The Impact of CSR on Corporate Value of Restaurant Businesses Using Triple Bottom Line Theory

Jimin Shim, Joonho Moon, Won Seok Lee and Namho Chung
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Jimin Shim: Department of Tourism and Recreation, Kyonggi University, 24, Kyonggidae-ro 9-gil, Seodaemun-gu, Seoul 03753, Korea
Joonho Moon: Department of Tourism Administration, Kangwon National University/Hyoja2-Dong, Kangwon University Rd., Chooncheon 200-701, Korea
Won Seok Lee: Department of Tourism and Recreation, Kyonggi University, 24, Kyonggidae-ro 9-gil, Seodaemun-gu, Seoul 03753, Korea
Namho Chung: Smart Tourism Education Platform, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemun-gu, Seoul 02447, Korea

Sustainability, 2021, vol. 13, issue 4, 1-14

Abstract: The main goal of this study was to investigate the association between corporate social responsibility (CSR) and the value of restaurant firms by employing triple bottom line theory, a framework for a business model of sustainable development focusing on profit, environment, and people rather than just maximizing profit. Even though triple bottom line has been a common theoretical foundation in the CSR area, there is sparse literature on the theory in the context of CSR in the restaurant domain. Data regarding CSR dimensions and market-to-book value from 32 publicly traded restaurant firms in the US stock market for the period 1999–2012 were gathered, and panel data analysis methods of ordinary least square, one-way fixed effect, and time series feasible generalized least square were employed. The results revealed that economic CSR enhanced restaurant value, whereas environmental CSR diminished the value. The theoretical contribution of this study is that it will broaden the scope of triple bottom line theory. The results of the study will help restaurant administrators determine CSR policy.

Keywords: triple bottom line theory; social CSR; economic CSR; environmental CSR; restaurant firms (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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