A Process‐Based Efficiency Model of Innovation, Sustainability, and Profitability in Semiconductor Firms: The Moderating Role of ESG Factors
研究了50家全球半导体企业2017-2022年的创新、可持续性和盈利能力效率，发现创新正向影响可持续性和盈利，但可持续性对盈利有负向影响，ESG因素强化了创新与可持续性的关系。
ABSTRACT Evaluating performance and sustainability in the semiconductor sector requires comprehensive approaches due to competing managerial priorities. This study advances prior research by applying the dynamic network slack‐based measure (DNSBM) to assess firm efficiency across three dimensions: innovation (IE), sustainability (SE), and profitability (PE) for 50 global semiconductor firms from 2017–2022. Hierarchical regression analyses examine the interrelationships among these dimensions and the moderating role of environmental, social, governance, and overall environmental, social, and governance (ESG) factors on the IE–SE and SE–PE linkages. Findings show that IE positively affects both SE and PE, whereas SE negatively associates with PE, partially offsetting IE's contribution to profitability. Robustness checks confirm that IE–SE and IE–PE relationships remain strong, whereas the SE–PE effect is no longer significant, suggesting that sustainability initiatives may impose short‐term financial pressures without consistently affecting profitability. Environmental and overall ESG factors strengthen the IE–SE link but do not significantly influence SE–PE, indicating that ESG primarily enhances innovation‐driven sustainability rather than short‐term financial outcomes. These results highlight that semiconductor firms should align innovation with sustainability initiatives and strategically leverage ESG to achieve long‐term competitive advantage.