1、中文 7500 字， 4100 单词， 2.2万 英文字符 出处： Servaes H, Tamayo A. The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer AwarenessJ. Management Science, 2012, 59(5):1045-1061. The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness Henri ServaesAne
2、 Tamayo This paper shows that corporate social responsibility (CSR) and firm value are positively related for firms withhigh 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 t
3、he effect of awareness on the CSRvalue 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. Key words: corporate social responsibiliy; firm value;
4、customer awareness; reputation 1. Introduction Corporate social responsibility (CSR) has become an integral part of business practice over the last decade or so. In fact, many corporations dedicate a section of their annual reports and corporate websites to CSR activities, illustrating the importanc
5、e they attach to such activities. But do such activities create value for the firms shareholders or do they focus too much on other stakeholders, thereby lowering firm value? Despite much research on the topic few firm conclusions can be drawn, except that the literature is divided. Although there a
6、ppears to be more support for the view that CSR activities are positively related to profitability and firm value, a large number of studies find the opposite relation. As a result, the normative implications of research on corporate social responsibility are still uncertain. The relation between CSR activities and firm value is unclear partly because of methodological concerns and, in particular, model misspecification. Even more important is, perhaps, the lack of understanding about the
