Corporate Citizenship of Multinational Enterprises and Financial Performance: The Moderating Effect of Operating in Developing Countries Aguilera Caracuel, Javier Guerrero-Villegas, Jaime Morales Raya, Matilde Multinational enterprises Corporate citizenship Corporate ethical initiatives Corporate philanthropic initiatives Corporate financial performance This work was financed by the Minister of Science and Innovation (research projects ECO2010-20483, and ECO 2013-47009-P), the Board of Andalucia (research projects for excellence: P08-SEJ-0457, P10-SEJ-6765, and P11-SEJ-7988), and the Research Group ISDE (SEJ-481). Multinational enterprises (MNEs) often locate facilities in developing countries to benefit from lax environmental and social regulations and to reduce their operating costs. MNEs can also contribute positively to those countries by improving their economic environment, facilitating relationships with governments and other social agents, and enhancing social welfare. We argue that MNEs that operate in developing countries may enhance economic and sustainable development in those countries and simultaneously improve their financial performance. We analyzed a sample of 113 US MNEs from the chemical, energy, and industrial machinery industries. Our findings suggest that their presence in developing countries moderates the relationship between corporate social performance (CSP) and financial performance (CFP). We found that MNEs with a strong presence in developing countries can take advantage of the implementation of philanthropic initiatives to significantly improve their CFP. 2024-03-05T08:46:09Z 2024-03-05T08:46:09Z 2015 info:eu-repo/semantics/article Aguilera-Caracuel, J., Guerrero-Villegas, J., & Morales-Raya, M. (2015). Corporate Citizenship of Multinational Enterprises and Financial Performance: The Moderating Effect of Operating in Developing Countries. Ethical Perspectives, 22(3), 437-467. DOI: 10.2143/EP.22.3.3108216 https://hdl.handle.net/10481/89788 10.2143/EP.22.3.3108216 eng http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess Attribution-NonCommercial-NoDerivatives 4.0 Internacional Peeters Publishers