Cited by 962Corporate Social Responsibility ReportingCorporate Identity and ReputationFinancial Markets and Investment Strategies

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The Debate over Doing Good: Corporate Social Performance, Strategic Marketing Levers, and Firm-Idiosyncratic Risk

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Luo, Xueming, Bhattacharya, C.B.·2009·Journal of Marketing

DOI 10.1509/jmkg.73.6.198

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Abstract

Marketers and investors face a heated, provocative debate over whether excelling in social responsibility initiatives hurts or benefits firms financially. This study develops a theoretical framework that predicts (1) the impact of corporate social performance (CSP) on firm-idiosyncratic risk and (2) the role of two strategic marketing levers, advertising and research and development (R&D), in explaining the variability of this impact among different firms. The results show that higher CSP lowers undesirable firm-idiosyncratic risk. Notably, although the salutary impact of CSP is greater in firms with higher (versus lower) advertising, a simultaneous pursuit for CSP, advertising, and R&D is harmful with increased firm-idiosyncratic risk. For theory, the authors advance the literature on the marketing–finance interface by drawing attention to the risk-reduction potential of CSP and by shedding new light on some critical but neglected roles of strategic marketing levers. They also extend CSP research by moving away from the long-fought battle for a universal CSP impact and toward a finer-grained understanding of when some firms derive more risk-reduction benefits from CSP. For practice, the results indicate that the “goodwill refund” of CSP is not unconditional. They also empower marketers to communicate more effectively with investors (i.e., doing good to better manage the risk surrounding firm stock prices).

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Authors: Luo, X., & Bhattacharya, C. B.
Affiliations: The University of Texas at Arlington (US)
Boston University (US)
Corresponding author: Luo, Xueming
Bhattacharya, C.B.
ORCID: Luo, Xueming
Bhattacharya, C.B.
Venue: Journal of Marketing
Publisher: SAGE Publications
Published: 2009-11
Volume: 73
Issue: 6
Pages: 198-213
ISSN: 0022-2429 (ISSN-L)
1547-7185
DOI: 10.1509/jmkg.73.6.198
OpenAlex: W2152198904
Cited by: 962
References: 66
Citations by year: 2026: 49 · 2025: 83 · 2024: 69 · 2023: 79 · 2022: 75 · 2021: 86 · 2020: 78 · 2019: 63 · 2018: 54 · 2017: 49 · 2016: 58 · 2015: 48 · 2014: 52 · 2013: 35 · 2012: 37
FWCI: 79.74
Type: journal article
Language: en
Open access: green
papers.ssrn.com
Licence: journals.sagepub.com/page/policies/text-and-data-mining-license (tdm)
Locations: Journal of Marketing (publishedVersion)
SSRN Electronic Journal (submittedVersion)
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 › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
Keywords: corporate social performance, firm-specific risk, advertising, research and development, marketing-finance interface, social responsibility, stock price risk, goodwill, investor relations, CSR and financial performance

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The Debate over Doing Good: Corporate Social Performance, Strategic Marketing Levers, and Firm-Idiosyncratic Risk

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