Can doing good lead to doing poorly? Firm value implications of CSR in the face of CSI
Can doing good lead to doing poorly? Firm value implications of CSR in the face of CSI
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DOI：
10.1007/s11747-016-0510-9
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发表时间：
2017-03
影响因子：
18.2
通讯作者：
Isabell Lenz;Hauke A. Wetzel;Maik Hammerschmidt
中科院分区：
文献类型：
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作者：
Isabell Lenz;Hauke A. Wetzel;Maik Hammerschmidt
企业社会责任（CSR）活动通过加强利益相关者关系来提高公司价值。然而，许多公司也参与了企业社会责任（CSI），这可能导致利益相关者判断企业社会责任的行为是不真诚的，随后损害了公司的价值。本研究探讨了顾客满意度对企业社会责任公司价值影响的关键作用。作为一个初步的发现，结果表明，企业社会责任的积极的公司价值效应显着衰减的存在CSI。提供更细粒度的分析，作者详细阐述了与CSI相同（SD-CSR）或其他领域（OD-CSR）相关的CSR的有效性。在其他条件相同的情况下，研究结果表明，只有OD-CSR提高了企业价值。然而，根据CSI的背景，SD-CSR破坏或有利于公司价值和OD-CSR或多或少是有益的。通过在关于如何将做好与做好结合起来的讨论中增加新的方面，结果对理论家和实践者都有帮助。
Corporate social responsibility (CSR) activities enhance firm value via strengthened stakeholder relationships. However, many firms are also involved in corporate social irresponsibility (CSI), which could lead stakeholders to judge CSR actions as insincere, subsequently damaging firm value. This study examines the pivotal role of CSI for CSR’s firm value effects. As an initial finding, the results indicate that CSR’s positive firm value effect is significantly attenuated by the presence of CSI. Offering a more fine-grained analysis, the authors elaborate on the effectiveness of CSR that relates to the same (SD-CSR) or other domains (OD-CSR) as CSI. All else equal, the results indicate that only OD-CSR enhances firm value. Depending upon the CSI context, however, SD-CSR destroys or benefits firm value and OD-CSR is more or less beneficial. By adding new aspects to the discussion about how to align doing good with doing well, the results speak to both theorists and practitioners.