The Monetary Value of Corporate Social Responsibility: The Impact of Tea Trees Growing Project between Corporates and Taiwan’s Aboriginal Farmers on Consumers

Abstract

The first hypothesis of this study is to dissect the factors that impact consumers’ preference toward a specific corporate social responsibility (CSR) project via the framework of the theory of planned behaviour (TPB). The second hypothesis is to evaluate a monetary value for CSR among consumers through their WTP. The willingness to pay (WTP) in relation to those influential factors is used to represent the monetary value of CSR for the tea tree growing project implemented by corporates among indigenous tribal farmers in Taiwan. The components of CSR covered in this study are product safety, economic security for contractual farmers, the protection of the environment, and the conservation of ecology. Such efforts encompass the economic, legal, ethical, and philanthropic responsibilities of CSR. The corresponding highest and lowest monetary values of CSR per hectare of tea trees are USD 92,232 and USD 141,762, respectively. The overall average monetary value of CSR per hectare is USD 118,035. These values represent the specific amounts that a corporation can potentially contribute to society when it contracts tea production to aboriginal farmers.