The Impact of CSR- Related ISO Standards on International Business Activities

Purpose - CSR standards are broad national and international standards aimed at advancing the social, ethical, and environmental performance of organizations. Although CSR standards are increasingly appearing in the public eye, there is a lack of empirical research on CSR-related ISO standards. This study primarily focuses on CSR-related ISO standards from a macro perspective. Methodology - The study employs panel data from 130 countries for the period 2020-2022. The analysis examines the relationship between ISO 9001, ISO 14001, and international business activities, specifically Foreign Direct Investment (FDI), trade, and imports. Findings - The study finds that both ISO 9001 and ISO 14001 have a positive impact on Foreign Direct Investment (FDI). While ISO 9001 is positively related to trade, ISO 14001 does not significantly affect imports. Additionally, there are differences in how ISO 9001 and ISO 14001 influence international business activities. Research Implications - This study not only enriches knowledge on ISO standards and their influence on international business activities but also contributes to research on CSR by providing empirical evidence on the effects of CSR-related ISO standards.