Kорпоративне друштвене перформансе и корпоративне финансијске перформансе: улога продуктивности и иновација у моделу модерисане медијације
Sažetak
Циљ овог истраживања је да испита основне процесе и специфичне околности које омогућавају да корпоративне друштвене перформансе (CSP) утичу на корпоративне финансијске перформансе (CFP). Полазећи од перспективе инструменталне теорије стејкхолдера, истраживање објашњава механизам односа између CSP и побољшања CFP путем медијаторске улоге укупне факторске продуктивности (TFP), при чему је кључни контингентни фактор иновација. Ово истраживање користи панел податке који обухватају 133 годишње опсервације производних предузећа котираних на Индонежанској берзи (IDX) у периоду 2018–2021. Рад предлаже нови модел који укључује додатне контекстуалне варијабле у виду иновација и примењује модел модериране медијације. Добијени резултати показују да је однос између корпоративних друштвених перформанси (CSP) и корпоративних финансијских перформанси (CFP) посредован укупном факторском продуктивношћу (TFP), нарочито у малим предузећима. Поред тога, утврђено је да се модерирајући ефекат истраживања и развоја (R&D) на однос CSP–CFP испољава у већим предузећима. Мала предузећа у секторима потрошачке цикличне робе и индустрије могу унапредити своје перформансе друштвене одговорности интегрисањем друштвено одговорних активности у корпоративну стратегију, јер стратешка друштвена одговорност може обезбедити конкурентску предност, повећати продуктивност и подстаћи позитивну реакцију тржишта која побољшава финансијске резултате.
Импликације овог истраживања указују да компаније могу унапредити своје перформансе друштвене одговорности интегрисањем тих активности у корпоративну стратегију. Стратешка друштвена одговорност има потенцијал да обезбеди конкурентску предност, повећа продуктивност и позитивно утиче на финансијске резултате кроз повољне реакције тржишта.
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