Abstract
ABSTRACT Although stakeholder theory suggests that ECSR improve firm performance by signal a positive evaluation, this research finds that these signalling effects vary with industrial power and market hierarchy. Based on a dataset of 206 manufacturing firms in China, we find that ECSR positively affects managerial ties followed by firm performance. However, industrial power strengthens the effect of ECSR on political ties while weakens that on business ties. Market hierarchy strengthens the effect of ECSR on business ties while weakens that on political ties. This research extends previous literature on the relationship between ECSR and managerial ties by investigating the different moderating effects of industrial power and market hierarchy.
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