 Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversificationSungbeen Park, Sujin Song and Seoki Lee Tourism Management, 2017, vol. 59, issue C, 610-620 Abstract: Despite growing attention to corporate social responsibility (CSR) in the tourism literature, the relationship between CSR activities and systematic risk, one of the critical components in evaluating shareholder value, has been a topic of scarce examination. Further, the moderating role of geographical diversification on the link between CSR and systematic risk in the restaurant context has not been studied. Therefore, the current study explores these issues in the restaurant context based on the organizational theory and stakeholder theory. In addition, this study dichotomizes CSR activities into two dimensions, socially responsible activities (i.e., positive CSR) and socially irresponsible activities (i.e., negative CSR), to examine the separate effects of the two dimensions. A two-way fixed-effects model that effectively accounts for unobserved effects in a panel data set has been employed to test the proposed hypotheses. Keywords: Corporate social responsibility (CSR); Positive CSR; Negative CSR; Systematic risk; Beta; Geographical diversification; Moderating effect (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:touman:v:59:y:2017:i:c:p:610-620 DOI: 10.1016/j.tourman.2016.09.016 Access Statistics for this article Tourism Management is currently edited by Chris Ryan More articles in Tourism Management from Elsevier |
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