This paper examines the impact of diverse consumption of energy sources on firm performance, focusing on the moderating role of corporate social responsibility (CSR). The paper uses 45,579 firm-level panel data samples across 56 developing and developed economies from 2002 to 2021. It is observed that the impact of energy diversification in improving firms' performance (measured by the return on assets, return on equity, sales growth, and Tobin's Q) is more potent in firms with higher CSR engagement. The moderating effect of CSR is also more pronounced among firms in high energy-consuming industries than in low energy-consuming ones. Finally, the moderating role of CSR activities is more substantial for firms in countries with individualistic and long-term-oriented cultures.

中文翻译：

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能源多元化对企业绩效的影响：企业社会责任的调节作用


本文研究了能源多样化消费对公司绩效的影响，重点关注企业社会责任 （CSR） 的调节作用。该论文使用了 2002 年至 2021 年期间 56 个发展中经济体和发达经济体的 45,579 个企业层面的面板数据样本。据观察，能源多元化对提高公司绩效（以资产回报率、股本回报率、销售增长和 Tobin's Q 衡量）的影响在 CSR 参与度较高的公司中更为有效。与低能耗行业的企业相比，企业社会责任的调节作用在高能耗行业的企业中也更为明显。最后，对于具有个人主义和长期导向文化的国家的公司来说，企业社会责任活动的调节作用更为重要。