메뉴 건너뛰기




Volumn 59, Issue 5, 2013, Pages 1045-1061

The impact of corporate social responsibility on firm value: The role of customer awareness

Author keywords

Corporate social responsibiliy; Customer awareness; Firm value; Reputation

Indexed keywords

ADVERTISING EXPENDITURES; CORPORATE SOCIAL RESPONSIBILITIES (CSR); CORPORATE SOCIAL RESPONSIBILIY; CUSTOMER AWARENESS; FIRM VALUE; REPUTATION;

EID: 84878083301     PISSN: 00251909     EISSN: 15265501     Source Type: Journal    
DOI: 10.1287/mnsc.1120.1630     Document Type: Article
Times cited : (1567)

References (51)
  • 1
    • 66049116681 scopus 로고    scopus 로고
    • The economic analysis of advertising
    • Armstrong M, Porter R, eds., (North-Holland, Amsterdam)
    • Bagwell K (2007) The economic analysis of advertising. Armstrong M, Porter R, eds. Handbook of Industrial Organization, Vol. 3 (North-Holland, Amsterdam), 1701-1844.
    • (2007) Handbook of Industrial Organization , vol.3 , pp. 1701-1844
    • Bagwell, K.1
  • 2
    • 34547340020 scopus 로고    scopus 로고
    • Stakeholder influence capacity and the variability of financial returns to corporate social responsibility
    • Barnett ML (2007) Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Acad. Management Rev. 32:794-816.
    • (2007) Acad. Management Rev. , vol.32 , pp. 794-816
    • Barnett, M.L.1
  • 3
    • 0035580741 scopus 로고    scopus 로고
    • Private politics, corporate social responsibility, and integrated strategy
    • Baron DP (2001) Private politics, corporate social responsibility, and integrated strategy. J. Econom. Management Strategy 10:7-45.
    • (2001) J. Econom. Management Strategy , vol.10 , pp. 7-45
    • Baron, D.P.1
  • 4
    • 0033247292 scopus 로고    scopus 로고
    • Does stakeholder orientation matter? the relationship between stakeholder management models and firm financial performance
    • Berman SL, Wicks AC, Kotha S, Jones TM (1999) Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Acad. Management J. 42:488-506.
    • (1999) Acad. Management J. , vol.42 , pp. 488-506
    • Berman, S.L.1    Wicks, A.C.2    Kotha, S.3    Jones, T.M.4
  • 5
    • 10844233900 scopus 로고    scopus 로고
    • Doing better at doing good: When, why, and how consumers respond to corporate social initiatives
    • Bhattacharya CB, Sen S (2004) Doing better at doing good: When, why, and how consumers respond to corporate social initiatives. Calif. Management Rev. 47:9-24.
    • (2004) Calif. Management Rev. , vol.47 , pp. 9-24
    • Bhattacharya, C.B.1    Sen, S.2
  • 6
    • 34547265824 scopus 로고    scopus 로고
    • Corporations as social change agents: Individual, interpersonal, institutional, and environmental dynamics
    • Bies RJ, Bartunek JM, Fort TL, Zald MN (2007) Corporations as social change agents: Individual, interpersonal, institutional, and environmental dynamics. Acad. Management Rev. 32:788-793.
    • (2007) Acad. Management Rev. , vol.32 , pp. 788-793
    • Bies, R.J.1    Bartunek, J.M.2    Fort, T.L.3    Zald, M.N.4
  • 7
    • 56549100652 scopus 로고    scopus 로고
    • Does it pay to be different? An analysis of the relationship between corporate social and financial performance
    • Brammer S, Millington A (2008) Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management J. 29:1325-1343.
    • (2008) Strategic Management J. , vol.29 , pp. 1325-1343
    • Brammer, S.1    Millington, A.2
  • 8
    • 0031541045 scopus 로고    scopus 로고
    • The company and the product: Corporate associations and consumer product responses
    • Brown TJ, Dacin PA (1997) The company and the product: Corporate associations and consumer product responses. J. Marketing 61:68-84.
    • (1997) J. Marketing , vol.61 , pp. 68-84
    • Brown, T.J.1    Dacin, P.A.2
  • 9
    • 0010187508 scopus 로고
    • Removing the financial performance halo from Fortune's "most admired" companies
    • Brown B, Perry S (1994) Removing the financial performance halo from Fortune's "most admired" companies. Acad. Management J. 37:1347-1359.
    • (1994) Acad. Management J. , vol.37 , pp. 1347-1359
    • Brown, B.1    Perry, S.2
  • 11
    • 0007257205 scopus 로고    scopus 로고
    • The influence of firm behavior on purchase intention: Do consumers really care about business ethics
    • Creyer EH, Ross WT Jr (1997) The influence of firm behavior on purchase intention: Do consumers really care about business ethics. J. Consumer Marketing 14:421-432.
    • (1997) J. Consumer Marketing , vol.14 , pp. 421-432
    • Creyer, E.H.1    Ross Jr., W.T.2
  • 12
    • 38949123673 scopus 로고    scopus 로고
    • How corporate social responsibility is defined: An analysis of 37 definitions
    • Dahlsrud A (2008) How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Soc. Responsibility Environ. Management 15:1-13.
    • (2008) Corporate Soc. Responsibility Environ. Management , vol.15 , pp. 1-13
    • Dahlsrud, A.1
  • 13
    • 74949136197 scopus 로고    scopus 로고
    • Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication
    • Du S, Bhattacharya CB, Sen S (2010) Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. Internat. J. Management Rev. 12:8-19.
    • (2010) Internat. J. Management Rev. , vol.12 , pp. 8-19
    • Du, S.1    Bhattacharya, C.B.2    Sen, S.3
  • 14
    • 67649556082 scopus 로고    scopus 로고
    • Investment, financing constraints, and internal capital markets: Evidence from the advertising expenditures of multinational firms
    • Fee CE, Hadlock CD, Pierce JR (2009) Investment, financing constraints, and internal capital markets: Evidence from the advertising expenditures of multinational firms. Rev. Financial Stud. 22:2361-2392.
    • (2009) Rev. Financial Stud. , vol.22 , pp. 2361-2392
    • Fee, C.E.1    Hadlock, C.D.2    Pierce, J.R.3
  • 15
    • 77953876704 scopus 로고    scopus 로고
    • When necessity becomes a virtue: The effect of product market competition on corporate social responsibility
    • Fernandez-Kranz D, Santaló J (2010) When necessity becomes a virtue: The effect of product market competition on corporate social responsibility. J. Econom. Management Strategy 19:453-487.
    • (2010) J. Econom. Management Strategy , vol.19 , pp. 453-487
    • Fernandez-Kranz, D.1    Santaló, J.2
  • 18
    • 0000171195 scopus 로고    scopus 로고
    • The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research
    • Griffin JJ, Mahon JF (1997) The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Bus. Soc. 36:5-31.
    • (1997) Bus. Soc. , vol.36 , pp. 5-31
    • Griffin, J.J.1    Mahon, J.F.2
  • 19
    • 67349160613 scopus 로고    scopus 로고
    • Do banks price their informational monopoly?
    • Hale G, Santos JAC (2009) Do banks price their informational monopoly? J. Financial Econom. 93:185-206.
    • (2009) J. Financial Econom. , vol.93 , pp. 185-206
    • Hale, G.1    Jac, S.2
  • 20
    • 73849085019 scopus 로고    scopus 로고
    • Managing for stakeholders, stakeholder utility functions, and competitive advantage
    • Harrison JS, Bosse DA, Phillips RA (2010) Managing for stakeholders, stakeholder utility functions, and competitive advantage. Strategic Management J. 31:58-74.
    • (2010) Strategic Management J. , vol.31 , pp. 58-74
    • Harrison, J.S.1    Bosse, D.A.2    Phillips, R.A.3
  • 21
    • 0038159332 scopus 로고    scopus 로고
    • Shareholder value, stakeholder management, and social issues: What's the bottom line?
    • Hillman AJ, Keim GD (2001) Shareholder value, stakeholder management, and social issues: What's the bottom line? Strategic Management J. 22:125-139.
    • (2001) Strategic Management J. , vol.22 , pp. 125-139
    • Hillman, A.J.1    Keim, G.D.2
  • 22
    • 45849092616 scopus 로고    scopus 로고
    • Firm performance: The interactions of corporate social performance with innovation and industry differentiation
    • Hull CE, Rothenberg S (2008) Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic Management J. 29:781-789.
    • (2008) Strategic Management J. , vol.29 , pp. 781-789
    • Hull, C.E.1    Rothenberg, S.2
  • 23
    • 84878077242 scopus 로고    scopus 로고
    • Report, January 27
    • ISS (Institutional Shareholder Services) (2011) 2011 U.S. proxy voting guidelines summary. Report, January 27, http://www.issgovernance.com/files/ ISS2011PolicySummaryGuidelines 20110127.pdf.
    • (2011) 2011 U.S. Proxy Voting Guidelines Summary
  • 25
    • 84986271027 scopus 로고    scopus 로고
    • Value maximization, stakeholder theory, and the corporate objective function
    • Jensen MC (2001) Value maximization, stakeholder theory, and the corporate objective function. Eur. Financial Management 7:297-317.
    • (2001) Eur. Financial Management , vol.7 , pp. 297-317
    • Jensen, M.C.1
  • 26
    • 0033247298 scopus 로고    scopus 로고
    • The effects of corporate governance and institutional ownership types on corporate social performance
    • Johnson RA, Greening DW (1999) The effects of corporate governance and institutional ownership types on corporate social performance. Acad. Management J. 42:564-576.
    • (1999) Acad. Management J. , vol.42 , pp. 564-576
    • Johnson, R.A.1    Greening, D.W.2
  • 27
    • 62549122534 scopus 로고    scopus 로고
    • With greater power comes greater responsibility? Takeover protection and corporate attention to stakeholders
    • Kacperczyk A (2009) With greater power comes greater responsibility? Takeover protection and corporate attention to stakeholders. Strategic Management J. 30:251-285.
    • (2009) Strategic Management J. , vol.30 , pp. 251-285
    • Kacperczyk, A.1
  • 29
    • 0347569255 scopus 로고    scopus 로고
    • Misery loves companies: Rethinking social initiatives by business
    • Margolis JD, Walsh JP (2003) Misery loves companies: Rethinking social initiatives by business. Admin. Sci. Quart. 48:268-305.
    • (2003) Admin. Sci. Quart. , vol.48 , pp. 268-305
    • Margolis, J.D.1    Walsh, J.P.2
  • 31
    • 68249162375 scopus 로고    scopus 로고
    • Agency problems at dual-class companies
    • Masulis RW, Wang C, Xie F (2009) Agency problems at dual-class companies. J. Finance 64:1697-1727.
    • (2009) J. Finance , vol.64 , pp. 1697-1727
    • Masulis, R.W.1    Wang, C.2    Xie, F.3
  • 32
    • 0000253595 scopus 로고    scopus 로고
    • Corporate social responsibility and financial performance: Correlation or misspecification?
    • McWilliams A, Siegel D (2000) Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management J. 21:603-609.
    • (2000) Strategic Management J. , vol.21 , pp. 603-609
    • McWilliams, A.1    Siegel, D.2
  • 33
    • 0035529262 scopus 로고    scopus 로고
    • Corporate social responsibility: A theory of the firm perspective
    • McWilliams A, Siegel D (2001) Corporate social responsibility: A theory of the firm perspective. Acad. Management Rev. 25:117-127.
    • (2001) Acad. Management Rev. , vol.25 , pp. 117-127
    • McWilliams, A.1    Siegel, D.2
  • 34
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R, Shleifer A, Vishny RW (1988) Management ownership and market valuation: An empirical analysis. J. Financial Econom. 20:293-315.
    • (1988) J. Financial Econom. , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 35
    • 0001181569 scopus 로고
    • Advertising as information
    • Nelson P (1974) Advertising as information. J. Political Econom. 82:729-754.
    • (1974) J. Political Econom. , vol.82 , pp. 729-754
    • Nelson, P.1
  • 36
    • 0035656514 scopus 로고    scopus 로고
    • Does firm size confound the relationship between corporate social performance and financial performance?
    • Orlitzky M (2001) Does firm size confound the relationship between corporate social performance and financial performance? J. Bus. Ethics 33:167-180.
    • (2001) J. Bus. Ethics , vol.33 , pp. 167-180
    • Orlitzky, M.1
  • 37
    • 0042090748 scopus 로고    scopus 로고
    • Corporate social and financial performance: A meta analysis
    • Orlitzky M, Schmidt FL, Rynes SL (2003) Corporate social and financial performance: A meta analysis. Organ. Stud. 24:403-441.
    • (2003) Organ. Stud. , vol.24 , pp. 403-441
    • Orlitzky, M.1    Schmidt, F.L.2    Rynes, S.L.3
  • 39
    • 63349096609 scopus 로고    scopus 로고
    • Assessing the prerequisite of successful CSR implementation: Are consumers aware of CSR initiatives?
    • Pomering A, Dolnicar S (2009) Assessing the prerequisite of successful CSR implementation: Are consumers aware of CSR initiatives? J. Bus. Ethics 85:295-301.
    • (2009) J. Bus. Ethics , vol.85 , pp. 295-301
    • Pomering, A.1    Dolnicar, S.2
  • 40
    • 0036905213 scopus 로고    scopus 로고
    • Corporate reputation and sustained superior financial performance
    • Roberts PW, Dowling GR (2002) Corporate reputation and sustained superior financial performance. Strategic Management J. 23:1077-1093.
    • (2002) Strategic Management J. , vol.23 , pp. 1077-1093
    • Roberts, P.W.1    Dowling, G.R.2
  • 41
    • 0002745670 scopus 로고
    • Regression standard errors in clustered samples
    • Rogers W (1993) Regression standard errors in clustered samples. Stata Tech. Bull. 13:19-23.
    • (1993) Stata Tech. Bull. , vol.13 , pp. 19-23
    • Rogers, W.1
  • 42
    • 0000648727 scopus 로고    scopus 로고
    • The relationship between social and financial performance: Repainting a portrait
    • Roman RM, Hayibor S, Agle BR (1999) The relationship between social and financial performance: Repainting a portrait. Bus. Soc. 38:109-125.
    • (1999) Bus. Soc. , vol.38 , pp. 109-125
    • Roman, R.M.1    Hayibor, S.2    Agle, B.R.3
  • 43
    • 33745686601 scopus 로고    scopus 로고
    • A corporate social performancecorporate financial performance behavioral model for consumers
    • Schuler DA, Cording M (2006) A corporate social performancecorporate financial performance behavioral model for consumers. Acad. Management Rev. 31:540-558.
    • (2006) Acad. Management Rev. , vol.31 , pp. 540-558
    • Schuler, D.A.1    Cording, M.2
  • 44
    • 0035534137 scopus 로고    scopus 로고
    • Does doing good always lead to doing better? Consumer reactions to corporate social responsibility
    • Sen S, Bhattacharya CB (2001) Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. J. Marketing Res. 38:225-243.
    • (2001) J. Marketing Res. , vol.38 , pp. 225-243
    • Sen, S.1    Bhattacharya, C.B.2
  • 45
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A, Vishny RW (1997) A survey of corporate governance. J. Finance 52:737-783.
    • (1997) J. Finance , vol.52 , pp. 737-783
    • Shleifer, A.1    Vishny, R.W.2
  • 46
    • 34547232517 scopus 로고    scopus 로고
    • An empirical analysis of the strategic use of corporate social responsibility
    • Siegel DS, Vitaliano DF (2007) An empirical analysis of the strategic use of corporate social responsibility. J. Econom. Management Strategy 16:773-792.
    • (2007) J. Econom. Management Strategy , vol.16 , pp. 773-792
    • Siegel, D.S.1    Vitaliano, D.F.2
  • 48
    • 77952165134 scopus 로고    scopus 로고
    • Corporate responsibility and financial performance: The role of intangible resources
    • Surroca J, Tribó JA, Waddock S (2010) Corporate responsibility and financial performance: The role of intangible resources. Strategic Management J. 31:463-490.
    • (2010) Strategic Management J. , vol.31 , pp. 463-490
    • Surroca, J.1    Tribó, J.A.2    Waddock, S.3
  • 49
    • 0001640778 scopus 로고    scopus 로고
    • The corporate social performancefinancial performance link
    • Waddock SA, Graves S (1997) The corporate social performancefinancial performance link. Strategic Management J. 18:303-317.
    • (1997) Strategic Management J. , vol.18 , pp. 303-317
    • Waddock, S.A.1    Graves, S.2
  • 50
    • 0000095552 scopus 로고
    • A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity
    • White A (1980) A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica 48:817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.