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The impact of energy diversification on firm performance: The moderating role of corporate social responsibility
Gozgor, Giray Ho, Thang
Gozgor, Giray
Ho, Thang
Publication Date
2024-11
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© 2024 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
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2024-10-21
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Abstract
This paper examines the impact of diverse consumption of energy sources on firm performance, focusing on the moderating role of corporate social responsibility (CSR). The paper uses 45,579 firm-level panel data samples across 56 developing and developed economies from 2002 to 2021. It is observed that the impact of energy diversification in improving firms' performance (measured by the return on assets, return on equity, sales growth, and Tobin's Q) is more potent in firms with higher CSR engagement. The moderating effect of CSR is also more pronounced among firms in high energy-consuming industries than in low energy-consuming ones. Finally, the moderating role of CSR activities is more substantial for firms in countries with individualistic and long-term-oriented cultures.
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Citation
Gozgor G, Ho T, Li J et al (2024) The impact of energy diversification on firm performance: the moderating role of corporate social responsibility. International Review of Financial Analysis. 96(Part B): 103704.
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