We investigate the nature of the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) by examining how it changes across a third dimension that accounts for firm-specific factors. We propose a semi-latent specification of an endogenous control variable, which can, for the first time, explicitly identify, for each individual firm, the threshold level where the marginal impact of CSR on CFP turns positive. We provide empirical evidence that this threshold depends on the additional dimension and consequently, the previously reported U-shape seems to be an aggregation of relationships of differential magnitude and direction. This disaggregation fits the data better and therefore, we maintain that the addition of a higher dimension, along with the identification of the threshold level, can explain the conflicting results in the literature.
Journal of Fluorescence - Two lanthanide-based MOFs (Ln-MOFs) were synthesized by reaction of Eu(III) or Tb(III) perchlorates with mixed dicarboxylates of 3,5-pdc and 1,2-bdc... 相似文献
Nonlinear Dynamics - This paper introduces a multigroup COVID-19 model with immunity, in which the total population of each group is partitioned into five compartments, that is, susceptible,... 相似文献