The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness
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.
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Firms receive positive evaluations only if their CSR initiatives are consistent with their prior reputation.
“firms receive positive evaluations only if their CSR initiatives are consistent with their prior reputation”
From Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic (2018) · cites this paper as Servaes and Tamayo, 2013
The literature suggests a number of mediating factors that can alter the sign and strength of the relation between CSR and firm value.
“In addition, the literature suggests a number of mediating factors that can alter the sign and the strength of the relation between CSR and firm value.”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Servaes and Tamayo 2013
Cites
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How corporate social responsibility is defined: an analysis of 37 definitions
Dahlsrud, A. (2008) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.132 · Cited by 4,092 · cited 1× · see citing works
“As such, this definition is consistent with Griffin and Mahon's (1997) multidimensional notion of CSR and with the work of Dahlsrud (2008), who reviewed various definitions of CSR and found that the stakeholder and the social dimensions receive exactly the same attention based on frequency counts…”
Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication
Du, S., Bhattacharya, C. B., & Sen, S. (2010) · International Journal of Management Reviews · doi:10.1111/j.1468-2370.2009.00276.x · Cited by 2,633 · see citing works
Corporate responsibility and financial performance: The role of intangible resources
Surroca, J., Tribó, J. A., & Waddock, S. (2010) · Strategic Management Journal · doi:10.1002/smj.820 · Cited by 2,252 · see citing works
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LINS, K. V., SERVAES, H., & TAMAYO, A. (2017) · The Journal of Finance · doi:10.1111/jofi.12505 · Cited by 3,794 · see citing works
Self-citationDo institutional investors drive corporate social responsibility? International evidence
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019) · Journal of Financial Economics · doi:10.1016/j.jfineco.2018.08.013 · Cited by 2,547 · see citing works
Mandatory CSR and sustainability reporting: economic analysis and literature review
Christensen, H. B., Hail, L., & Leuz, C. (2021) · Review of Accounting Studies · doi:10.1007/s11142-021-09609-5 · Cited by 1,923 · see citing works
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Cao, J., Liang, H., & Zhan, X. (2019) · Management Science · doi:10.1287/mnsc.2018.3100 · Cited by 573 · see citing works
Strategic Silence: Withholding Certification Status as a Hypocrisy Avoidance Tactic
Carlos, W. C., & Lewis, B. W. (2018) · Administrative Science Quarterly · doi:10.1177/0001839217695089 · Cited by 393 · see citing works
Commitment to social good and insider trading
Gao, F., Lisic, L. L., & Zhang, I. X. (2014) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2014.03.001 · Cited by 375 · see citing works
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Making Green Stuff? Effects of Corporate Greenwashing on Consumers
De Jong, M. D. T., Harkink, K. M., & Barth, S. (2018) · Journal of Business and Technical Communication · doi:10.1177/1050651917729863 · Cited by 249 · see citing works
Trust, social capital, and the bond market benefits of ESG performance
Amiraslani, H., Lins, K. V., Servaes, H., & Tamayo, A. (2023) · Review of Accounting Studies · doi:10.1007/s11142-021-09646-0 · Cited by 222 · see citing works
Self-citationAsiaei, K., Bontis, N., Barani, O., & Jusoh, R. (2021) · Journal of Management Control · doi:10.1007/s00187-021-00317-4 · Cited by 91 · see citing works
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Mathras, D., Grinstein, A., Young, G. J., Thai, N. H., & Young, S. B. (2023) · Journal of Public Policy & Marketing · doi:10.1177/07439156221134803 · Cited by 10 · see citing works
You, L., & Payne, J. (2026) · Review of Financial Economics · doi:10.1002/rfe.70039
- Authors
- Servaes, H., & Tamayo, A.
- Affiliations
- Centre for Economic Policy Research (GB)
- London School of Economics and Political Science (GB)
- Venue
- Management Science
- Published
- 2013-05
- Volume
- 59
- Issue
- 5
- Pages
- 1045-1061
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W2141958938
- Cited by
- 2,534
- References
- 4
- Citations by year
- 2026: 231 · 2025: 278 · 2024: 280 · 2023: 279 · 2022: 287 · 2021: 245 · 2020: 188 · 2019: 175 · 2018: 153 · 2017: 130 · 2016: 121 · 2015: 94 · 2014: 48 · 2013: 20 · 2012: 4
- FWCI
- 279.51
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Management Science (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
- Social Sciences › Business, Management and Accounting › Organizational Behavior and Human Resource Management › Corporate Social Responsibility and Sustainability
- Keywords
- corporate social responsibility, firm value, customer awareness, advertising expenditure, corporate reputation, corporate citizenship
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