The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness

被引：1278

作者：

Servaes, Henri ^{[1
]}

Tamayo, Ane ^{[2
]}

机构：

[1] London Business Sch, London NW1 4SA, England

[2] Univ London London Sch Econ & Polit Sci, London WC2A 2AE, England

来源：

MANAGEMENT SCIENCE | 2013年 / 59卷 / 05期

关键词：

corporate social responsibiliy; firm value; customer awareness; reputation; FINANCIAL PERFORMANCE; STAKEHOLDER MANAGEMENT; OWNERSHIP; CONSUMERS; RETURNS;

D O I：

10.1287/mnsc.1120.1630

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This paper shows that corporate social responsibility (CSR) and firm value are positively related for firms with high customer awareness, as proxied by advertising expenditures. For firms with low customer awareness, the relation is either negative or insignificant. In addition, we find that the effect of awareness on the CSR-value relation is reversed for firms with a poor prior reputation as corporate citizens. This evidence is consistent with the view that CSR activities can add value to the firm but only under certain conditions.

引用

页码：1045 / 1061

页数：17

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