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Cited by 481

The DOI matches its Crossref record; 9 of the 9 references it cites were found in a registry or an index.

Does the Market Respond to an Endorsement of Social Responsibility? The Role of Institutions, Information, and Legitimacy

Doh, Jonathan P., Howton, Shawn D., Howton, Shelly W., Siegel, Donald S.·2010·Journal of Management
DOI 10.1177/0149206309337896
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Abstract

A consensus has emerged in the burgeoning literature on corporate social responsibility (CSR) that “virtuous” firms are often rewarded by the marketplace. Unfortunately, the mechanisms through which those rewards materialize are not well understood. Furthermore, it is difficult for managers and investors to know whether a company is actually engaged in responsible behavior. Thus, many stakeholders rely on institutional assessments of a firm’s social practices to inform their own judgments about that company’s CSR reputation. In this article, we draw on institutional theory and research on reputation and legitimacy to investigate the relationship between institutional endorsements (and repudiation) of CSR and firm financial performance. Our empirical results indicate that institutional intermediaries influence market assessments of a firm’s social responsibility and highlight the importance of the legitimacy-conferring function of expert bodies in understanding the relationship between social and financial performance. Our findings also illustrate the delicate interplay among different social performance assessments, reputation, and measures of financial and operating performance such that operating performance may serve as an advanced indicator of social performance and one type of social performance assessment may temper market reactions to another.

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Cited by

Metadata

Authors
Doh, J. P., Howton, S. D., Howton, S. W., & Siegel, D. S.
Venue
Journal of Management
Publisher
SAGE Publications
Published
2009-06-01
Volume
36
Issue
6
Pages
1461-1485
ISSN
  • 0149-2063 (ISSN-L)
  • 1557-1211
DOI
10.1177/0149206309337896
OpenAlex
W2019566527
Cited by
481
References
9
FWCI
45.28
Type
journal article
Language
en
Open access
closed
Licence
journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)

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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.