We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently: these firms are less prone to invest in negative net present value (NPV) projects (overinvestment) and less prone to forego positive NPV projects (underinvestment). We also find that firms with higher CSR performance generate more patents and patent citations. Mediation analysis indicates that firms with higher CSR performance are more profitable and valuable, consequences partially attributable to efficient investments and innovation. These results, robust to alternate model specifications, lend support to enlightened stakeholder theory.
机构:
Natl Chi Nan Univ, Dept Banking & Finance, Puli, TaiwanNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
Ko, Kuan-Cheng
Nie, Jun
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Chongqing Univ, Sch Publ Affair, Chongqing, Peoples R ChinaNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
Nie, Jun
Ran, Rong
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Chongqing Univ, Sch Publ Affair, Chongqing, Peoples R China
Chongqing Univ, Chinese Publ Serv Res Ctr, Chongqing, Peoples R ChinaNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
Ran, Rong
Gu, Yuan
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Chongqing Univ, Sch Publ Affair, Chongqing, Peoples R ChinaNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
机构:
Ewha Womans Univ, Sch Business, 52 Ewhayeodae Gil, Seoul 03760, South KoreaEwha Womans Univ, Sch Business, 52 Ewhayeodae Gil, Seoul 03760, South Korea
Choi, Bu-Kyung
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Ahn, Ji-Young
Choi, Myeong-Cheol
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Gachon Univ, Coll Business, Seongnam 13120, South KoreaEwha Womans Univ, Sch Business, 52 Ewhayeodae Gil, Seoul 03760, South Korea
机构:
Natl Chi Nan Univ, Dept Banking & Finance, Puli, TaiwanNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
Ko, Kuan-Cheng
Nie, Jun
论文数: 0引用数: 0
h-index: 0
机构:
Chongqing Univ, Sch Publ Affair, Chongqing, Peoples R ChinaNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
Nie, Jun
Ran, Rong
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机构:
Chongqing Univ, Sch Publ Affair, Chongqing, Peoples R China
Chongqing Univ, Chinese Publ Serv Res Ctr, Chongqing, Peoples R ChinaNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
Ran, Rong
Gu, Yuan
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机构:
Chongqing Univ, Sch Publ Affair, Chongqing, Peoples R ChinaNatl Chi Nan Univ, Dept Banking & Finance, Puli, Taiwan
机构:
Ewha Womans Univ, Sch Business, 52 Ewhayeodae Gil, Seoul 03760, South KoreaEwha Womans Univ, Sch Business, 52 Ewhayeodae Gil, Seoul 03760, South Korea
Choi, Bu-Kyung
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机构:
Ahn, Ji-Young
Choi, Myeong-Cheol
论文数: 0引用数: 0
h-index: 0
机构:
Gachon Univ, Coll Business, Seongnam 13120, South KoreaEwha Womans Univ, Sch Business, 52 Ewhayeodae Gil, Seoul 03760, South Korea