期刊
BUSINESS STRATEGY AND THE ENVIRONMENT
卷 -, 期 -, 页码 -出版社
WILEY
DOI: 10.1002/bse.3378
关键词
affiliate centrality; business group affiliation; corporate sustainability performance; institutional theory
This paper examines the impact of business group (BG) affiliation on corporate sustainability performance (CSP) in emerging economies. Despite BGs' ability to protect their affiliate firms from external shocks and pressures by internalizing resources, they also face institutional pressures for enhanced CSP. The study suggests that BG affiliates generally have higher CSP than non-affiliated firms due to the stronger institutional pressures exerted on them by their unique roles and history in emerging economies. However, affiliate centrality and foreign ownership weaken the positive effect of BG affiliation on CSP in emerging economies due to agency behaviors exercised by BG firms in response to institutional pressures.
Does business group (BG) affiliation enhance corporate sustainability performance (CSP) in emerging economies? This paper focuses on the unique roles of BG affiliation in enhancing CSP amid increasing institutional pressures for more contributions to the society and stakeholders. The empirical evidence on the relationship between BG affiliation and CSP is inconclusive. Although BGs effectively insulate their affiliate firms from external shocks and pressures by internalizing various resources, they are vulnerable to institutional pressures for enhanced CSP. We argue that BG affiliates tend to have higher CSP than their non-affiliated counterparts because their unique roles and history of BG development in emerging economies exert stronger institutional pressures on them. However, affiliate centrality and foreign ownership reduce the positive effect of BG affiliation on CSP in emerging economies because BG firms can exercise agency in response to institutional pressures.
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