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

Henri Servaes and Ane Tamayo ()
Additional contact information
Ane Tamayo: London School of Economics and Political Science, London WC2A 2AE, United Kingdom

Management Science, 2013, vol. 59, issue 5, 1045-1061

Abstract: This paper shows that corporate social responsibility (CSR) and firm value are positively related for firms with high customer awareness, as proxied by advertising expenditures. For firms with low customer awareness, the relation is either negative or insignificant. In addition, we find that the effect of awareness on the CSR--value relation is reversed for firms with a poor prior reputation as corporate citizens. This evidence is consistent with the view that CSR activities can add value to the firm but only under certain conditions. This paper was accepted by Bruno Cassiman, business strategy.

Keywords: corporate social responsibiliy; firm value; customer awareness; reputation (search for similar items in EconPapers)
Date: 2013
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (681)

Downloads: (external link)
http://dx.doi.org/10.1287/mnsc.1120.1630 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:59:y:2013:i:5:p:1045-1061

Access Statistics for this article

More articles in Management Science from INFORMS Contact information at EDIRC.
Bibliographic data for series maintained by Chris Asher ().