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Corporate Environmental Responsibility and Innovative Activities

In: Corporate Environmental Responsibility, Accounting and Corporate Finance in the EU

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  • Panagiotis Dimitropoulos

    (University of Peloponnese
    Hellenic Open University)

  • Konstantinos Koronios

    (University of Peloponnese)

Abstract

The scope of this chapter is to examine the impact of R&D investments (capitalized R&D) on the CER-CFP association as argued by previous studies on the field, while taking into consideration potential endogeneity between the examined factors. We respond to the call for more research on the topic by covering a large multi-country sample of developed economies, and of listed and unlisted European firms over a long period of time and also by considering the bidirectional association between CER and CFP while controlling for R&D capitalization instead of R&D expenses utilized in previous studies. Empirical analysis suggested that more profitable firms are associated with more CER related performance. However, the R&D and its interaction with ROE yield insignificant coefficients in both model estimations leading us to accept the substitution hypothesis. This result corroborates arguments in the literature that less innovative firms resort to increased CER activities in order to gain market differentiation (or competitive advantages) and enhance their financial performance.

Suggested Citation

  • Panagiotis Dimitropoulos & Konstantinos Koronios, 2021. "Corporate Environmental Responsibility and Innovative Activities," CSR, Sustainability, Ethics & Governance, in: Corporate Environmental Responsibility, Accounting and Corporate Finance in the EU, chapter 0, pages 113-132, Springer.
    • Handle: RePEc:spr:csrchp:978-3-030-72773-4_6
    DOI: 10.1007/978-3-030-72773-4_6
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