The impact of corporate sustainability on emerging market firms’ internationalization
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2025-10-24
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Pereira, Susana Carla Farias
Alvarenga, Murilo Zamboni
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The internationalization of firms and the adoption of sustainability practices have been widely studied, yet, gaps remain regarding how sustainable initiatives influence international expansion, particularly in the context of emerging market companies. This research uses 1,367 secondary data from the FactSet database from Latin American companies, applying a linear regression (OLS) model followed by a two-stage (2SLS) model to examine the relationship between Corporate Sustainability (CS) and internationalization, controlling size, age, assets, and innovation. The results indicate that firms with stronger sustainability tend, on average, to be less internationalized, raising questions about the underlying causes of this behavior. This finding highlights the complexity of the relationship and suggests that, in certain contexts, it may manifest negatively as other studies have also shown. One possible explanation is that these firms often operate in countries with stricter environmental policies, where they gain competitive advantages in the domestic market. In summary, the study demonstrates that sustainability is not merely a consequence but also a structuring factor in the internationalization of emerging market firms, offering new insights into how environmental policies and corporate governance practices shape global strategies. Subsequent studies could investigate which specific variables, such as sectoral characteristics, innovation intensity, or institutional environments, serve to strengthen or weaken the impact of sustainability on internationalization.