مقاله انگلیسی رایگان در مورد مسئولیت اجتماعی شرکت، رقابت بازار محصول و ارزش شرکت – الزویر ۲۰۱۸

مقاله انگلیسی رایگان در مورد مسئولیت اجتماعی شرکت، رقابت بازار محصول و ارزش شرکت – الزویر ۲۰۱۸

 

مشخصات مقاله
ترجمه عنوان مقاله مسئولیت اجتماعی شرکت، رقابت بازار محصول و ارزش شرکت
عنوان انگلیسی مقاله Corporate social responsibility, product market competition, and firm value
انتشار مقاله سال ۲۰۱۸
تعداد صفحات مقاله انگلیسی ۱۶ صفحه
هزینه دانلود مقاله انگلیسی رایگان میباشد.
پایگاه داده نشریه الزویر
نوع نگارش مقاله
مقاله پژوهشی (Research article)
مقاله بیس این مقاله بیس میباشد
نمایه (index) scopus – master journals
نوع مقاله ISI
فرمت مقاله انگلیسی  PDF
شاخص H_index ۴۳ در سال ۲۰۱۸
شاخص SJR ۰٫۴۹۶ در سال ۲۰۱۸
رشته های مرتبط مدیریت
گرایش های مرتبط مدیریت استراتژیک، مدیریت منابع انسانی، مدیریت کسب و کار
نوع ارائه مقاله
ژورنال
مجله / کنفرانس مجله اقتصاد و تجارت – Journal of Economics and Business
دانشگاه The University of Western Ontario – Canada
کلمات کلیدی CSR، ارزش شرکت، اندوژنیت، متغیرهای ابزاری
کلمات کلیدی انگلیسی CSR, Firm value, Endogeneity, Instrumental variables
شناسه دیجیتال – doi
https://doi.org/10.1016/j.jeconbus.2018.07.001
کد محصول E10283
وضعیت ترجمه مقاله  ترجمه آماده این مقاله موجود نمیباشد. میتوانید از طریق دکمه پایین سفارش دهید.
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فهرست مطالب مقاله:
Highlights
Abstract
JEL classification
Keywords
۱ Introduction
۲ Motivation and hypotheses
۳ Data and measurement
۴ Empirical methodology
۵ Results
۶ Robustness
۷ Conclusion
Appendix A. Definitions of the variables
References

بخشی از متن مقاله:
ABSTRACT

This study empirically examines if and how product market competition influences the relation between corporate social responsibility (CSR) and firm value using a panel data set for the period 2003–۲۰۱۵٫ It explicitly recognizes the endogeneity of CSR and uses instrumental variable (IVGMM) estimation regressions. Results indicate that CSR is positively associated with market value of a firm measured by industry adjusted Tobin’s Q. However, this relation is influenced by product market competition and product fluidity. Specifically, CSR has no impact on firm value in firms that operate in low product competition environments or face low product fluidity. Furthermore, results show that the effect of CSR is driven by CSR strengths as CSR concerns have no effect on firm value. Additional tests show that community, diversity and environment dimensions are the main contributors to the total effect of CSR.

Introduction

Corporate social responsibility (CSR) has attracted the attention of many academics and practitioners in the last three decades. Most of the research attempts to find a link between CSR and firm value in order to establish why firms engage in CSR. However, there is no unified theory that can explain the relation between CSR and firm value. There are two dominant views on the relation between CSR and firm value. The agency theory (Jensen & Meckling, 1976) argues that CSR is an agency problem (Friedman, 1970) and a value decreasing investment as managers use corporate resources to draw benefits of personal reputation at the expense of shareholders (Barnea & Rubin, 2010). On the other hand, the conflict resolution theory also known as the stakeholder theory (Freeman, 1984) contends that CSR in fact is a value increasing investment as it balances the interests of both financing and nonfinancing stakeholders who have influence over firm resources. It also considers CSR as a strategic investment that increases firm value by enhancing firm competitiveness. The empirical evidence on the relation between CSR and firm value is also mixed and even confusing (e.g. Margolis & Walsh, 2003; Orlitzky, Schmidt, & Rynes, 2003; Post, Preston, & Sachs, 2002; Margolis, Elfenbein, & Walsh, 2009). Margolis and Walsh (2003) mention sampling problems, concerns about the reliability and validity of the social and financial performance measures, omission of controls, opportunities to test mediating mechanisms and moderating conditions, and a need for a causal theory to link, as possible explanations of the conflicting empirical evidence. In this study, I argue that competition in product markets influences the relation between CSR and firm value and can help in explaining the circumstances where CSR is more valuable. Economic theory postulates that competition in product markets plays an important role in disciplining the risk and effort averse managers (Alchian, 1950; Hart, 1983; Schmidt, 1997; Stigler, 1958). When market competition is high, profit margins are thin and managers have fewer resources to divert to their personal benefits.

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