Corporate Social Responsibility, Product Strategy, and Firm Value

被引：13

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

页码：272 / 298

页数：27

共 96 条

[11] Stakeholder influence capacity and the variability of financial returns to corporate social responsibility [J].

Barnett, Michael L. .

ACADEMY OF MANAGEMENT REVIEW, 2007, 32 (03) :794-816

[12] Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance [J].

Berman, SL ;

Wicks, AC ;

Kotha, S ;

Jones, TM .

ACADEMY OF MANAGEMENT JOURNAL, 1999, 42 (05) :488-506

[13] Corporate Social Responsibility, Product Differentiation Strategy and Export Performance [J].

Boehe, Dirk Michael ;

Cruz, Luciano Barin .

JOURNAL OF BUSINESS ETHICS, 2010, 91 :325-346

[14] Cross-listing and corporate social responsibility [J].

Boubakri, Narjess ;

El Ghoul, Sadok ;

Wang, He ;

Guedhami, Omrane ;

Kwok, Chuck C. Y. .

JOURNAL OF CORPORATE FINANCE, 2016, 41 :123-138

[15] Who Needs CSR? The Impact of Corporate Social Responsibility on National Competitiveness [J].

Boulouta, Ioanna ;

Pitelis, Christos N. .

JOURNAL OF BUSINESS ETHICS, 2014, 119 (03) :349-364

[16] Corporate reputation and social performance: The importance of fit [J].

Brammer, SJ ;

Pavelin, S .

JOURNAL OF MANAGEMENT STUDIES, 2006, 43 (03) :435-455

[17] Corporate social performance and stock returns: UK evidence from disaggregate measures [J].

Brammer, Stephen ;

Brooks, Chris ;

Pavelin, Stephen .

FINANCIAL MANAGEMENT, 2006, 35 (03) :97-116

[18] Corporate social responsibility, firm value, and influential institutional ownership [J].

Buchanan, Bonnie ;

Cao, Cathy Xuying ;

Chen, Chongyang .

JOURNAL OF CORPORATE FINANCE, 2018, 52 :73-95

[19] Are CSR Disclosures Value Relevant? Cross-Country Evidence [J].

Cahan, Steven F. ;

De Villiers, Charl ;

Jeter, Debra C. ;

Naiker, Vic ;

Van Staden, Chris J. .

EUROPEAN ACCOUNTING REVIEW, 2016, 25 (03) :579-611

[20] The Business Case for Corporate Social Responsibility: A Review of Concepts, Research and Practice [J].

Carroll, Archie B. ;

Shabana, Kareem M. .

INTERNATIONAL JOURNAL OF MANAGEMENT REVIEWS, 2010, 12 (01) :85-105

← 1 2 3 4 5 6 7 8 9 10 →