Signaling good by doing good: How does environmental corporate social responsibility affect international expansion?
研究环境企业社会责任（节能与减排）如何通过获得国际认证这一信号行为间接促进中国企业的出口绩效，基于2008-2012年425家环境敏感行业上市公司的数据。
Abstract This study investigates the mechanisms through which environmental corporate social responsibility (CSR) facilitates international expansion. It is currently believed that environmental CSR can allow firms to establish trusting relationships with external stakeholders and build competitive advantages. However, the question of whether and how environmental CSR affects export performance needs to be answered. We focus on two aspects of environmental CSR: energy conservation and emission reduction. We argue that firms with better performance in energy conservation and emission reduction are more likely to obtain international certification to pursue international expansion, as a signal of desirable attributes. By using 425 listed companies from environmentally sensitive industries between 2008 and 2012 in China, we find that a high level of energy conservation and emission reduction has a significant and indirect effect on export performance, which is mediated by their signaling behavior.