The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness

References

• Bagwell K, Armstrong M, Porter R. The economic analysis of advertising. Handbook of Industrial Organization (2007) Vol. 3(North-Holland, Amsterdam) 1701–1844Google Scholar
• Barnett ML. Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Acad. Management Rev. (2007) 32:794–816Crossref, Google Scholar
• Baron DP. Private politics, corporate social responsibility, and integrated strategy. J. Econom. Management Strategy (2001) 10:7–45Crossref, Google Scholar
• Berman SL, Wicks AC, Kotha S, Jones TM. Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Acad. Management J. (1999) 42:488–506Crossref, Google Scholar
• Bhattacharya CB, Sen S. Doing better at doing good: When, why, and how consumers respond to corporate social initiatives. Calif. Management Rev. (2004) 47:9–24Crossref, Google Scholar
• Bies RJ, Bartunek JM, Fort TL, Zald MN. Corporations as social change agents: Individual, interpersonal, institutional, and environmental dynamics. Acad. Management Rev. (2007) 32:788–793Crossref, Google Scholar
• Brammer S, Millington A. Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management J. (2008) 29:1325–1343Crossref, Google Scholar
• Brown TJ, Dacin PA. The company and the product: Corporate associations and consumer product responses. J. Marketing (1997) 61:68–84Crossref, Google Scholar
• Brown B, Perry S. Removing the financial performance halo from Fortune's “most admired” companies. Acad. Management J. (1994) 37:1347–1359Crossref, Google Scholar
• Cheng I, Hong H, Shue K. Do managers do good with other peoples' money. (2012) . Working paper, University of Michigan, Ann ArborGoogle Scholar
• Creyer EH, Ross WT. The influence of firm behavior on purchase intention: Do consumers really care about business ethics. J. Consumer Marketing (1997) 14:421–432Crossref, Google Scholar
• Dahlsrud A. How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Soc. Responsibility Environ. Management (2008) 15:1–13Crossref, Google Scholar
• Du S, Bhattacharya CB, Sen S. Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. Internat. J. Management Rev. (2010) 12:8–19Crossref, Google Scholar
• Fee CE, Hadlock CD, Pierce JR. Investment, financing constraints, and internal capital markets: Evidence from the advertising expenditures of multinational firms. Rev. Financial Stud. (2009) 22:2361–2392Crossref, Google Scholar
• Fernandez-Kranz D, Santaló J. When necessity becomes a virtue: The effect of product market competition on corporate social responsibility. J. Econom. Management Strategy (2010) 19:453–487Crossref, Google Scholar
• Fisman R, Heal G, Nair VB. A model of corporate philanthropy. (2008) . Working paper, Columbia University, New YorkGoogle Scholar
• Freeman RE. Strategic Management: A Stakeholder Approach (1984) (Pitman Publishing, Boston) Google Scholar
• Griffin JJ, Mahon JF. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Bus. Soc. (1997) 36:5–31Crossref, Google Scholar
• Hale G, Santos JAC. Do banks price their informational monopoly? J. Financial Econom. (2009) 93:185–206Crossref, Google Scholar
• Harrison JS, Bosse DA, Phillips RA. Managing for stakeholders, stakeholder utility functions, and competitive advantage. Strategic Management J. (2010) 31:58–74Crossref, Google Scholar
• Hillman AJ, Keim GD. Shareholder value, stakeholder management, and social issues: What's the bottom line? Strategic Management J. (2001) 22:125–139Crossref, Google Scholar
• Hull CE, Rothenberg S. Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic Management J. (2008) 29:781–789Crossref, Google Scholar
• ISS (Institutional Shareholder Services) 2011 U.S. proxy voting guidelines summary. (2011) . Report, January 27, http://www.issgovernance.com/files/ISS2011PolicySummaryGuidelines20110127.pdfGoogle Scholar
• Jaccard J, Turrisi R. Interaction Effects in Multiple Regression (2003) (Sage Publications, Thousand Oaks, CA) Crossref, Google Scholar
• Jensen MC. Value maximization, stakeholder theory, and the corporate objective function. Eur. Financial Management (2001) 7:297–317Crossref, Google Scholar
• Johnson RA, Greening DW. The effects of corporate governance and institutional ownership types on corporate social performance. Acad. Management J. (1999) 42:564–576Crossref, Google Scholar
• Kacperczyk A. With greater power comes greater responsibility? Takeover protection and corporate attention to stakeholders. Strategic Management J. (2009) 30:251–285Crossref, Google Scholar
• Margolis JD, Walsh JP. People and Profits: The Search for a Link Between a Company's Social and Financial Performance (2001) (Lawrence Erlbaum Associates, Mahwah, NJ) Crossref, Google Scholar
• Margolis JD, Walsh JP. Misery loves companies: Rethinking social initiatives by business. Admin. Sci. Quart. (2003) 48:268–305Crossref, Google Scholar
• Margolis JD, Elfenbein HA, Walsh JP. Does it pay to be good…and does it matter? A meta-analysis of the relationship between corporate social and financial performance. (2009) . Working paper, Harvard University, Cambridge, MAGoogle Scholar
• Masulis RW, Wang C, Xie F. Agency problems at dual-class companies. J. Finance (2009) 64:1697–1727Crossref, Google Scholar
• McWilliams A, Siegel D. Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management J. (2000) 21:603–609Crossref, Google Scholar
• McWilliams A, Siegel D. Corporate social responsibility: A theory of the firm perspective. Acad. Management Rev. (2001) 25:117–127Google Scholar
• Morck R, Shleifer A, Vishny RW. Management ownership and market valuation: An empirical analysis. J. Financial Econom. (1988) 20:293–315Crossref, Google Scholar
• Nelson P. Advertising as information. J. Political Econom. (1974) 82:729–754Crossref, Google Scholar
• Orlitzky M. Does firm size confound the relationship between corporate social performance and financial performance? J. Bus. Ethics (2001) 33:167–180Crossref, Google Scholar
• Orlitzky M, Schmidt FL, Rynes SL. Corporate social and financial performance: A meta analysis. Organ. Stud. (2003) 24:403–441Crossref, Google Scholar
• Penn Schoen BerlandCorporate Social Responsibility Branding Survey (2010) (Penn Schoen Berland, New York) Google Scholar
• Pomering A, Dolnicar S. Assessing the prerequisite of successful CSR implementation: Are consumers aware of CSR initiatives? J. Bus. Ethics (2009) 85:295–301Crossref, Google Scholar
• Roberts PW, Dowling GR. Corporate reputation and sustained superior financial performance. Strategic Management J. (2002) 23:1077–1093Crossref, Google Scholar
• Rogers W. Regression standard errors in clustered samples. Stata Tech. Bull. (1993) 13:19–23Google Scholar
• Roman RM, Hayibor S, Agle BR. The relationship between social and financial performance: Repainting a portrait. Bus. Soc. (1999) 38:109–125Crossref, Google Scholar
• Schuler DA, Cording M. A corporate social performance-corporate financial performance behavioral model for consumers. Acad. Management Rev. (2006) 31:540–558Crossref, Google Scholar
• Sen S, Bhattacharya CB. Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. J. Marketing Res. (2001) 38:225–243Crossref, Google Scholar
• Shleifer A, Vishny RW. A survey of corporate governance. J. Finance (1997) 52:737–783Crossref, Google Scholar
• Siegel DS, Vitaliano DF. An empirical analysis of the strategic use of corporate social responsibility. J. Econom. Management Strategy (2007) 16:773–792Crossref, Google Scholar
• Stone CD. Where the Law Ends: The Social Control of Corporate Behavior (1975) (Harper Torchbooks, New York) Google Scholar
• Surroca J, Tribó JA, Waddock S. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management J. (2010) 31:463–490Google Scholar
• Waddock SA, Graves S. The corporate social performance-financial performance link. Strategic Management J. (1997) 18:303–317Crossref, Google Scholar
• White A. A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica (1980) 48:817–838Google Scholar
• World Business Council for Sustainable Development (WBCSD) Cross-cutting themes—Corporate responsibility. (2004) . http://www.wbcsd.org/Google Scholar