Does CSR create firm value? : A Comparison of moderating effects of country and industry characteristics
This study aims to demonstrate how different country and industry-level variables affect the value-creating abilities of CSR initiatives. It contributes to the growing body of literature about CSR as it directly compares the moderating effects of the quality of country-level institutions with the mo...
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| Format: | Others |
| Language: | English |
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Uppsala universitet, Företagsekonomiska institutionen
2017
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| Online Access: | http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-316495 |
| Summary: | This study aims to demonstrate how different country and industry-level variables affect the value-creating abilities of CSR initiatives. It contributes to the growing body of literature about CSR as it directly compares the moderating effects of the quality of country-level institutions with the moderating effects of the respective industry sector. The study amongst 3,670 firms in a sample period from 2006-2014 shows that CSR initiatives have a superior value-creating ability in environments with weak capital markets and country governance standards. Firms in controversial industry sectors have a superior ability to create value through CSR because they display a higher potential for reputational gains through CSR due to the nature of their business. The results of the study suggest a supremacy of country-level determinants over industry-level determinants of the CSR-firm value relationship. |
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