The general objective of this dissertation is to disentangle the relationship between corporate behavior and financial performance in emerging vs. developed countries, motivated by the increasingly growing role of CSR, CSI, Supply Chain Irresponsibility, and Tax Havens locations. This dissertation includes three main chapters which investigates i) the relationship of CSR/CSI and financial performance of companies located in developed vs. emerging countries, ii) the effect of corporate supply chain irresponsibility on corporate financial performance, and iii) the relationship between CSR and Tax Haven locations. The first chapter presents an empirical study aims at investigating the effect of corporate social responsibility and irresponsibility on corporate financial performance in firms headquartered in developed vs. emerging countries. Building upon stakeholder and legitimacy perspective, we argue that the CSR/CSI – CFP relationship differs depending on the home countries’ level of economic development as this reflects their different sensitivity towards sustainability. Thus, we expect the effect of CSR on CFP to be more positive for firms headquartered in developed than in emerging countries. At the same time, we propose a more negative relationship between CSI and CFP for firms headquartered in developed countries. The second chapter, building on the stakeholder and the expectancy theory investigate the effect of corporate supply chain irresponsibility on corporate financial performance; and the moderation effect arising from the violation of prescriptive expectations – which are based on the country of origin of the firm; and the violation of predictive expectations – which are based on the adoption of SSCM practices and on the past reputation of the firm. We claim that the negative effect of supply chain irresponsibility is more severe for firms in developed countries than for those in emerging countries, and that the previous adoption of sustainable supply chain practices as well as a good reputation strengthen these relationships. The third chapter aims at investigating the relationship between corporate social responsibility (CSR) and Tax Haven location, for firms originating from developed and emerging countries. On average, I find that companies headquartered in Tax Havens have lower levels of CSR practices. These findings align with the corporate culture theory, which contend that socially responsible firms do not establish operations in Tax Haven locations. However, this relationship takes a different turn when considering country-level factors, particularly the country-of-origin variable. I posit a more positive relationship between Tax Haven locations and CSR practices for firms originating from developed countries compared to firms originating from emerging countries. This proposition is rooted in the risk management theory, which suggests that firms from developed countries may use CSR activities to overcome and mitigate risks that emerge from the tax avoidance behavior. Firms in developed countries face those risks due to stricter legal and regulatory environments, and higher stakeholder demands and expectations.
L'obiettivo generale di questa tesi è quello di disincagliare la relazione tra il comportamento aziendale e la performance finanziaria nei Paesi emergenti rispetto a quelli sviluppati, motivato dal ruolo sempre più crescente della CSR, della CSI, dell'irresponsabilità della catena di fornitura e dei paradisi fiscali. Questa tesi comprende tre capitoli principali che analizzano i) la relazione tra CSR/CSI e performance finanziaria delle aziende situate nei Paesi sviluppati rispetto a quelli emergenti, ii) l'effetto dell'irresponsabilità della catena di fornitura aziendale sulla performance finanziaria aziendale e iii) la relazione tra CSR e paradisi fiscali. Il primo capitolo presenta uno studio empirico volto a indagare l'effetto della responsabilità sociale d'impresa e dell'irresponsabilità sulla performance finanziaria delle imprese con sede nei Paesi sviluppati e in quelli emergenti. Sulla base della prospettiva degli stakeholder e della legittimità, sosteniamo che la relazione CSR/CSI - CFP differisce a seconda del livello di sviluppo economico dei Paesi di origine, in quanto riflette la loro diversa sensibilità nei confronti della sostenibilità. Pertanto, ci aspettiamo che l'effetto della CSR sulla CFP sia più positivo per le imprese con sede nei Paesi sviluppati che in quelli emergenti. Allo stesso tempo, proponiamo una relazione più negativa tra CSI e CFP per le imprese con sede nei Paesi sviluppati. Il secondo capitolo, basandosi sulla teoria degli stakeholder e delle aspettative, analizza l'effetto dell'irresponsabilità della catena di fornitura aziendale sulla performance finanziaria delle imprese e l'effetto di moderazione derivante dalla violazione delle aspettative prescrittive - che si basano sul Paese di origine dell'impresa - e dalla violazione delle aspettative predittive - che si basano sull'adozione di pratiche di SSCM e sulla reputazione passata dell'impresa. Sosteniamo che l'effetto negativo dell'irresponsabilità della catena di fornitura è più grave per le imprese dei Paesi sviluppati rispetto a quelle dei Paesi emergenti, e che la precedente adozione di pratiche di catena di fornitura sostenibile e una buona reputazione rafforzano queste relazioni. Il terzo capitolo si propone di indagare la relazione tra responsabilità sociale d'impresa (RSI) e localizzazione del paradiso fiscale, per le imprese provenienti da Paesi sviluppati ed emergenti. In media, ho riscontrato che le imprese con sede nei paradisi fiscali hanno livelli più bassi di pratiche di RSI. Questi risultati sono in linea con la teoria della cultura aziendale, che sostiene che le imprese socialmente responsabili non stabiliscono le loro attività in paradisi fiscali. Tuttavia, questa relazione prende una piega diversa quando si considerano i fattori a livello di Paese, in particolare la variabile Paese d'origine. La relazione tra i paradisi fiscali e le pratiche di CSR è più positiva per le imprese provenienti da Paesi sviluppati rispetto a quelle provenienti da Paesi emergenti. Questa Questa proposta è radicata nella teoria della gestione del rischio, che suggerisce che le imprese dei Paesi sviluppati possono utilizzare le attività di RSI per superare e mitigare i rischi che emergono dal comportamento di elusione fiscale. Le imprese dei Paesi sviluppati affrontano questi rischi a causa di ambienti legali e normativi più severi e di richieste e aspettative più elevate da parte degli stakeholder.
Unraveling the relationship between corporate behavior and financial performance in emerging vs. developed countries : insights from CSR, CSI supply chain irresponsibility and tax havens
Hoxha, Gezim
2023/2024
Abstract
The general objective of this dissertation is to disentangle the relationship between corporate behavior and financial performance in emerging vs. developed countries, motivated by the increasingly growing role of CSR, CSI, Supply Chain Irresponsibility, and Tax Havens locations. This dissertation includes three main chapters which investigates i) the relationship of CSR/CSI and financial performance of companies located in developed vs. emerging countries, ii) the effect of corporate supply chain irresponsibility on corporate financial performance, and iii) the relationship between CSR and Tax Haven locations. The first chapter presents an empirical study aims at investigating the effect of corporate social responsibility and irresponsibility on corporate financial performance in firms headquartered in developed vs. emerging countries. Building upon stakeholder and legitimacy perspective, we argue that the CSR/CSI – CFP relationship differs depending on the home countries’ level of economic development as this reflects their different sensitivity towards sustainability. Thus, we expect the effect of CSR on CFP to be more positive for firms headquartered in developed than in emerging countries. At the same time, we propose a more negative relationship between CSI and CFP for firms headquartered in developed countries. The second chapter, building on the stakeholder and the expectancy theory investigate the effect of corporate supply chain irresponsibility on corporate financial performance; and the moderation effect arising from the violation of prescriptive expectations – which are based on the country of origin of the firm; and the violation of predictive expectations – which are based on the adoption of SSCM practices and on the past reputation of the firm. We claim that the negative effect of supply chain irresponsibility is more severe for firms in developed countries than for those in emerging countries, and that the previous adoption of sustainable supply chain practices as well as a good reputation strengthen these relationships. The third chapter aims at investigating the relationship between corporate social responsibility (CSR) and Tax Haven location, for firms originating from developed and emerging countries. On average, I find that companies headquartered in Tax Havens have lower levels of CSR practices. These findings align with the corporate culture theory, which contend that socially responsible firms do not establish operations in Tax Haven locations. However, this relationship takes a different turn when considering country-level factors, particularly the country-of-origin variable. I posit a more positive relationship between Tax Haven locations and CSR practices for firms originating from developed countries compared to firms originating from emerging countries. This proposition is rooted in the risk management theory, which suggests that firms from developed countries may use CSR activities to overcome and mitigate risks that emerge from the tax avoidance behavior. Firms in developed countries face those risks due to stricter legal and regulatory environments, and higher stakeholder demands and expectations.File | Dimensione | Formato | |
---|---|---|---|
Doctoral Thesis_Gezim Hoxha_35 Cycle.pdf
accessibile in internet per tutti a partire dal 16/02/2027
Descrizione: Text of the thesis
Dimensione
1.54 MB
Formato
Adobe PDF
|
1.54 MB | Adobe PDF | Visualizza/Apri |
I documenti in POLITesi sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
https://hdl.handle.net/10589/216992