Corporate Social Responsibility Value Research Articles

Corporate social responsibility and performances of firms operating in the tourism and hospitality industry

PurposeThe purpose of the study is to assess whether a relationship exists between corporate social responsibility (CSR) engagement and tour operators' performances.Design/methodology/approachA web survey was submitted to tour operators worldwide. A large sample of tour operators from different countries and continents participated in the survey. Principal component analysis was performed and a regression model was developed to analyze the relationship among variables.FindingsEmpirical evidence indicates that tour operators with high CSR engagement experienced a significantly higher short-term growth of profits and sales volume. Results also show that applying CSR principles, facilitating CSR values and fostering local economic linkages have a positive and significant influence on tour operators' performances.Practical implicationsTour operators should cultivate a sustainable corporate culture requiring a commitment to sustainability of the company and its suppliers. The findings contradict with the tendency of “enclavisation” of package tourists within self-sufficient tourism complexes and suggest that locals are part of the tourism place-product.Originality/valueThis research reviews the literature on the relationship between CSR and firms' performances in tourism and hospitality. The relevance of this study is its focus on tour operators, a context with a fundamental importance for the sustainability of the tourism industry worldwide. Tour operators are the players that mostly reflect the variety of sectors within the tourism industry, combining travel services such as accommodation, food, transports, entertainment and excursions. This is the first time that a study on the relationship between CSR and firms' performances has been developed on tour operators worldwide. The paper is based on the data collected through a survey on 201 companies from 42 countries from all continents.

Unleashing the Potential Role of CSR and Altruistic Values to Foster Pro-Environmental Behavior by Hotel Employees.

The hotel sector, around the globe, has a bad reputation due to its oversized carbon footprint. Therefore, this sector requires different approaches to improve its environmental management efforts. In this regard, the importance of employees’ pro-environmental behavior (PEB) has been recently discussed to reduce an enterprise’s carbon footprint. Reflecting this, the current work aims to improve PEB of employees as an outcome of corporate social responsibility (CSR) and altruistic values (ALV) in the hotel enterprises of an emerging economy. A total of 489 valid responses was collected from hotel employees, which were then analyzed through structural equation modeling (SEM). Different hypotheses were validated by employing SEM, and the results confirmed that CSR, directly and indirectly, via ALV as a mediator, improves PEB. The current work offers insights into the hotel industry for improving its environmental footprint through CSR and ALV. Moreover, academically, the current work advances the literature on CSR and environmental management from the perspective of hotel enterprises and by highlighting the role of individual values, especially ALV.

The Influence of Corporate Social Responsibility on Firm Value With Institutional Ownership and Managerial Ownership as Moderating Variables

This study aims to determine the effect of Corporate Social Responsibility (CSR) on firm value, with institutional ownership and managerial ownership as moderating variables in manufacturing companies listed on the Indonesia Stock Exchange (IDX) for the 2014-2019 period. The data used for the research sample is in the form of annual reports from manufacturing companies listed on the IDX for the 2014-2019 period. The method used for the sampling process is the purposive sampling technique, while the model used in this study is panel data with a random-effects model approach. The results of this study indicate that CSR does not have a significant effect on firm value. Institutional ownership as a moderating variable cannot moderate the relationship between CSR and firm value. Meanwhile, managerial ownership is shown to moderate the relationship between CSR and firm value but has a weakening effect.

Entering global markets, R&D update and its role on home donation: a global value chain perspective

ABSTRACT Whether internationalisation promotes or inhibits corporate social responsibility (CSR) such as home donation is a critical question that remains controversial. Drawing on the strategic view of CSR and global value chain (GVC) perspective, we argue that the outward internationalisation of emerging market firms (EMFs) may impede their home donation, partly because as they internationalise, they are mainly embedded in the low-end positions of the GVC, which negatively affect the motivation and capability of their donation to the home market. Such a relationship is even stronger for EMFs with a lower level of R&D intensity, possibly indicating these firms may be more deeply embedded in the low-end position of the GVC. We tested our theory using data collected from public-listed firms in China, and our results can thus help us understand why some EMFs tend to not make home donations from the consideration of GVC embeddedness. Contributions towards GVC embedment and stakeholder considerations are discussed.

Ethanol-driven building fungus colonisation: “Whisky Black” in urban built environments

PurposeThe spirits industry is a major economic contributor worldwide, often requiring years of maturation in barrels that is associated with significant release of ethanol into the surrounding environment. This provides carbon nutrition for colonisation of black fungal growths, one type being Baudoinia compniacensis, or Whisky Black. Although growth is localised in production areas, numerous sites exist globally, and this paper's purpose is to investigate the extent and implications of colonisation.Design/methodology/approachThe paper presents and discusses the results of a visual survey of the area surrounding a site where whisky is maturing in nearby bonded warehouses. The evaluation considers radial zoning distance from the ethanol source and material substrate types and surface textures. Classical key stages of Building Pathology, namely manifestation, diagnosis, prognosis and therapy, are considered.FindingsKey findings are that the colonisation of the fungus is non-uniform and dependent on the substrate building material. Additionally, rougher-textured building materials displayed heavier levels of fungal manifestation than smooth materials. Aspects such as distance, wind direction and moisture are considered relative to the extent and level of fungal growth.Originality/valueThis investigation provides the first assessment of the extent and nature of the fungal growth in properties built in surrounding areas to bonded warehouses. Such information can facilitate open dialogue between stakeholders that recognise the aspirations of values of corporate social responsibility, whilst balancing the economic importance of distilling with recognition of the fungus's impact on property values and appropriate recurring remedial treatments.

Is corporate social responsibility value relevant? Evidence from a quasi-natural experiment of anti-corruption campaign

Leveraging China’s 2013 anti-corruption campaign (the Campaign) as a quasi-natural experiment and a difference-in-differences (DID) research design, we examine which of the three motives (value relevancy, risk management, or altruism) better explain a firm’s corporate social responsibility (CSR) activities. Our findings suggest that, after the Campaign and conditional on the level of firm corruption-related expenses, firms generally engage in more CSR, which supports the value relevance motive of CSR. Additional analyses suggest that the positive impact of the Campaign on CSR is more salient when: 1) the Campaign is effective in the province in which a firm is located; 2) the financialization level of a province in which a firm is located is high; 3) firms have more political connections interruption in the Campaign; 4) firms have high operating risk; 5) firms are more capable of conducting CSR activities; or 6) the extent of firms’ corporate governance is excellent.

Collecting channel selection and information value of a closed-loop supply chain with corporate social responsibility

PurposeThe paper aims to explore how the participants in the closed-loop supply chain (CLSC) select collecting strategies under the scenarios of information symmetry and asymmetry, and to investigate the value of corporate social responsibility (CSR) cost information for participants.Design/methodology/approachThis paper constructs a two-echelon CLSC Stackelberg game consisting of one manufacturer and one retailer, where the manufacturer undertakes CSR and is responsible for the remanufacturing of used products. First, the authors establish two collecting models under information symmetry: manufacturer-collecting and retailer-collecting. Second, the authors construct two collecting models under information asymmetry and propose a two-part tariff contract to coordinate the participants’ profits. Finally, the authors make a numerical analysis to verify the results.FindingsUnder information symmetry, the profit of the participant who does not undertake collecting is positively related to the collecting rate, and the other participant may not benefit from the increase in the collecting rate. Under information asymmetry, the manufacturer will still select the retailer-collecting channel. Asymmetric information only affects the retailer’s selection. In addition, the manufacturer’s private CSR cost information is always valuable to the retailer.Originality/valueThis paper first explores the influence of the CSR cost information value on the selection of collecting channel under information asymmetry in the CLSC. The results can help company managers choose optimal collecting channel under information symmetry or under information asymmetry.

Strategic CSR practices, strategic orientation and business value creation among multinational subsidiaries in Ghana

PurposeThis study aims to examine the direct influence of strategic corporate social responsibility (CSR) practices on business value creation while accounting for the moderating and mediating roles of strategic orientation.Design/methodology/approachIt used data from 118 CSR-intensive multinational subsidiaries operating in five major different industries in Ghana and applied hierarchical regression and bootstrapping via Hayes’ PROCESS Macro for the analyses.FindingsThe results showed that strategic CSR practices comprising of strategic CSR planning, strategic CSR implementation and strategic CSR positioning contribute positively and significantly to business value creation of multinational subsidiaries. Moreover, it found that strategic orientation has directly predicted business value creation significantly and further mediated the nexus between business value creation and the three strategic CSR practices. However, it did not moderate the influence of strategic CSR practices on business value creation.Originality/valueThe study validates and adds to the knowledge on strategic CSR and business value creation theory by demonstrating that strategic CSR practices of multinational corporation (MNCs) are parallel to their subsidiaries’ commitment to shared growth in host countries. Similarly, it provides a better understanding of the dual roles of MNCs’ strategic orientation on strategic CSR practices and business value creation, thereby offering valuable information about the underlying economic process and context that can affect the strategic business value of firms’ strategic CSR practices.

Differences in Attitude to Corporate Social Responsibility among Generations

The purpose of the study is to investigate the employees’ attitudes to CSR practices and reveal the differences in staff perceptions within different groups of responadents. The tasks to be accomplished are: (1) to investigate the differences of CSR perception between males and females; (2) to investigate the differences of CSR perception among representatives of different generations; (3) to investigate the differences of CSR perception among representatives of different sectors of the economy. The online survey was conducted using the authors’ developed research instrument (questionnaire). In total, 129 respondents—employed Latvian citizens—participated in the survey. To assess the influence of age, gender, and other control characteristics in the sample, the authors implemented regression-based moderation analysis in the SPSS environment. The analysis indicated the moderating role of gender in the perception of corporate social responsibility, which appeared to be strong, especially in terms of leveraging business honesty, as a predictor. The sector, too, appeared to be a moderator, though it was much less statistically significant than gender. On the other hand, generation appeared to be an independent and significant predictor of corporate social responsibility perception itself, while its moderating effect was insignificant. The findings in the paper support existing literature in terms of moderating the role of gender, as outlined previously; yet, this research estimated that males value corporate social responsibility higher than females, while our results estimate the opposite. Our research revealed that age (generation) is a significant factor, which defines a personal attitude towards corporate social responsibility, i.e., the older generation values CSR higher than the youngsters. We have not found any correlation between the economic sector and corporate social responsibility perception.

Through the Lens of Ubuntu: The Value of Partnerships and Corporate Social Responsibility towards Community Development in the City of uMhlathuze, South Africa

The paper explores partnerships among the multinational corporations (MNCs), local municipalities and host communities in a bid to establish what informs corporate social responsibility (CSR). MNCs are essential in improving the wellbeing and living standards of host communities. The philanthropic activities have to be ethical, legitimate and guided by the spirit of giving back, informed by the philosophy of ubuntu (humanity). The qualitative approach was adopted to gather in-depth understanding of the existence and nature of partnership among MNCs, local municipalities and host communities. The participants were purposefully selected based on their expert knowledge and engagement in community development initiatives. The findings indicate that CSR operations are characterised by an absence of formal partnership between MNCs and host communities. A pragmatic policy framework needs to be developed to guide the philanthropic activities aimed at enhancing the socio-economic development of host communities.

Does Mandated Corporate Social Responsibility Crowd Out Voluntary Corporate Social Responsibility? Evidence from India

We investigate the implementation of a government of India mandate that requires firms to spend at least 2% of their profits on corporate social responsibility (CSR). We find that mandated firms that voluntarily engaged in CSR before the mandate reduce their CSR spending significantly after the mandate. The erstwhile voluntary CSR spenders increase advertising expenditure plausibly to offset the lost signaling value of voluntary CSR. The 2% mandate negatively impacts valuations and operating performance. Our results show that regulatory intervention in CSR diminishes its signaling value and leads to a reduction in voluntary CSR spending.

The Influence of Green Corporate Social Responsibility on Firm Value with the Audit Committee as a Moderating Variable

This research aims to prove and analyze the impact of green corporate social responsibility (CSR) on company value and the role of the audit committee as a moderating variable. The population is all corporates exist on the Indonesian Stock Exchange (IDX) during 2015-2019. The study used purposeful sampling and obtained as many as 125 companies. The analysis methods used are simple linear analysis and moderate regression analysis. Finding research show that green CSR affects corporate value, and the audit committee can ease correlate between green corporate social responsibility and corporate value.

PENGARUH INVESTMENT OPPORTUNITY SET, CORPORATE SOCIAL RESPONSIBILITY, DAN RISIKO BISNIS TERHADAP NILAI PERUSAHAAN

This study aims to determine the effect of investment opportunity set, corporate social responsibility and business risk on firm value. Investment opportunity set is measured using market book value equity, capital expenditure to book value of assets and corporate social responsibility is measured by corporate social responsibility disclosure index and business risk is measured by business risk in banking sub-sector companies listed on the Indonesia Stock Exchange (IDX) in 2015-2019. the method of determining the sample using purposive sampling then obtained a sample of 39 companies. The data analysis technique used is multiple regression analysis. The results showed that the investment opportunity set consisting of market book value equity had a significant effect on firm value, capital expenditure to book value of assets had no significant effect on firm value, corporate social responsibility had a significant effect on firm value, and business risk had no effect on firm value.

The Relevance Analysis Of Accounting Information, Corporate Social Responsibility And Leverage As Moderation Variables

An investor always needs accounting information in determining an investment decision. Accounting information relates to many matters relating to the Company's activities in certain periods. The research aims to test and analyse the relevance of accounting information, corporate social responsibility and leverage as moderation variables. The study population of 11 banking companies registered in the IDX period was 2015 – 2018 with a sample number of 44 observations. This sampling technique uses the purposive sampling method. This research hypothesis test uses multiple linear regression with the Moderated Regression Analyys (MRA) approach. Independent variables in this study are the value of profit, book value, and corporate social responsibility. Leverage as a moderation variable and stock price as the dependent variable. The results of this study show that the value of profit, book value and corporate social responsibility affect the stock price. Leverage as a moderation variable can strengthen the book value relationship to the share price, but it cannot strengthen the value of profit relationship to the share price and corporate social responsibility towards the share price. It can be concluded that the value of profit, book value and corporate social responsibility has the relevance of accounting information value. Leverage as a moderation variable can only strengthen the book value relationship to the share price. The degree of research is expected to increase the amount of data samples to achieve more significant results.

Talented inside directors and corporate social responsibility: A tale of two roles

We examine the effect of inside directors with outside directorship, denoted as talented inside directors (TIDs), on corporate social responsibility (CSR) using 17,668 U.S. firm-year observations from 1998 to 2016. We find a significantly negative association between TIDs and excessive CSR and the result remains unchanged after correcting for endogeneity concern. We further shed light on how TIDs reduce excessive CSR through playing monitoring and advisory roles. The result showing a high sensitivity of CEO turnover to excessive CSR in firms with TIDs renders support to the monitoring hypothesis of TIDs. We further demonstrate that the baseline result is more pronounced for TIDs who are more likely to replace CEOs, for positive CSR activities that are more likely to enhance CEOs' personal benefits, and in firms that agency problems are more severe, providing additional evidence to support the monitoring hypothesis. This study also supports the advisory role of TIDs by showing that the baseline result is more pronounced in firms with high demand for board advice. Finally, we show that investors perceive that TIDs improve the value of CSR. Taken together, this study provides promising evidence that TIDs improve the efficiency of CSR investment by monitoring and advising CEOs.

Do creditors value corporate social responsibility disclosure? Evidence from Ghana

Purpose Drawing on risk mitigation theory, this study aims to examine the link between corporate social responsibility (CSR) disclosure and the cost of debt financing (CDF). In particular, this paper seeks to determine whether firms with higher CSR disclosure scores have a lower CDF. Design/methodology/approach This paper uses a panel data analysis of non-financial Ghanaian firms listed on the Ghana Stock Exchange from 2006 to 2019. The CSR index constructed from firms’ annual reports and sustainability reports is used as a proxy for the extent of CSR information disclosures by Ghanaian companies. Findings The empirical results demonstrate that CDF is positively related to CSR disclosure scores. Besides, the results show that the levels of long-term debt increase with CSR disclosure in a highly risky industry. However, the finding does not meet the lenders’ expectations in terms of CSR attracting favourable debt financing sources. Research limitations/implications The research is based only on the quantity of the CSR information disclosed by Ghanaian companies and does not account for the quality of the CSR disclosures. The empirical model omits some control variables such as the age of the firm and external business conditions. The results should not be generalized, as the sample was based on three listed industries in Ghana for 2006–2019. Originality/value This study extends the scope of previous studies by examining the importance of CSR disclosures in financing decisions. More precisely, it focuses on the relatively little explored relationship between the extent of CSR disclosures and access to debt financing. Moreover, this study focuses on the rather interesting empirical setting of Ghana, which is characterized by its low level of CSR awareness. Achieving a better understanding of the effects of CSR information is useful for corporate managers desiring to meet lenders’ expectations and attract debt financing sources.

Understanding event attendees’ intentions to participate food waste reduction (FWR) practices: The role of perceived CSR value and perceived usefulness

Since event attendees produce significant amounts of food waste, it is important to promote the reduction of food waste among attendees. However, studies that have investigated attendees’ intentions to participate in food waste reduction (FWR) practices are scant. This study aims to identify the antecedents of attendees’ FWR intentions and predicts that perceived event companies’ corporate social responsibility (CSR) value and usefulness of FWR practices will influence attendees’ intentions to participate in FWR practices. The results showed that perceived CSR value significantly influenced attendees’ intentions to participate in FWR practices. Perceived usefulness of FWR practices mediates the effect of perceived CSR value on intentions. Furthermore, age was found to moderate the proposed relationships. The findings of this study suggest that attendees’ perceptions of the event organizers’ CSR value are crucial for attendees to participate in FWR practices, especially when the majority of the attendees are in the younger age group.

Corporate Social Responsibility and Firm Performance: the Moderating Role of Top Management Team Characteristics and Heterogeneity

Purpose - The purpose of this paper is exploring whether the characteristics and heterogeneity of the TMT play a moderating role in CSR and corporate value or not. Design/methodology/approach - The literature research method includes collecting, organizing, and analyzing the literature on the characteristics and heterogeneity of the TMT, the effect of corporate social responsibility (CSR), and corporate value. We analyze the contributions and limitations in existing research, grasp the current research status, and develop the research content of this article. The empirical analysis method is based on the data of Chinese A-share listed companies from 2001 to 2017. This allows us to study the moderating effect of the characteristics and heterogeneity of the TMT on CSR and corporate value. Findings - The TMT age, education degree, overseas background, and compensation have a positive moderating effect on CSR and corporate market value. The comprehensive heterogeneity of the TMT also has a positive effect on CSR and financial performance. Research implications or Originality - The research on the relationship between CSR and corporate value is still inconclusive. Some results have found a positive relationship, while others show a negative relationship. Studies exist that report mixed findings as well. This study has attempted to clarify this problem by adding potentially missing variables related on the TMT characteristics and heterogeneity, investigating causality effects.

Where, When, and Who: Corporate Social Responsibility and Brand Value—A Global Panel Study

According to surveys of companies, branding is one of the main objectives of their corporate social responsibility (CSR). With advantageous data from Brand Finance, we address three contextual factors that may condition the relationship between CSR and brand value. First, we hypothesize that the relationship between CSR and brand value obtains across major world regions and industrial sectors (“the convergence thesis”). Second, we hypothesize that the relationship has weakened with time, as companies have had increasing difficulty using CSR to differentiate their brands in a sea of CSR-espousing competitors (“the crowding out thesis”). Third, we hypothesize that the relationship between CSR and brand value is weaker where a brand’s identity is different from that of its corporate owner, which may make it difficult for observers to readily link (corporate-level) CSR with its potential (lower level) brand beneficiaries (“the identity-match thesis”). We support these hypotheses with random-effects, fixed-effects, and instrumental-variable regressions before ending with contributions, limitations, implications, and potential next steps.

Knowledge Management and Sustainable Balanced Scorecard: Practical Application to a Service SME

Many works highlight the importance and added value of Corporate Social Responsibility (CSR) in companies, as well as the role of Knowledge Management (KM) for their revitalization, but even more important is to ensure that all efforts and resources are aligned with the organization’s strategic objectives (Balanced Scorecard, BSC). The aim of this work is to integrate BSC, CSR and KM based on the results of two previous researches: one on BSC–CSR and the other on KM, both of a projective nature (description-action-contrast). The research carried out has made it possible to identify 45 KM indicators, 102 CSR indicators and their corresponding correlations with the strategic objectives and perspectives of the BSC. In addition, an Excel tool was designed and developed for SMEs that is customizable, intuitive and useful for decision-making, which allowed us to contrast the obtained results.