We analyze the performance of firms in the German business-related services sector. A quarterly business survey provides the panel data base of our study. Firm performance is measured by the survey respondents' ordinal indication of their changes in total sales. We use a firstorder Markov chain...

The few studies that analyze the impact of a combined strategy of innovation and corporate social responsibility (CSR) on firm performance mostly focus on financial performance. In contrast, the current study considers the simultaneous impact of technological innovations (product and process)...