The negative synergistic effect of internationalization and corporate social responsibility on US restaurant firms’ value performance

SoYeon Jung · Seoki Lee · Michael C. Dalbor

45 citations0/0 files storedInternational Journal of Contemporary Hospitality Management

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Corporate Social Responsibility Reporting International Business and FDI Corporate Identity and Reputation

Abstract

Purpose The purpose of the current study is to investigate the possible existence of a synergistic effect of internationalization and corporate social responsibility (CSR) on a firm’s value performance. Design/methodology/approach To empirically test the argument, this study analyzed data from 40 US-based publicly traded restaurant companies (251 observations) from 2000 to 2011 by performing a two-way fixed-effects model. Findings This study’s findings support the hypothesis that when implemented simultaneously, internationalization and CSR have a negative synergistic impact on a restaurant firm’s value performance. Practical implications Restaurant managers might need to inquire thoroughly into the timing and content of CSR investment strategies while entering into new international markets. Restaurant executives may additionally need to focus more on effective risk management than other issues (e.g. growth or reputation) when developing both internationalization and CSR strategies simultaneously. Originality/value By suggesting and demonstrating a negative synergistic effect of internationalization and CSR on a firm’s value, this study presents new and unique insights into previous research regarding the combined effect of the two strategies.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 2010Strategic management a stakeholder approach 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 2007The Social Responsibility of Business Is to Increase Its Profits 1996Agency costs of free cash flow, corporate finance, and takeovers 1997THE CORPORATE SOCIAL PERFORMANCE-FINANCIAL PERFORMANCE LINK

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2018Revisiting the financial performance – corporate social performance link 2018Internationalization and corporate social responsibility in the restaurant industry: risk perspective 2019The effects of hotel employees’ CSR perceptions on trust in organization 2022Current status and future perspective of the link of corporate social responsibility–corporate financial performance in the tourism and hospitality industry 2017Consumer response to discontinuation of corporate social responsibility activities of hotels

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