Corporate social responsibility (CSR) is assumed to have a direct influence on firm performance. However, the existing literature provides a mixed depiction of the relationship between CSR and firm performance. In this study, CSR is considered as an enabler for firm performance, rather than a direct driving force. Using a sample of U.S. firms, we test the enabler hypothesis and find that CSR positively moderates the relationship between marketing investments and firm financial performance, i.e., the enabling hypothesis is supported. The moderating effect of CSR is further moderated by how firms treat their employees. Mistreating employees weakens CSR’s moderating effect because it may make customers to perceive CSR activities as self-interested makeups rather than purely charitable actions in nature. Overall, our study suggests a logic shift from considering CSR as a driver for firm performance to an enabler and provides implications for both future research and practices.

Industrial wastewaters threatening the sustainability of society have increasingly become a key social issue across the globe. Consequently, countermeasures have been suggested across a broad range of research fields and policy cycles in both industrialized and industrializing countries. Thus, identifying factors that drive reductions in industrial wastewater discharge is a key task in the water research and policymaking fields. In contrast to previous studies that have focused on reducing industrial wastewater discharge through techniques, policy, management, and other tools, the aim of this study was to investigate the effect of transport infrastructure development, particularly high-speed railways (HSR), on industrial sewage discharge. Given the rapid development of high-speed railways in China and the country’s severe water pollution, China was our research context, and our sample was 298 prefecture-level Chinese cities during the period 1999–2018. The empirical results show that cities with high-speed railways have greater reductions in industrial wastewaters, and that these effects are weakened in cities with a more developed economy and information environment. The results are consistent when using different methods to test their robustness, such as time-varying difference-in-difference (DID), instrumental variables, and placebo tests. These findings offer useful guidance for practitioners and policymakers in the management of water resources and the development of transport infrastructure in cities. These results contribute to the literature in the field of water management and to the assessment of the broader effect of high-speed railways.

Emerging transportation infrastructure (e.g., HSR) is considered to be an important influencing factor of executive compensation. Moreover, information asymmetry is a contextual factor that cannot be ignored in the above relationship. Based on signal theory, this study used the group data from 2371 Chinese-listed companies between 1999 and 2018 as the research object. This study regarded the operation of HSR as an exogenous shock, using the time-varying difference-in-difference (DID) method to test whether discrepancies exist in the influence of HSR on executive compensation in different contexts. The results show that the operation of HSR positively affects the executive compensation of enterprises in cities along the line. In addition, compared with state-owned enterprises, the impact of a high-speed railway on executive compensation is particularly significant in private enterprises. Furthermore, compared with well-known enterprises, the impact of high-speed railways on executive compensation is particularly significant in enterprises with low visibility. This study reduced the endogeneity problem and made the results more reliable by treating HSR operation as an exogenous variable. The research conclusions are expected to provide a theoretical basis and management implications for companies in cities along high-speed railways to improve their salary system.