Top

Journal of Business Ethics

Published in:

01-03-2015

Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature

Author: Mahfuja Malik

Published in: Journal of Business Ethics | Issue 2/2015

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

This study reviews and synthesizes the contemporary business literature that focuses on the role of corporate social responsibility (CSR) to enhance firm value. The main objective of this review is to proffer a precise understanding of what has already been investigated and the findings of those investigations regarding the value-enhancing capabilities of CSR for public firms. In addition, this review identifies gaps in the existing literature, evaluates inconsistent findings, discusses possible data sources for empirical researchers, and provides direction for exploring other promising avenues in future studies. The thrust of the CSR literature largely acknowledges the value-enhancing capabilities of firms’ social and environmental activities. However, the predominance of inconsistent theoretical grounds in major CSR-benefits-related areas suggests that there is ample room for future research to contribute to the extant literature. Anecdotal evidence, the prevalence of theoretical arguments, and the availability of large cross-sectional firm-level data suggest that future research will enrich the literature by investigating the real insights behind several unanswered questions, by establishing implicit understandings regarding recognized findings, and by developing new theories in this emerging field.

previous article Toward an Ethical Theory of Organizing

next article Is Corporate Social Responsibility Performance Associated with Tax Avoidance?

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Available only for authorised users

For additional details regarding these databases, please see: http://www.hbs.edu/faculty/conferences/2013-corporate-accountability-reporting/Pages/databases.aspx.

In 2011, 70 % of listed companies, 50 % of state-owned companies, 55 % of companies owned by private equities and foundations, and 45 % of family-owned, cooperative, and private companies issued stand-alone CSR reports. The overall rate was shown to have doubled in 5 years. (Source: KPMG International Corporate Responsibility Reporting Survey KPMG 2011).

Abbott, W. F., & Monsen, J. R. (1979). On the measurement of corporate social responsibility: Self-reported disclosures as a method of measuring corporate social involvement. Academy of Management Journal, 22(3), 501–515.CrossRef

Aktas, N., de Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753–1761.CrossRef

Alexander, G. J., & Buchholz, R. A. (1978). Corporate social performance and stock market performance. Academy of Management Journal, 21, 479–486.CrossRef

Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E., I. I. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equation approach. Accounting, Organizations and Society, 29(5–6), 447–471.CrossRef

Anderson, J. C., & Frankle, A. W. (1980). Voluntary social reporting: An iso-beta portfolio analysis. The Accounting Review, 55, 467–479.

Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28, 446–463.CrossRef

Banker, R. D., & Mashruwala, R. (2007). The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemporary Accounting Research, 24(3), 763–793.CrossRef

Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97, 71–86.CrossRef

Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32, 794–816.CrossRef

Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207–221.CrossRef

Belkaoui, A. (1980). The impact of socio-economic accounting statements on the investment decision: An empirical study. Accounting, Organizations and Society, 5(3), 263–283.CrossRef

Belkaoui, A. (1992). Executive compensation, organizational effectiveness, social performance and firm performance: An empirical investigation. Journal of Business Finance and Accounting, 19, 25–38.CrossRef

Berchicci, L., Dowell, G., & King, A. A. (2012). Environmental capabilities and corporate strategy: Exploring acquisitions among US manufacturing firms. Strategic Management Journal, 33, 1053–1071.CrossRef

Berrone, P., & Gomez-Mejia, L. R. (2009). Environmental performance and executive compensation: An integrated agency–institutional perspective. Academy of Management Journal, 52(1), 103–126.CrossRef

Bird, F., & Smucker, J. (2007). The social responsibilities of international business firms in developing areas. Journal of Business Ethics, 73, 1–9.CrossRef

Bloom, P. N., Hoeffler, S., Keller, K. L., & Meza, C. E. B. (2006). How social-cause marketing affects consumer. MIT Sloan Management Review, 47, 49–55.

Brammer, S., & Millington, A. (2005). Corporate reputation and philanthropy: An empirical analysis. Journal of Business Ethics, 61, 29–44.CrossRef

Brown, T. J., & Dacin, P. A. (1997). The company and the product: corporate associations and consumer product responses. The Journal of Marketing, 61(1), 68–84.CrossRef

Brown, W., Helland, E., & Smith, J. (2006). Corporate philanthropic practices. Journal of Corporate Finance, 12(5), 855–877.CrossRef

Buzby, S. L., & Falk, H. (1978). A survey of the interest in social responsibility information by mutual funds. Accounting, Organizations and Society, 3(3–4), 191–201.CrossRef

Cai, Y., Jo, H., & Pan, C. (2011). Vice or virtue? The impact of corporate social responsibility on executive compensation. Journal of Business Ethics, 104, 159–173.CrossRef

Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32, 946–967.CrossRef

Caroline, F. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781.CrossRef

Carroll, A. B. (1999). Corporate social responsibility- evolution of a definitional construction. Business and Society, 38(3), 268–295.CrossRef

Chan, C. C. C., & Milne, M. J. (1999). Investor reactions to corporate environmental saints and sinners: an experimental analysis. Accounting and Business Research, 29(4), 265–279.CrossRef

Cheng, B., Ioannou, I., & Serafeim, G. (2012). Corporate social responsibility and access to finance. Working Paper. Harvard Business School, Boston.

Chih, H., Chih, H., & Chen, T. (2010). On the determinants of corporate social responsibility: International evidence on the financial industry. Journal of Business Ethics, 93, 115–135.CrossRef

Chih, H., Shen, C., & Kang, F. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79(1/2), 179–198.CrossRef

Cho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012). Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations and Society, 37, 14–25.CrossRef

Cho, C. H., Roberts, R. W., & Patten, D. M. (2010). The language of US corporate environmental disclosure. Accounting, Organizations and Society, 35(4), 431–443.CrossRef

Clacher, I., & Hagendorff, J. (2012). Do announcements about corporate social responsibility create or destroy shareholder wealth? Evidence from the UK. Journal of Business Ethics, 106, 253–266.CrossRef

Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of Management Journal, 27, 42–56.CrossRef

Cooper, S. (2004). Corporate social performance: A stakeholder approach. Burlington, VT: Ashgate.

Cooper, S. M., & Owen, D. L. (2007). Corporate social reporting and stakeholder accountability: The missing link. Accounting: Organizations and Society.

Cormier, D., & Magnan, M. (1999). Corporate environmental disclosure strategies: Determinants, costs and benefits. Journal of Accounting, Auditing and Finance, 14(4), 429–451.

Cowen, S. S., Ferreri, L. B., & Parker, L. D. (1987). The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis. Accounting, Organizations and Society, 12(2), 111–122.CrossRef

Crumbley, D. L., Epstein, M. J., & Bravenec, L. L. (1977). Tax impact in corporate social responsibility decisions and reporting Accounting. Organizations and Society, 2(2), 131–139.CrossRef

Darnall, N., Seol, I., & Sarkis, J. (2009). Perceived stakeholder influences and organizations’ use of environmental audits. Accounting, Organizations and Society, 34(2), 170–187.CrossRef

Deloitte. (2009). How green is the deal? The growing role of sustainability in M&A. Working Paper.

Deng, X., Kang, J., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from merger. Journal of Financial Economics (forthcoming).

Desai, M. A., & Dharmapala, D. (2006). CSR and taxation: The missing link. Leading Perspectives, 4, 5.

DeTienne, K., & Lewis, L. W. (2005). The pragmatic and ethical barriers to corporate social responsibility disclosure: The Nike case. Journal of Business Ethics, 60, 359–376.CrossRef

Devinney, T. M. (2009). Is the socially responsible corporation a myth? The good, the bad, and the ugly of corporate social responsibility. Academy of Management Perspectives, 23(2), 44456.CrossRef

Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100.CrossRef

Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759.CrossRef

Dijken, F. V. (2007). Corporate social responsibility: Market regulation and the evidence. Managerial Law (Emerald), 49(4), 141–184.CrossRef

Dodd, E. M., Jr. (1932). For whom are corporate managers trustees? Harvard Law Review, 5(7), 1145–1163.CrossRef

Eccles, R. G., Ioannou, I., & Serafeim, G. (2013). The impact of a corporate culture of sustainability on corporate behavior and performance. HBS Working Paper No. 12-035.

Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640.CrossRef

Edwards, E. O., & Bell, P. W. (1961). The theory and measurement of business income. Berkeley and Los Angeles: University of California Press.

Elias, R. Z. (2004). An examination of business students’ perception of corporate social responsibilities before and after bankruptcies. Journal of Business Ethics, 52, 267–281.CrossRef

Epstein, M. J., & Freedman, M. (1994). Social disclosure and the individual investor. Accounting, Audition and Accountability Journal, 7(4), 94–109.CrossRef

Fogler, H. R., & Nutt, F. (1975). A note on social responsibility and stock valuation. Academy of Management Journal, 18, 155–160.CrossRef

Fombrun, C., & Shanley, M. (1990). What’s in a name? Reputation building and corporate strategy. Academy of Management Journal, 33, 233–258.CrossRef

Freedman, J. (2003). Tax and corporate responsibility. Tax Journal, 695(2), 1–4.

Freedman, M., & Stagliano, A. J. (1991). Differences in social-cost disclosures: A market test of investor reactions. Accounting, Auditing and Accountability Journal, 4, 68–83.CrossRef

Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, September 13, PP. 32–33, 122, 124, 126.

Galaskiewicz, J. (1997). An urban grants economy revisited: Corporate charitable contributions in the twin cities, 1979–81, 1987–89. Administrative Science Quarterly, 42, 445–471.CrossRef

Gelb, D. S., & Strawser, J. A. (2001). Corporate social responsibility and financial disclosures: An alternative explanation for increased disclosure. Journal of Business Ethics, 33, 1–13.CrossRef

Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30, 777–798.CrossRef

Gordon, M. J. (1959). Dividends, earnings and stock prices. Review of Economics and Statistics (The MIT Press), 41(2), 99–105.CrossRef

Gordon, M. J., & Shapiro, E. (1956). Capital equipment analysis: the required rate of profit. Management Science, 3(1), 102–110; Reprinted in Management of Corporate Capital, Glencoe, Ill.: Free Press of 1959.

Graves, S. B., & Waddock, S. A. (1994). Institutional owners and corporate social performance. Academy of Management Journal, 37, 1034–1046.CrossRef

Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: 25 years of incomparable research. Business and Society, 36, 5–31.CrossRef

Grow, B., Hamm, S., & Lee, L. (2005). The debate over doing good. BusinessWeek, 3947, 76.

Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24, 391–430.CrossRef

Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479–485.CrossRef

Hawn, O. (2013). Strategic role of corporate social responsibility in international expansion of emerging market multinationals. Working Paper.

Hemingway, C., & Maclagan, P. (2004). Managers’ personal values as drivers of corporate social responsibility. Journal of Business Ethics, 50(1), 33–44.CrossRef

Hong, Y., & Andersen, M. L. (2011). The relationship between corporate social responsibility and earnings management: An exploratory study. Journal of Business Ethics, 104, 461–471.CrossRef

Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). Does it cost to be sustainable? Journal of Corporate Finance, 18, 626–639.CrossRef

Hung, H. (2011). Directors’ roles in corporate social responsibility: A stakeholder perspective. Journal of Business Ethics, 103, 385–402.CrossRef

Huseynov, F., & Klamm, B. K. (2011). Tax avoidance, tax management and corporate social responsibility. 2012. Journal of Corporate Finance, 18, 804–827.CrossRef

Husted, B. W. (2005). Risk management, real options, and corporate social responsibility. Journal of Business Ethics, 60, 175–183.CrossRef

Ilinitch, A. Y., Soderstrom, N. S., & Thomas, T. E. (1998). Measuring corporate environmental performance. Journal of Accounting and Public Policy, 17, 383–408.CrossRef

Ingram, R. W. (1978). An investigation of the information content of (certain) social responsibility disclosures. Journal of Accounting Research, 16, 270–285.CrossRef

Ingram, R. W., & Frazier, K. B. (1983). Narrative disclosures in annual reports. Journal of Business Research, 11, 49–60.CrossRef

Jeffrey, U. (2008). Strategic reputation risk management and corporate social responsibility reporting. Accounting, Audition and Accountability Journal, 21(3), 362–364.CrossRef

Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. In M. Beer & N. Norhia (Eds.), Breaking the code of change. Boston: Harvard Business School Press.

Jo, H., & Harjoto, M. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103, 351–383.CrossRef

Jo, H., & Harjoto, M. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106, 53–72.CrossRef

Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761–796.CrossRef

Klassen, R. D., & McLaughlin, C. P. (1996). The impact of environmental management on firm performance. Management Science, 42, 1199–1214.CrossRef

Kok, P., Wiele, T., McKenna, R., & Brown, A. (2001). A corporate social responsibility audit within a quality management framework. Journal of Business Ethics, 31, 285–297.CrossRef

Kolk, A., & Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: An international investigation. Business Strategy and the Environment, 19(3), 182–198.

KPMG. (2011). International Survey of Corporate Responsibility Reporting 2011. Chennai: KPMG.

Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31, 86–108.CrossRef

Lev, B., Petrovits, C., & Radhakrishnan, S. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal, 31(2), 182–200.

Li, W., & Zhang, R. (2010). Corporate social responsibility, ownership structure, and political interference: Evidence from China. Journal of Business Ethics, 96, 631–645.CrossRef

Lin, C., Yang, H., & Liou, D. (2008). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society, 30, 1–8.CrossRef

Lindorff, M., Jonson, E. P., & McGuire, L. (2012). Strategic corporate social responsibility in controversial industry sectors: The social value of harm minimization. Journal of Business Ethics, 110, 457–467.CrossRef

Linthicum, C., Reitenga, A., & Sanchez, J. (2010). Social responsibility and corporate reputation: The case of the Arthur Andersen Enron audit failure. Journal of Accounting and Public Policy, 29(2), 160–176.CrossRef

Luo, X., & Bhattacharya, C. B. (2009). The debate over doing good: Corporate social responsibility, strategic marketing levers and firm idiosyncratic risk. Journal of Marketing, 73, 198–213.CrossRef

Mahoney, L., & Thorne, L. (2005). Corporate social responsibility and long-term compensation: Evidence from Canada. Journal of Business Ethics, 57, 241–253.CrossRef

Mahoney, L., & Thorne, L. (2006). An examination of the structure of executive compensation and corporate social responsibility: A Canadian Investigation. Journal of Business Ethics, 69, 149–162.CrossRef

Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research note on standalone corporate social responsibility reports: Signaling or greenwashing? Critical Perspectives on Accounting, 24(4–5), 350–359.CrossRef

Manaktola, K., & Jauhari, V. (2007). Exploring consumer attitude and behavior towards green practices in the lodging industry in India. International Journal of Contemporary Hospitality Management (Emerald), 19(5), 364–377.CrossRef

Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance. Working Paper.

Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48, 268–305.CrossRef

McGuire, J., Dow, S., & Argheyd, K. (2003). CEO incentives and corporate social performance. Journal of Business Ethics, 45, 341–359.CrossRef

McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate and social responsibility and firm financial performance. Academy of Management Journal, 31, 854–872.CrossRef

McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21, 603–609.CrossRef

McWilliams, A., Siegel, D., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43, 1–18.CrossRef

Menon, S., & Kahn, B. E. (2003). Corporate sponsorships of philanthropic activities: When do they impact perception of sponsor brand? Journal of Consumer Psychology, 13(3), 316–327.CrossRef

Menz, K. (2010). Corporate social responsibility: Is it rewarded by the corporate bond market? A critical note. Journal of Business Ethics, 96, 117–134.CrossRef

Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34, 411–433.CrossRef

Mishra, S., & Suar, D. (2010). Does corporate social responsibility influence firm performance of Indian companies? Journal of Business Ethics, 95, 571–601.CrossRef

Mock, T. J., Strohm, C., & Swartz, K. M. (2007). An examination of worldwide assured sustainability reporting. Australian Accounting Review, 17(1), 67–77.CrossRef

Morrimoto, R., Ash, J., & Hope, C. (2005). Corporate social responsibility audit: From theory to practice. Journal of Business Ethics, 62, 315–325.CrossRef

Moser, D. V., & Martin, P. R. (2012). A broader perspective on corporate social responsibility research in accounting. The Accounting Review, 87(3), 797–806.CrossRef

Murray, B. K., & Vogel, M. C. (1997). Using a hierarchy-of-effects approach to gauge the effectiveness of corporate social responsibility to generate goodwill toward firm: Financial versus non-financial impacts. Journal of Business Research, 38, 141–159.CrossRef

Nehrt, C. (1996). Timing and intensity effects of environmental investments. Strategic Management Journal, 17, 535.CrossRef

O’Dwyer, B. (2011). The case of sustainability assurance: Constructing a new assurance service. Contemporary Accounting Research., 28(4), 1230–1266.CrossRef

O’Dwyer, B., & Owen, D. L. (2005). Assurance statement practice in environmental, social and sustainability reporting: A critical evaluation. British Accounting Review, 37(2), 205–229.CrossRef

O’Dwyer, B., & Owen, D. L. (2007). Seeking stakeholder-centric sustainability assurance: An examination of recent sustainability assurance practice. The Journal of Corporate Citizenship, 25, 77–94.CrossRef

Ogden, S., & Watson, R. (1999). Corporate performance and stakeholder management: balancing shareholder and customer interests in the U.K. privatized water industry. Academy of Management Journal, 42(5), 526–538.CrossRef

Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The effect of ownership structure on corporate social responsibility: Empirical evidence from Korea. Journal of Business Ethics, 104, 283–297.CrossRef

Ohlson, J. A. (1995). Earnings, book values and dividends in equity valuation. Contemporary Accounting Research, 11, 2.CrossRef

Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24, 403–441.CrossRef

Padgett, R. C., & Galan, J. I. (2010). The effect of R&D intensity on corporate social responsibility. Journal of Business Ethics, 93, 407–418.CrossRef

Patten, D. M. (1990). The market reaction to social responsibility disclosures: The case of the Sullivan principles signings. Accounting, Organizations and Society, 15, 575–587.CrossRef

Pava, M. L., & Krausz, J. (1996). The association between corporate social-responsibility and financial performance: The paradox of social cost. Journal of Business Ethics, 15, 321–357.CrossRef

Peasnell, K. V. (1982). Some formal connections between economic values and yields and accounting numbers. Journal of Business Finance and Accounting, 9(3), 361–381.CrossRef

Porter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate philanthropy. Harvard Business Review, 80, 5–16.

Porter, M. E., & van der Linde, C. (1995). Green and competitive: Ending the stalemate. Harvard Business Review, 73, 5.

Preston, L. E. (1981). Research on corporate social reporting: Directions for development. Accounting, Organizations and Society, 6(3), 255–262.CrossRef

Ramanathan, K. V. (1976). Toward a theory of corporate social accounting. The Accounting Review, 51, 516–528.

Renneboog, L., Horst, J. T., & Zhang, C. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14, 302–322.CrossRef

Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88, 351–366.CrossRef

Richardson, A., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26, 597–616.CrossRef

Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077–1093.

Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society, 17, 595–612.CrossRef

Roman, R. M., Hayibor, S., & Agle, B. R. (1999). The relationship between social and financial performance. Business and Society, 38, 109–125.CrossRef

Rupley, K. H., Brown, D., & Marshall, R. S. (2012). Governance, media and the quality of environmental disclosure. Journal of Accounting and Public Policy (forthcoming).

Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40, 534–559.CrossRef

Saiia, D. H., Carroll, A. B., & Buchholtz, A. K. (2003). Philanthropy as strategy: When corporate charity “begins at home”. Business and Society, 42, 169–201.CrossRef

Shane, P. B., & Spicer, B. H. (1983). Market response to environmental information produced outside the firm. The Accounting Review, 58, 521–538.

Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84, 937–967.CrossRef

Singh, J., Sanchez, M. S., & Bosque, I. R. (2008). Understanding corporate social responsibility and product perceptions in consumer markets: A cross-cultural evaluation. Journal of Business Ethics, 80, 597–611.CrossRef

Smith, J. L., Adhikari, A., Tondkar, R. H., & Andrews, R. L. (2010). The impact of corporate social disclosure on investment behavior: A cross-national study. Journal of Accounting and Public Policy, 29, 177–192.CrossRef

Solomon, R. C., & Hanson, K. R. (1985). It’s good business. New York: Atheneum.

Spicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. The Accounting Review, 53, 94–110.

Starks, L. T. (2009). Corporate governance and corporate social responsibility: What do investors care about? What should investors care about? EFA keynote speech. The Financial Review, 44(4), 461–468.CrossRef

Taneja, S. S., Taneja, P. K., & Gupta, R. K. (2011). Researches in corporate social responsibility: A review of shifting focus, paradigms, and methodologies. Journal of Business Ethics, 101, 343–364.CrossRef

Trevino, L. K., & Nelson, K. A. (2004). Managing business ethics: Straight talk about how to do it right (3rd ed.). New York: John Wiley and Sons, Publishers.

Trotman, K. T., & Bradley, G. W. (1981). Association between social responsibility disclosure and characteristics of companies. Accounting, Organizations and Society, 6(4), 355–362.CrossRef

Tuzzolino, F., & Armandi, B. R. (1981). A need-hierarchy framework for assessing corporate social responsibility. Academy of Management Review, 6(1), 21–28.

Valentine, S., & Fleischman, G. (2008). Ethics programs, perceived corporate social responsibility and job satisfaction. Journal of Business Ethics, 77, 159–172.CrossRef

Verschoor, C. (2005). Is there financial value in corporate values? Strategic Finance, 87(1), 17–18.

Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18, 303–319.CrossRef

Waddock, S., & Graves, S. B. (2006). The impact of mergers and acquisitions on corporate stakeholder practices. Journal of Corporate Citizenship, 22, 91–109.CrossRef

Wang, M., Qiu, C., & Kong, D. (2011). Corporate social responsibility, investor behaviors and stock market returns: Evidence from a natural experiment in China. Journal of Business Ethics, 101, 127–141.CrossRef

Webb, L. H., Cohen, J. R., Nath, L., & Wood, D. (2009). The supply of corporate social responsibility disclosures among U.S. firms. Journal of Business Ethics, 84, 497–527.CrossRef

Wiseman, J. (1982). An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society, 7(1), 53–63.CrossRef

Ye, K., & Zhang, R. (2011). Do lenders value corporate social responsibility? Evidence from China. Journal of Business Ethics, 104, 197–206.CrossRef

Title: Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature
Author: Mahfuja Malik
Publication date: 01-03-2015
Publisher: Springer Netherlands
Published in: Journal of Business Ethics / Issue 2/2015
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI: https://doi.org/10.1007/s10551-014-2051-9

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Other articles of this Issue 2/2015

Developing a Sustainability Credit Score System

Is Corporate Social Responsibility Performance Associated with Tax Avoidance?

Does Honesty Result from Moral Will or Moral Grace? Why Moral Identity Matters

Tugging on Heartstrings: Shopping Orientation, Mindset, and Consumer Responses to Cause-Related Marketing

Tensions in Corporate Sustainability: Towards an Integrative Framework

CEO Gender, Ethical Leadership, and Accounting Conservatism

Premium Partner