Corporate social responsibility, product market perception, and firm value
| Autor: | Mine Ertugrul, Katsiaryna Salavei Bardos, Lucia Silva Gao |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
Economics and Econometrics
Product market Strategy and Management media_common.quotation_subject Enterprise value Perception Corporate social responsibility Quality (business) Brand equity Business Product (category theory) Business and International Management Finance Industrial organization media_common |
| Zdroj: | Journal of Corporate Finance. 62:101588 |
| ISSN: | 0929-1199 |
| DOI: | 10.1016/j.jcorpfin.2020.101588 |
| Popis: | We examine whether corporate social responsibility (CSR) is used to signal product quality and whether CSR affects firm value through its positive effect on product market perception. Using a proprietary database, we find that visible CSR, such as environmental and community involvement, positively impacts product market perception, particularly for standardized goods and in competitive industries, and that this impact is more pronounced for product quality attributes. Furthermore, we find that CSR indirectly increases firm value through an improvement in product market perception. We conclude that product market perception is a channel through which CSR creates firm value. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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