firm’s CSR activities at home with foreign-market location choices. According to the springboard and dynamic learning perspective, we find that EM-MNEs need to accumulate the experience of doing CSR to enter host countries with advanced know-how knowledge. Using Chinese listed companies from Shanghai and Shenzhen stock market, we find strong evidence to support our argument.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral