Corporate social responsibility, customer satisfaction, and market value
Corporate social responsibility, customer satisfaction, and market value
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DOI：
10.1509/jmkg.70.4.001
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发表时间：
2006-10-01
影响因子：
12.9
通讯作者：
Bhattacharya, C. B.
中科院分区：
文献类型：
--
作者：
Luo, Xueming;Bhattacharya, C. B.
虽然之前的研究已经解决了企业社会责任(CSR)对感知到的客户反应的影响，但尚不清楚企业社会责任是否会影响公司的市场价值。本研究构建并检验了一个概念框架，该框架预测：(1)顾客满意度部分中介了企业社会责任与企业市场价值(即托宾质量和股票回报)之间的关系；(2)企业能力(创新能力和产品质量)对企业社会责任的财务回报起到了中介作用；(3)这些调节关系通过顾客满意度起到了中介作用。基于一个大规模的二次数据集，结果表明该框架是可行的。值得注意的是，作者发现，在创新能力较低的公司中，企业社会责任实际上会降低客户满意度，并通过降低满意度损害市场价值。这些未被发现的中介和非对称调节结果为营销理论和实践提供了重要的启示。
Although prior research has addressed the influence of corporate social responsibility (CSR) on perceived customer responses, it is not clear whether CSR affects market value of the firm. This study develops and tests a conceptual framework, which predicts that (1) customer satisfaction partially mediates the relationship between CSR and firm market value (i.e., Tobin's q and stock return), (2) corporate abilities (innovativeness capability and product quality) moderate the financial returns to CSR, and (3) these moderated relationships are mediated by customer satisfaction. Based on a large-scale secondary data set, the results show support for this framework. Notably, the authors find that in firms with low innovativeness capability, CSR actually reduces customer satisfaction levels and, through the lowered satisfaction, harms market value. The uncovered mediated and asymmetrically moderated results offer important implications for marketing theory and practice.