Asymmetric effects of corporate sustainability strategy on value creation among global automotive firms: A dynamic panel quantile regression approach
研究了2011-2017年全球汽车企业可持续发展战略对企业价值的非对称影响，发现低价值和中价值企业对正负战略反应更强，高价值企业则不明显。
Abstract This study explores the asymmetric effects of corporate sustainability strategy on firm value at different conditioning quantiles by performing a dynamic panel quantile regression analysis on global automotive firms from 2011 to 2017. Further, this study measures the distinct effects of positive and negative corporate sustainability strategies on firm value, which has remained unconsidered as yet. The findings suggest that low‐value and midvalue firms respond more strongly to positive and negative corporate sustainability strategies than high‐value firms. This implies that for low‐value and midvalue corporations that are in a growth phase, an investment in positive corporate sustainability strategies is essential to increase firm value by enhancing public perception of their efforts. Therefore, positive corporate sustainability strategy contributes substantially to future growth. Conversely, positive corporate sustainability strategy may not be a priority in increasing firm value for high‐value corporations, because these strategies do not enhance the public's discernment of their efforts in ethics management and hence do not contribute to a future increase in value. Meanwhile, engagement in negative corporate sustainability strategy worsens firm value in all quantiles, although the effect is somewhat weaker for high‐value firms. Nevertheless, however high valued and well established a firm is, it is not immune to crisis.