The DOI matches its Crossref record; 68 of the 68 references it cites were found in a registry or an index.
The Debate over Doing Good: Corporate Social Performance, Strategic Marketing Levers, and Firm-Idiosyncratic Risk
Open accessAbstract
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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“One argument being put forth is that CSR generates “moral capital,” for instance, through customer trust, employee loyalty, lower price elasticities, or goodwill with regulators (e.g., Luo and Bhattacharya 2009). Such moral capital provides insurance-like protection against negative future events and the reactions of stakeholders to such events, resulting in a lower volatility of future cash flows”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Luo and Bhattacharya 2009
In the citing paper
“some studies have empirically shown that organizations paying attention to multiple stakeholders perform better (e.g., Homburg et al. 2013;Koll et al. 2005;Luo and Bhattacharya 2009;Sisodia et al. 2007).”
From Stakeholder marketing: theoretical foundations and required capabilities (2015) · cites this paper as Luo and Bhattacharya 2009
Citations
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Self-citation
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Cited by
Sorted by citations
ESG and financial performance: aggregated evidence from more than 2000 empirical studies
Friede, G., Busch, T., & Bassen, A. (2015) · Journal of Sustainable Finance & Investment · doi:10.1080/20430795.2015.1118917 · Cited by 6,278
Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence
Albuquerque, R. A., Koskinen, Y. J., & Zhang, C. (2018) · Management Science · doi:10.1287/mnsc.2018.3043 · Cited by 2,392
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
The effect of pro-environmental preferences on bond prices: Evidence from green bonds
Zerbib, O. D. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2018.10.012 · Cited by 1,379
Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash
Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020) · The Review of Corporate Finance Studies · doi:10.1093/rcfs/cfaa011 · Cited by 1,234
Metadata
- Authors
- Luo, X., & Bhattacharya, C. B.
- Affiliations
- The University of Texas at Arlington (US)
- Boston University (US)
- Corresponding author
- 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
- 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
- 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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