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This study aims to investigate the impact of stakeholders’ nonfinancial resources (NFRs) on companies’ profitability, filling a significant gap in the literature regarding the role of NFRs in value creation.

Data from 76 organizations from 2017 to 2019 were collected and analyzed. Four primary NFRs and their key value drivers were identified, representing core elements that support different dimensions of a company’s performance. Statistical tests examined the relationship between stakeholders’ NFRs and financial performance measures.

When analyzed collectively and individually, the results reveal a significant positive influence of stakeholders’ NFRs on a firm’s profitability. Higher importance assigned to NFRs correlates with a higher return on sales.

This study contributes to the literature by empirically bridging the gap between stakeholder theory and the resource-based view, addressing the intersection of these perspectives. It also provides novel insights into how stakeholders’ NFRs impact profitability, offering valuable implications for research and managerial practice. It suggests that managers should integrate nonfinancial measures of NFRs within their performance measurement system to manage better and sustain companies’ value-creation process.

Open innovation enables firms to incorporate external expertise and resources into their innovations. However, it is far from easy to obtain sufficient support from external contributors due to potential concerns about the risks of opportunism and appropriation. This paper aims to investigate whether firms’ engagement in corporate social responsibility (CSR) contributes to their open innovation, considering the contingency factors of technological capability, environmental dynamism and state ownership based on capability and motivation perspectives.

Using a sample of Chinese listed firms covering the period from 2009 to 2018, instrumental variable and propensity score matching approaches were used to address the endogenous problems.

This paper obtains empirical results showing that firms engaged in higher levels of CSR produce more joint outputs (co-owned patents) and that this effect is strengthened by technological capability and environmental dynamism. Among state-owned enterprises, CSR engagement is less impactful with regard to open innovation. It is further shown that open innovation is a primary channel through which CSR engagement enhances innovative efficiency.

This study enriches the knowledge of the antecedents of open innovation and contributes to the debate regarding the relationship between CSR and innovation by establishing a relationship between CSR and open innovation, whereas most prior studies focus on how the input and output of innovation are affected by CSR initiatives.

Knowledge on how firms adapt to exogenous shocks remains scant. This study examines whether internationally connected firms (i.e. firms that rely on exporting, global value chains and foreign ownership) are less likely to adjust their production in response to a major exogenous shock. Moreover, this study investigates if governmental policy interventions affect more internationally connected firms than domestically focused counterparts.

This study uses data on more than 13,000 firms from 41 countries worldwide from the World Bank’s Enterprise Surveys, taking advantage of the recent COVID-19 pandemic as a quasi-experimental setting for research.

The results show that export-intensive and foreign-owned firms are less likely to adjust their production in response to the pandemic. Moreover, national governmental policies (in the form of confinement stringency and economic stimuli) seem to affect equally all firms in terms of their ability to adapt to the pandemic. Finally, the economic magnitude of these national policies dwarfs those of firms’ international strategies, confirming the paramount role played by governments worldwide in response to major exogenous shocks.

This study examines empirically whether internationally connected firms are more or less affected by a major global crisis (in this case the COVID-19 pandemic) and whether national policies in response to the crisis favor domestic firms.