Abstract
The current study explores the interlinkage between corporate social, environmental performance (CSP) and financial performance of a firm, mediated by its global exposure and corporate governance. We conduct a dynamic fixed effect 2SLS-IV analysis on a comprehensive multi-country data-set and find that financial performance is not significantly impacted by CSP but there is a positive influence when it is mediated by lower internationalization. We also find that a more independent board lowers such value-destroying managerial activities, while the presence of women directors on board, dampens that positive influence of low internationalisation in strengthening financial performance through higher CSP.
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