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

页数：21

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