ترجمه مقاله نقش ضروری ارتباطات 6G با چشم انداز صنعت 4.0
- مبلغ: ۸۶,۰۰۰ تومان
ترجمه مقاله پایداری توسعه شهری، تعدیل ساختار صنعتی و کارایی کاربری زمین
- مبلغ: ۹۱,۰۰۰ تومان
ABSTRACT
Using news articles covering firm‟s corporate social responsibility (CSR) activities, we find that publicized CSR activities are positively associated with shareholder value and improved future operating performance. Furthermore, we find that media coverage on CSR engagements with local impact on companies‟ communities and employees, rather than those with broader social impact on the general public, is the main driver in explaining higher shareholder value and operating performance. We also implement a two-stage least-squares regression (2SLS) and propensity score matching to establish a causal link between publicized local CSR activities and shareholder value. Our evidence is consistent with the notion that shareholders put positive value on locally-oriented CSR when it is also complemented with high level of stakeholder awareness.
Conclusion
Do shareholders value corporate social responsibility? Our study sheds light on this long-standing debate by examining a specific channel of CSR media coverage through which CSR activities can have a real impact on firm value. We show that shareholders place positive value on CSR coverage in the media, and the effect is concentrated among news coverage on locally-oriented CSR activities, which are likely to generate tangible benefits for firms‟ stakeholders, than on socially-oriented CSR activities, which generate externalities involving the general public. Our findings thus highlight the important role that CSR news coverage and CSR awareness plays in realizing the value of CSR engagements.