Corporate Social Responsibility and Enterprise Efficiency of Multinational Semiconductor Enterprises: Moderating Effect of National Governance Quality Under Long‐Term Orientation Perspective

This study examines how corporate social responsibility (CSR) influences the eco‐efficiency and value‐creation efficiency of multinational semiconductor enterprises, and how this relationship is conditioned by institutional factors, specifically governance quality, and cultural factors, specifically long‐term orientation (LTO). Drawing on the Resource‐Based View and Institutional Theory, we investigate governance quality as a first‐order moderator and LTO as a second‐order moderator. Using a chance‐constrained data envelopment analysis (CCDEA) model, we evaluate the eco‐efficiency and value‐creation efficiency of 42 leading firms in North America, Europe, and Asia from 2017 to 2021. We then apply hierarchical moderated‐moderation regression to assess the joint effects of governance quality and LTO on the CSR‐efficiency link. Results show that North American and European firms demonstrate greater stability in eco‐efficiency, while Asian firms maintain more consistent value‐creation efficiency. Governance quality alone does not significantly alter the CSR‐efficiency relationship; however, its effect becomes pronounced when interacting with LTO, highlighting the role of cultural time horizons in translating institutional strength into sustainable performance. Methodologically, this study is the first in the semiconductor literature to couple CCDEA‐based efficiency with a moderated‐moderation framework that evaluates the effects of governance quality and LTO. The findings offer actionable insights for policymakers and industry leaders seeking to align sustainability regulations, incentives, and strategies with the institutional and cultural profiles of semiconductor enterprises.