Multinational Enterprises' ESG Strategy Against Institutional Pressures in Emerging Markets: The Moderating Effect of Digitalization Capability
研究跨国企业在新兴市场面临监管、规范和认知三类制度压力时如何制定ESG战略，并发现数字化能力仅对财务绩效有调节作用，基于122家中国跨国企业数据。
ABSTRACT This study examined the institutional pressures that influence the implementation of a multinational enterprises' (MNEs) environmental, social, and governance (ESG) strategy in emerging markets. It investigated the sustainable performance (i.e., financial, social, and environmental performance) resulting from MNEs' strategic responses to institutional pressures in host markets. Based on institutional theory, this study developed hypotheses regarding the relationships between three types of institutional pressures (i.e., regulatory, normative, and cognitive) and MNEs' ESG strategy, as well as the moderating role of digitalization capability on the outcomes of these strategic responses. A three‐wave survey over nine months involving MNEs in China enabled hypothesis testing through structural assessments, drawing on data from 122 MNEs across eight countries. The results indicate that each type of institutional pressure positively impacts MNEs' ESG strategy, and these strategies, in turn, have a positive effect on sustainable performance. However, the moderating effect of digitalization capability between ESG strategy and sustainable performance was significant only for financial performance. This study addresses gaps in previous research and provides theoretical and practical implications for MNEs operating in emerging markets.