Diversification and corporate social performance in manufacturing companies
Tóm tắt
The effects of diversification on financial performance are well-established, less so the way in which diversification influences company behaviour towards stakeholder demand and social concern. This paper investigates the relationship between business diversification and corporate social performance (CSP) in an industrial setting, in Indonesia. CSP is measured with an index constructed from content and disclosure analysis of annual company reports in line with global reporting initiative standards. A sample of 107 listed manufacturing companies from the Indonesian Stock Exchange is used to estimate a lagged multiple regression model to show that industry-level diversification does not have an effect on CSP. However, distinguishing between related and unrelated diversification produces a different outcome whereby, related diversification is negatively and statistically significantly correlated with CSP. Unrelated diversification, on the other hand, shows a positive and statistically significant relationship. It means the relationship between unrelated diversification and CSP is more positive than the relationship between related diversification and CSP. The findings offer a unique insight into industrial diversification and CSP in Indonesia’s expanding manufacturing sector.
Tài liệu tham khảo
citation_journal_title=Management International Review; citation_title=International cultural diversification and corporate social performance in multinational enterprises: The role of slack financial resources; citation_author=J Aguilera-Caracuel, J Guerrero-Villegas, MD Vidal-Salazar, BL Delgado-Márquez; citation_volume=55; citation_issue=3; citation_publication_date=2015; citation_pages=323-353; citation_doi=10.1007/s11575-014-0225-4; citation_id=CR1
citation_journal_title=Spanish Economic Review; citation_title=The impact of product diversification strategy on the corporate performance of large Spanish companies; citation_author=MR Alesón, ME Escuer; citation_volume=4; citation_issue=2; citation_publication_date=2002; citation_pages=119-137; citation_doi=10.1007/s101080200042; citation_id=CR2
citation_journal_title=Journal of Management; citation_title=A concept of conglomerate diversification; citation_author=R Amit, J Livnat; citation_volume=14; citation_issue=4; citation_publication_date=1988; citation_pages=593-604; citation_doi=10.1177/014920638801400409; citation_id=CR3
citation_journal_title=Strategic Management Journal; citation_title=Diversification strategies, business cycles and economic performance; citation_author=R Amit, J Livnat; citation_volume=9; citation_issue=2; citation_publication_date=1988; citation_pages=99-110; citation_doi=10.1002/smj.4250090202; citation_id=CR4
citation_journal_title=British Journal of Management; citation_title=Corporate diversification, information asymmetry and insider trading; citation_author=A Ataullah, I Davidson, H Le, G Wood; citation_volume=25; citation_issue=2; citation_publication_date=2014; citation_pages=228-251; citation_doi=10.1111/j.1467-8551.2012.00846.x; citation_id=CR5
Barney, J. B. (2011). Gaining and sustaining competitive advantage. Boston, Mass.: Pearson.
citation_journal_title=Journal of Financial Economics; citation_title=Diversifications effect on company value; citation_author=PG Berger, E Ofek; citation_volume=37; citation_issue=1; citation_publication_date=1995; citation_pages=39-65; citation_doi=10.1016/0304-405X(94)00798-6; citation_id=CR7
citation_journal_title=Accounting Forum; citation_title=Corporate social responsibility reporting: A comprehensive picture?; citation_author=L Bouten, P Everaert, L Liedekerke, L Moor, J Christiaens; citation_volume=35; citation_issue=3; citation_publication_date=2011; citation_pages=187-204; citation_doi=10.1016/j.accfor.2011.06.007; citation_id=CR8
citation_title=Klasifikasi Baku Lapangan Usaha Indonesia; citation_publication_date=2009; citation_id=CR9; citation_publisher=BPS
citation_journal_title=Strategic Management Journal; citation_title=Does it pay to be different? An analysis of the relationship between corporate social and financial performance; citation_author=SJ Brammer, A Millington; citation_volume=29; citation_issue=12; citation_publication_date=2008; citation_pages=1325-1343; citation_doi=10.1002/smj.714; citation_id=CR10
citation_journal_title=Journal of Business Research; citation_title=Corporate social performance and geographical diversification; citation_author=SJ Brammer, S Pavelin, LA Porter; citation_volume=59; citation_issue=9; citation_publication_date=2006; citation_pages=1025-1034; citation_doi=10.1016/j.jbusres.2006.04.001; citation_id=CR11
citation_journal_title=Strategic Management Journal; citation_title=Does good governance prevent bad strategy? A study of corporate governance, financial diversification, and value creation by French corporations 2000–2006; citation_author=X Castañer, N Kavadis; citation_volume=34; citation_issue=7; citation_publication_date=2013; citation_pages=863-876; citation_doi=10.1002/smj.2040; citation_id=CR12
citation_journal_title=Journal of world business; citation_title=The effect of product diversification strategies on the relationship between international diversification and company performance; citation_author=S-C Chang, C-F Wang; citation_volume=42; citation_issue=1; citation_publication_date=2007; citation_pages=61-79; citation_doi=10.1016/j.jwb.2006.11.002; citation_id=CR13
citation_journal_title=Strategic Management Journal; citation_title=The link between resources and type of diversification: Theory and evidence; citation_author=S Chatterjee, B Wernerfelt; citation_volume=12; citation_issue=1; citation_publication_date=1991; citation_pages=33-48; citation_doi=10.1002/smj.4250120104; citation_id=CR14
citation_journal_title=Journal of Management Studies; citation_title=Managerial ownership, diversification, and company performance: evidence from an emerging market; citation_author=C-J Chen, C-MJ Yu; citation_volume=21; citation_issue=3; citation_publication_date=2012; citation_pages=518-534; citation_id=CR15
citation_journal_title=Journal of Management; citation_title=Legitimacy, visibility, and the antecedents of corporate social performance: An investigation of the instrumental perspective; citation_author=S-C Chiu, M Sharfman; citation_volume=37; citation_issue=6; citation_publication_date=2011; citation_pages=1558-1585; citation_doi=10.1177/0149206309347958; citation_id=CR16
citation_journal_title=The Academy of Management Review; citation_title=A stakeholder framework for analyzing and evaluating corporate social performance; citation_author=MBE Clarkson; citation_volume=20; citation_issue=1; citation_publication_date=1995; citation_pages=92-117; citation_id=CR17
citation_journal_title=International Business Review; citation_title=The role of independent directors at family companies in relation to corporate social responsibility disclosures; citation_author=B Cuadrado-Ballesteros, L Rodríguez-Ariza, I-M García-Sánchez; citation_volume=24; citation_issue=5; citation_publication_date=2015; citation_pages=890-901; citation_doi=10.1016/j.ibusrev.2015.04.002; citation_id=CR18
citation_journal_title=Corporate Governance; citation_title=Does ownership type matter for corporate social responsibility?; citation_author=L Dam, B Scholtens; citation_volume=20; citation_issue=3; citation_publication_date=2012; citation_pages=233-252; citation_doi=10.1111/j.1467-8683.2011.00907.x; citation_id=CR19
citation_journal_title=Journal of Business Ethics; citation_title=Ownership concentration and CSR policy of european multinational enterprises; citation_author=L Dam, B Scholtens; citation_volume=118; citation_issue=1; citation_publication_date=2013; citation_pages=117-126; citation_doi=10.1007/s10551-012-1574-1; citation_id=CR20
citation_journal_title=Asian Journal of Finance & Accounting; citation_title=Corporate diversification and financial performance: a review of literature; citation_author=M Doaei, MBA Anuar, NINA Hamid; citation_volume=4; citation_issue=2; citation_publication_date=2012; citation_pages=56-74; citation_doi=10.5296/ajfa.v4i2.1786; citation_id=CR21
citation_journal_title=Financial Markets and Portfolio Management; citation_title=Corporate diversification and company value: A survey of recent literature; citation_author=S Erdorf, T Hartmann-Wendels, N Heinrichs, M Matz; citation_volume=27; citation_issue=2; citation_publication_date=2013; citation_pages=187-215; citation_doi=10.1007/s11408-013-0209-6; citation_id=CR22
citation_journal_title=Accounting Forum; citation_title=Sustainability reporting by Australian public sector organisations: why they report; citation_author=F Farneti, J Guthrie; citation_volume=33; citation_issue=2; citation_publication_date=2009; citation_pages=89-98; citation_doi=10.1016/j.accfor.2009.04.002; citation_id=CR23
citation_journal_title=Review of Managerial Science; citation_title=Determinants of voluntary CSR disclosure: Empirical evidence from Germany; citation_author=R Gamerschlag, K Möller, F Verbeeten; citation_volume=5; citation_issue=2; citation_publication_date=2011; citation_pages=233-262; citation_doi=10.1007/s11846-010-0052-3; citation_id=CR24
citation_journal_title=Strategic Management Journal; citation_title=Implementation strategy and performance outcomes in related diversification; citation_author=MS Gary; citation_volume=26; citation_issue=7; citation_publication_date=2005; citation_pages=643-664; citation_doi=10.1002/smj.468; citation_id=CR25
citation_journal_title=Journal of Business Research; citation_title=Heterogeneity in business groups and the corporate diversification-company performance relationship; citation_author=R George, R Kabir; citation_volume=65; citation_issue=3; citation_publication_date=2012; citation_pages=412-420; citation_doi=10.1016/j.jbusres.2011.07.005; citation_id=CR26
Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (7th ed.). New Jersey: Prentice Hall.
citation_journal_title=Business Ethics Quarterly; citation_title=Stakeholder theory, value, and company performance; citation_author=JS Harrison, AC Wicks; citation_volume=23; citation_issue=1; citation_publication_date=2013; citation_pages=97-124; citation_doi=10.5840/beq20132314; citation_id=CR28
citation_journal_title=Strategic Management Journal; citation_title=Within-industry diversification and company performance—An S-shaped hypothesis; citation_author=N Hashai; citation_volume=36; citation_issue=9; citation_publication_date=2015; citation_pages=1378-1400; citation_doi=10.1002/smj.2290; citation_id=CR29
citation_journal_title=Strategic Management Journal; citation_title=Strategic control systems and relative R&D investment in large multiproduct companies; citation_author=RE Hoskisson, MA Hitt; citation_volume=9; citation_issue=6; citation_publication_date=1988; citation_pages=605-621; citation_doi=10.1002/smj.4250090607; citation_id=CR30
citation_journal_title=Journal of Accounting Literature; citation_title=Corporate social responsibility research in accounting; citation_author=XB Huang, L Watson; citation_volume=34; citation_publication_date=2015; citation_pages=1-16; citation_doi=10.1016/j.acclit.2015.03.001; citation_id=CR31
citation_journal_title=Journal of Business Ethics; citation_title=Corporate social responsibility in Western Europe: An institutional mirror or substitute?; citation_author=G Jackson, A Apostolakou; citation_volume=94; citation_issue=3; citation_publication_date=2010; citation_pages=371-394; citation_doi=10.1007/s10551-009-0269-8; citation_id=CR32
citation_journal_title=The Journal of Industrial Economics; citation_title=Entropy measure of diversification and corporate growth; citation_author=AP Jacquemin, CH Berry; citation_volume=27; citation_issue=4; citation_publication_date=1979; citation_pages=359-369; citation_doi=10.2307/2097958; citation_id=CR33
citation_journal_title=Journal of Business Ethics; citation_title=Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector; citation_author=MI Jizi, A Salama, R Dixon, R Stratling; citation_volume=125; citation_issue=4; citation_publication_date=2014; citation_pages=601-615; citation_doi=10.1007/s10551-013-1929-2; citation_id=CR34
citation_journal_title=Accounting Forum; citation_title=The measurement of sustainability disclosure: Abundance versus occurrence; citation_author=C Joseph, R Taplin; citation_volume=35; citation_issue=1; citation_publication_date=2011; citation_pages=19-31; citation_doi=10.1016/j.accfor.2010.11.002; citation_id=CR35
citation_journal_title=Strategic Management Journal; citation_title=With greater power comes greater responsibility? Takeover protection and corporate attention to stakeholders; citation_author=A Kacperczyk; citation_volume=30; citation_issue=3; citation_publication_date=2009; citation_pages=261-285; citation_doi=10.1002/smj.733; citation_id=CR36
citation_journal_title=Strategic Management Journal; citation_title=The relationship between corporate diversification and corporate social performance; citation_author=J Kang; citation_volume=34; citation_issue=1; citation_publication_date=2013; citation_pages=94-109; citation_doi=10.1002/smj.2005; citation_id=CR37
citation_title=The balanced scorecard: translating strategy into action; citation_publication_date=1996; citation_id=CR38; citation_author=RS Kaplan; citation_author=DP Norton; citation_publisher=Harvard Business School Press
citation_journal_title=Journal of Business Ethics; citation_title=Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy; citation_author=A Khan, MB Muttakin, J Siddiqui; citation_volume=114; citation_issue=2; citation_publication_date=2013; citation_pages=207-223; citation_doi=10.1007/s10551-012-1336-0; citation_id=CR39
citation_journal_title=Corporate Governance; citation_title=The impact of ownership and board structure on corporate social responsibility (CSR) reporting in the Turkish banking industry; citation_author=M Kiliç, C Kuzey, A Uyar; citation_volume=15; citation_issue=3; citation_publication_date=2015; citation_pages=357-374; citation_doi=10.1108/CG-02-2014-0022; citation_id=CR40
citation_journal_title=Management Science; citation_title=NOTES: Developing a global diversification measure; citation_author=WC Kim; citation_volume=35; citation_issue=3; citation_publication_date=1989; citation_pages=376; citation_doi=10.1287/mnsc.35.3.376; citation_id=CR41
citation_journal_title=Strategic Management Journal; citation_title=Global diversification strategy and corporate profit performance; citation_author=WC Kim, P Hwang, WP Burgers; citation_volume=10; citation_issue=1; citation_publication_date=1989; citation_pages=45-57; citation_doi=10.1002/smj.4250100105; citation_id=CR42
citation_journal_title=Journal of Management Research; citation_title=Board heterogeneity, corporate diversification and company performance; citation_author=K-H Kim, AA Rasheed; citation_volume=14; citation_issue=2; citation_publication_date=2014; citation_pages=121; citation_id=CR43
citation_journal_title=The Journal of Media Economics; citation_title=Measurement of international and product diversification in the publishing industry; citation_author=H Kranenburg, J Hagedoorn, J Pennings; citation_volume=17; citation_issue=2; citation_publication_date=2004; citation_pages=87-104; citation_doi=10.1207/s15327736me1702_2; citation_id=CR44
citation_journal_title=Corporate Governance; citation_title=Stakeholder power and corporate social performance: The ownership effect; citation_author=BB Lahouel, J-M Peretti, D Autissier; citation_volume=14; citation_issue=3; citation_publication_date=2014; citation_pages=363-381; citation_doi=10.1108/CG-07-2012-0056; citation_id=CR45
citation_journal_title=Management Decision; citation_title=Ownership structure, corporate diversification and capital structure; citation_author=DS Larry; citation_volume=48; citation_issue=2; citation_publication_date=2010; citation_pages=314-339; citation_doi=10.1108/00251741011022644; citation_id=CR46
citation_journal_title=Journal of Business Ethics; citation_title=Political connection, ownership structure, and corporate philanthropy in China: A strategic-political perspective; citation_author=S Li, X Song, H Wu; citation_volume=129; citation_issue=2; citation_publication_date=2015; citation_pages=399-411; citation_doi=10.1007/s10551-014-2167-y; citation_id=CR47
citation_journal_title=Journal of Business Research; citation_title=Does diversification add company value in emerging economies? Effect of corporate governance; citation_author=Y-C Lien, S Li; citation_volume=66; citation_issue=12; citation_publication_date=2013; citation_pages=2425; citation_doi=10.1016/j.jbusres.2013.05.030; citation_id=CR48
citation_journal_title=Journal of Marketing; citation_title=The debate over doing good: Corporate social performance, strategic marketing levers, and company-idiosyncratic risk; citation_author=X Luo, CB Bhattacharya; citation_volume=73; citation_issue=6; citation_publication_date=2009; citation_pages=198-213; citation_doi=10.1509/jmkg.73.6.198; citation_id=CR49
citation_journal_title=Strategic Management Journal; citation_title=Related diversification, core competencies and corporate performance; citation_author=CC Markides, PJ Williamson; citation_volume=15; citation_publication_date=1994; citation_pages=149-165; citation_doi=10.1002/smj.4250151010; citation_id=CR50
citation_journal_title=Journal of Corporate Finance; citation_title=Corporate diversification and shareholder value: A survey of recent literature; citation_author=JD Martin, A Sayrak; citation_volume=9; citation_issue=1; citation_publication_date=2003; citation_pages=37-57; citation_doi=10.1016/S0929-1199(01)00053-0; citation_id=CR51
citation_journal_title=Journal of Business Research; citation_title=All in the family? Social performance and corporate governance in the family company; citation_author=J McGuire, S Dow, B Ibrahim; citation_volume=65; citation_issue=11; citation_publication_date=2012; citation_pages=1643-1650; citation_doi=10.1016/j.jbusres.2011.10.024; citation_id=CR52
citation_journal_title=The Academy of Management Review; citation_title=Corporate social responsibility: A theory of the company perspective; citation_author=A McWilliams, D Siegel; citation_volume=26; citation_issue=1; citation_publication_date=2001; citation_pages=117-127; citation_id=CR53
citation_journal_title=Strategic Management Journal; citation_title=Technological diversity, related diversification, and company performance; citation_author=DJ Miller; citation_volume=27; citation_issue=7; citation_publication_date=2006; citation_pages=601-619; citation_doi=10.1002/smj.533; citation_id=CR54
citation_journal_title=The Journal of Economic Perspectives; citation_title=Corporate diversification; citation_author=CA Montgomery; citation_volume=8; citation_issue=3; citation_publication_date=1994; citation_pages=163-178; citation_doi=10.1257/jep.8.3.163; citation_id=CR55
Nation, U. (2008). International Standard Industrial Classification of All Economic Activities (ISIC), Rev. 4. New York: United Nation.
citation_journal_title=Journal of Management; citation_title=Institutional ownership and corporate social performance: The moderating effects of investment horizon, activism, and coordination; citation_author=DO Neubaum, SA Zahra; citation_volume=32; citation_issue=1; citation_publication_date=2006; citation_pages=108-131; citation_doi=10.1177/0149206305277797; citation_id=CR57
citation_journal_title=Corporate Governance: An International Review; citation_title=Corporate governance and performance in socially responsible corporations: New empirical insights from a neo-institutional framework; citation_author=CG Ntim, T Soobaroyen; citation_volume=21; citation_issue=5; citation_publication_date=2013; citation_pages=468-494; citation_doi=10.1111/corg.12026; citation_id=CR58
citation_journal_title=Journal of International Management; citation_title=Regional and product diversification and the performance of retail multinationals; citation_author=CH Oh, T Sohl, AM Rugman; citation_volume=21; citation_issue=3; citation_publication_date=2015; citation_pages=220-234; citation_doi=10.1016/j.intman.2015.04.002; citation_id=CR59
citation_journal_title=Strategic Management Journal; citation_title=Diversification strategy, profit performance and the entropy measure; citation_author=K Palepu; citation_volume=6; citation_issue=3; citation_publication_date=1985; citation_pages=239-255; citation_doi=10.1002/smj.4250060305; citation_id=CR60
citation_journal_title=Strategic Management Journal; citation_title=Curvilinearity in the diversification-performance linkage: An examination of over three decades of research; citation_author=LE Palich, LB Cardinal, CC Miller; citation_volume=21; citation_issue=2; citation_publication_date=2000; citation_pages=155-174; citation_doi=10.1002/(SICI)1097-0266(200002)21:2<155::AID-SMJ82>3.0.CO;2-2; citation_id=CR61
citation_journal_title=Journal of Management Studies; citation_title=The effects of prior performance on the choice between related and unrelated acquisitions: Implications for the performance consequences of diversification strategy; citation_author=C Park; citation_volume=39; citation_issue=7; citation_publication_date=2002; citation_pages=1003-1019; citation_doi=10.1111/1467-6486.00321; citation_id=CR62
citation_journal_title=International Journal of Hospitality Management; citation_title=Effect of diversification on company performance: Application of the entropy measure; citation_author=K Park, SS Jang; citation_volume=31; citation_issue=1; citation_publication_date=2012; citation_pages=218-228; citation_doi=10.1016/j.ijhm.2011.03.011; citation_id=CR63
citation_journal_title=International Journal of Hospitality Management; citation_title=Capital structure, free cash flow, diversification and company performance: A holistic analysis; citation_author=K Park, S Jang; citation_volume=33; citation_issue=1; citation_publication_date=2013; citation_pages=51-63; citation_id=CR64
citation_journal_title=Journal of Consumer Research; citation_title=Evaluation of brand extensions: The role of product feature similarity and brand concept consistency; citation_author=CW Park, S Milberg, R Lawson; citation_volume=18; citation_issue=2; citation_publication_date=1991; citation_pages=185-193; citation_doi=10.1086/209251; citation_id=CR65
citation_journal_title=Journal of Business Ethics; citation_title=Corporate social responsibility in international business: Illustrations from Korean and Japanese electronics MNEs in Indonesia; citation_author=Y-R Park, S Song, S Choe, Y Baik; citation_volume=129; citation_issue=3; citation_publication_date=2015; citation_pages=747-761; citation_doi=10.1007/s10551-014-2212-x; citation_id=CR66
citation_journal_title=Journal of Business Ethics; citation_title=The effect of corporate social performance on financial performance: The moderating effect of ownership concentration; citation_author=C-W Peng, M-L Yang; citation_volume=123; citation_issue=1; citation_publication_date=2014; citation_pages=171-182; citation_doi=10.1007/s10551-013-1809-9; citation_id=CR67
citation_journal_title=Global Business Review; citation_title=Diversification strategy and company performance: Evidence from Indian manufacturing companies; citation_author=S Purkayastha; citation_volume=14; citation_issue=1; citation_publication_date=2013; citation_pages=1-23; citation_doi=10.1177/0972150912466363; citation_id=CR68
citation_journal_title=International Journal of Management Reviews; citation_title=Diversification and performance in developed and emerging market contexts: A review of the literature; citation_author=S Purkayastha, TS Manolova, LF Edelman; citation_volume=14; citation_issue=1; citation_publication_date=2012; citation_pages=18-38; citation_doi=10.1111/j.1468-2370.2011.00302.x; citation_id=CR69
citation_journal_title=Strategic Management Journal; citation_title=The performance implications of intra-and inter-regional geographic diversification; citation_author=Z Qian, G Qian, TA Khoury, MW Peng; citation_volume=31; citation_issue=9; citation_publication_date=2010; citation_pages=1018-1030; citation_id=CR70
citation_journal_title=Journal of Management; citation_title=A refinement of the entropy measure of company diversification: Toward definitional and computational accuracy; citation_author=SP Raghunathan; citation_volume=21; citation_issue=5; citation_publication_date=1995; citation_pages=989-1002; citation_doi=10.1177/014920639502100510; citation_id=CR71
Rumelt, R. P. (1974). Strategy, structure and e
conomic performance. Cambridge, MA: Harvard University Press.
citation_journal_title=International Business Research; citation_title=Business model and performance of companies; citation_author=JM Sahut, L Hikkerova, M Khalfallah; citation_volume=6; citation_issue=2; citation_publication_date=2013; citation_pages=64; citation_id=CR73
citation_journal_title=British Journal of Management; citation_title=Assessing the construct validity of strategic and SIC-based measures of corporate diversification; citation_author=RB Sambharya; citation_volume=11; citation_issue=2; citation_publication_date=2000; citation_pages=163-173; citation_doi=10.1111/1467-8551.t01-1-00158; citation_id=CR74
citation_journal_title=Journal of Financial Economics; citation_title=Management entrenchment: The case of manager-specific investment; citation_author=A Shleifer, RW Vinishny; citation_volume=25; citation_publication_date=1989; citation_pages=123-139; citation_doi=10.1016/0304-405X(89)90099-8; citation_id=CR75
citation_journal_title=Psychological Reports; citation_title=An empirical examination of the relationship between corporate social performance and companies’ diversification; citation_author=RL Simerly; citation_volume=80; citation_issue=3; citation_publication_date=1997; citation_pages=1347-1356; citation_doi=10.2466/pr0.1997.80.3c.1347; citation_id=CR76
citation_journal_title=Journal of Business Ethics; citation_title=The relationship between corporate social performance and corporate financial performance in the banking sector; citation_author=M-G Soana; citation_volume=104; citation_issue=1; citation_publication_date=2011; citation_pages=133-148; citation_doi=10.1007/s10551-011-0894-x; citation_id=CR77
citation_journal_title=Journal of International Business Studies ; citation_title=Being good while being bad: Social responsibility and the international diversification of US companies; citation_author=VM Strike, J Gao, P Bansal; citation_volume=37; citation_issue=6; citation_publication_date=2006; citation_pages=850-862; citation_doi=10.1057/palgrave.jibs.8400226; citation_id=CR78
citation_journal_title=Academy of Management Journal; citation_title=Product diversification and financial performance: The moderating role of secondary stakeholders; citation_author=W Su, EWK Tsang; citation_volume=58; citation_issue=4; citation_publication_date=2015; citation_pages=1128-1148; citation_doi=10.5465/amj.2013.0454; citation_id=CR79
citation_journal_title=Journal of Business Ethics; citation_title=The mandatory corporate social responsibility in Indonesia: Problems and implications; citation_author=PR Waagstein; citation_volume=98; citation_issue=3; citation_publication_date=2011; citation_pages=455-466; citation_doi=10.1007/s10551-010-0587-x; citation_id=CR80
citation_journal_title=Strategic Management Journal; citation_title=Corporate governance and environmental performance: Is there really a link?; citation_author=JL Walls, P Berrone, PH Phan; citation_volume=33; citation_issue=8; citation_publication_date=2012; citation_pages=885-913; citation_doi=10.1002/smj.1952; citation_id=CR81
citation_journal_title=International Journal of Management Reviews; citation_title=Measuring corporate social performance: a review; citation_author=DJ Wood; citation_volume=12; citation_issue=1; citation_publication_date=2010; citation_pages=50-84; citation_doi=10.1111/j.1468-2370.2009.00274.x; citation_id=CR82
citation_journal_title=Strategic Management Journal; citation_title=Intra-industry diversification and company performance; citation_author=T Zahavi, D Lavie; citation_volume=34; citation_issue=8; citation_publication_date=2013; citation_pages=978-998; citation_doi=10.1002/smj.2057; citation_id=CR83
citation_journal_title=Corporate Governance; citation_title=Board demographic diversity, independence, and corporate social performance; citation_author=L Zhang; citation_volume=12; citation_issue=5; citation_publication_date=2012; citation_pages=686-700; citation_doi=10.1108/14720701211275604; citation_id=CR84