Corporate Social Responsibility, Product Strategy, and Firm Value

被引：12
作者：
Cho, Eunho [1 ]
Tsang, Albert [2 ]
机构：
[1] North Carolina A&T State Univ, Accounting & Finance Dept, 1601 East Market St, Greensboro, NC 27411 USA
[2] Hong Kong Polytech Univ, Sch Accounting & Finance, Hong Kong, Peoples R China
来源：
ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2020年 / 49卷 / 02期
关键词：
Corporate social responsibility; Cost leadership; Differentiation; Firm value; Strategic fit; FINANCIAL PERFORMANCE; DIFFERENTIATION STRATEGY; FIT; MANAGEMENT; IMPACT; GOVERNANCE; DISCLOSURE; CSR; CONGRUENCE; RETURNS;
D O I：
10.1111/ajfs.12291
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study examines the role of a firm's product strategy on the relationship between corporate social responsibility (CSR) and firm value. Using a sample of 1287 firm-year observations of Korean listed manufacturing firms from 2005 to 2016, we find that a firm's product differentiation strategies strengthen the association between CSR and firm value, whereas cost-leadership strategies weaken such a relationship. Our findings demonstrate the importance of attaining a strategic fit between CSR activities and product strategies, and highlight the importance of considering a firm's product strategy when evaluating a firm's CSR investment.
引用
收藏
页码：272 / 298
页数：27
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