Abstract
ABSTRACT This paper examines the impacts of firms’ corporate social responsibility (CSR) engagements on firm performance and firm risk, and explores the underlying mechanisms. We empirically demonstrate the active effect of CSR activities on firm performance improvement and risk mitigation. We further examine the role of firm reputation with published data from Fortune’s Most Admired Companies list. We document a significant positive association between CSR and firm reputation, and find that firm reputation is positively related to firm performance while negatively related to firm risk. Based on our analyses, firm reputation mediates the effects of CSR on firm performance and firm risk. This study contributes to the CSR literature through exploring CSR-outcomes relationships with published reputation data.
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