Corporate social responsibility,product market perception,and firm value |
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Institution: | 1. Fairfield University, 1073 North Benson Road Fairfield, CT 06824, United States of America;2. University of Massachusetts Boston, 100 Morrissey Blvd, Boston, MA 02125, United States of America;1. School of Accounting & Finance, The Hong Kong Polytechnic University, Hong Kong;2. Research School of Accounting, Australian National University, Australia;3. Department of Accountancy and Law, Hong Kong Baptist University,Hong Kong |
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Abstract: | 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. |
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