Fleet sustainability of the liner market—from the perspective of corporate social responsibility

Amid growing public concerns about the environment, sustainability has become a primary objective for most liner companies, aligning with the tenets of Corporate Social Responsibility (CSR). Drawing on stakeholder and resource-based theories, this study divides CSR into three dimensions—Fleet Development, Governance and Legal, and Environmental and Social—to address the lack of measuring dimensions of CSR activities from multiple stakeholders. We use actual data from various sources, including each company’s development of the three CSR dimensions, as well as the influencing factors of market, operational, and company characteristics. Proposing mutual reinforcement among the three CSR dimensions, we develop a system of simultaneous equations, employing the three-stage least squares estimator to estimate the model. The results confirm the mutual reinforcement of the dimensions of CSR and disclose the synergy effects achieved by liner companies’ simultaneous pursuit of CSR activities and fleet development. It also identifies two virtuous circles between fleet development and vessel scrubber installation, as well as port authorities’ inspection and detention activities. These findings emphasize the relevance of CSR activities for companies pursuing fleet development goals, highlighting the consequential benefits of adopting sustainable measures across multiple dimensions of the firm.