Corporate social responsibility and internationalisation in mitigating risk

Saarce Elsye Hatane, Noorlailie Soewarno

Research output: Contribution to journalArticlepeer-review

2 Citations (Scopus)


This study aims to recognise the effect of corporate social responsibility (CSR) and internationalisation on the idiosyncratic risk of the tourism and hospitality industry in ASEAN. The generalised method of moments (GMM) two-step model examined the research framework from 405 firm-years applied from 81 companies in Indonesia, Malaysia, Thailand, and Singapore, from 2015 until 2019. The results prove that CSR activities and internationalisation strategy can mitigate idiosyncratic risk. In addition, the demand for social responsibility in the global market is undoubtedly higher than in the local market. Therefore, adequate CSR disclosure is required to meet investor satisfaction in international markets. This study contributes to social responsibility studies by investigating the effect of CSR activities on idiosyncratic risk in ASEAN countries. Analysis of the interaction between internationalisation and CSR leverages the values of this study.

Original languageEnglish
Pages (from-to)221-242
Number of pages22
JournalInternational Journal of Sustainable Society
Issue number3
Publication statusPublished - 2022


  • CSR
  • corporate social responsibility
  • hospitality
  • idiosyncratic risk
  • internationalisation
  • tourism


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