Corporate social responsibility, competition, and firm value

被引：17
|
作者：
Gupta, Kartick [1 ]
Krishnamurti, Chandrasekhar [1 ]
机构：
[1] Univ South Australia, 37 North Terrace, Adelaide, SA 5000, Australia
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2021年 / 68卷
关键词：
Corporate social responsibility; Product market competition; Financial performance; Country-level determinants; PRODUCT MARKET COMPETITION; GOVERNANCE; PHILANTHROPY; PERFORMANCE; COSTS;
D O I：
10.1016/j.pacfin.2021.101622
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, we examine whether corporate social responsibility (CSR) is value-enhancing in the presence of product market competition. Using a comprehensive sample of 22,527 firm-year observations from 62 countries, we find that the value-enhancing effect of CSR is prevalent in the non-competitive industries. We examine the channels through which firms earn positive benefits of CSR and document a strong positive link between firm profitability, productivity, total factor productivity, efficiency, and CSR in non-competitive industries. Our results withstand various robustness checks and endogeneity concerns.
引用
收藏
页数：21
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