Articlediamond2022

Corporate social responsibility and financial performance – the role of corporate reputation, advertising and competition

32 citations0/0 files storedPSU Research Review

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Corporate Social Responsibility Reporting Corporate Social Responsibility and Sustainability Corporate Identity and Reputation

Abstract

Purpose The research on corporate social responsibility (CSR) and firm performance (FP) has seen a surge over the years. However, the role of corporate reputation (CR), advertising strategy and market competition is still unclear. The purpose of this study is to consider this gap and test an integrative model of CSR-FP, in the context of India. Design/methodology/approach The data for CSR expenditure were collected from the annual reports of the selected companies. CR was captured using the ranks of Fortune India 500, Business Standard 1,000 and Economic Times 500. The financial data were collected from CMIE (Prowess) database. Findings Results of structural equation modeling (SEM) revealed a significant relationship between CSR expenditure of the firm and its reputation; but no relationship between CR and performance. When CR increases, the performance of a firm may not improve. Competitive intensity (CI) had no statistically significant role in the CR-FP relationship for performance. Results suggest that reputed firms perform well despite high competition within an industry. High reputation is effective in improving performance irrespective of competition. CI has a positive impact in the reputation–performance linkage. Advertising intensity (AI) played a significant moderating role in the CSR intensity and CR relationship. Originality/value This research represents an added value for the literature on CSR by highlighting the importance of CR, advertising strategy and market competition in the relationship between CSR and FP. The findings have several implications for theory and practice, which have been discussed in the study.

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1981Evaluating Structural Equation Models with Unobservable Variables and Measurement Error 1995A Stakeholder Framework for Analyzing and Evaluating Corporate Social Performance 2007Strategy and society: the link between competitive advantage and corporate social responsibility 1995What Do We Know about Capital Structure? Some Evidence from International Data 2001Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility 2010Does Corporate Social Responsibility Affect the Cost of Capital?1988CORPORATE SOCIAL RESPONSIBILITY AND FIRM FINANCIAL PERFORMANCE.1991KEEPING AN EYE ON THE MIRROR: IMAGE AND IDENTITY IN ORGANIZATIONAL ADAPTATION.

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