Abstract
The purpose of this paper is to review the effectiveness of Corporate Social Responsibility (CSR) and its relationship with customer satisfaction (CS), corporate image (CI), customer loyalty (CL), and market value performance (MVP). Corporate Social Responsibility (CSR) plays a significant role in enhancing corporate reputation and image. The study adopted secondary data, basically from previous related studies, books, and reports. The study concluded that CSR would serve as a strategic initiative for firms to engage customers and serve other stakeholders’ interests. Again, the study found that CSR is effective for brand awareness, customer satisfaction, and market performance. The study will contribute to the body of knowledge on CSR, by expanding the boundaries of CSR as a business strategy by firms. Moreover, this study will enable industry players to make sound policies and strategies that could enhance corporate image. The study, therefore suggests that firms should integrate CSR strategy into their operations. The study discussed the limitations and suggests future research directions.
Highlights
To respond to the environment, most companies have embarked on corporate social responsibility (CSR) to address societal issues and to meet customers and stakeholder expectations (Pearce & Doh, 2005; Weber, 2008)
The purpose of this paper is to review the effectiveness of Corporate Social Responsibility (CSR) and its relationship with customer satisfaction (CS), corporate image (CI), customer loyalty (CL), and market value performance (MVP)
We present a literature review of the studies that have investigated some effects of customer satisfaction, corporate image, customer loyalty and market value performance associated with organizations’ CSR business strategy
Summary
To respond to the environment, most companies have embarked on corporate social responsibility (CSR) to address societal issues and to meet customers and stakeholder expectations (Pearce & Doh, 2005; Weber, 2008). CSR has become an avenue for business to enhance their relationship with customers. The product and service experience through CSR create repeat purchase by customers leading to loyalty and customer satisfaction. We observe most firms in different industries such as manufacturing, agricultural, mining, telecommunications etc., have embarked on CSR strategy to attract customers and enhance firms’ image and reputation. Other businesses use CSR to address societal issues and to enhance corporate image (Harun et al, 2020)
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