Exploring the effect of digital CSR communication on firm performance: A deep learning approach

Shuihua Han · Zhenyuan Liu · Shivam Gupta · Patrick Mikalef

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Corporate Social Responsibility Reporting Digital Marketing and Social Media Public Relations and Crisis Communication

Abstract

This study proposes a novel research framework to examine the effect of digital CSR communications on financial performance while incorporating deep learning techniques to identify firms' CSR communications on social media. Particularly, this research aims to quantify firms' efforts in digital CSR communications by employing cutting-edge deep learning-based natural language processing (NLP) models to detect CSR-related tweets on social media. Utilizing a unique dataset of 65 Chinese public companies in the manufacturing sector between 2015 and 2019, we detected 64,769 long-form tweets posted on WeChat to acquire both digital CSR communications and stakeholder engagement data. Combining financial and secondary data of sample firms, this research reveals the positive but time-lagged influence of digital CSR communications on firms' financial performance, primarily through the lens of agenda-setting theory. We also find that stakeholder engagement plays an essential bridging role in the relationship above, while CSR ratings surprisingly hamper such a positive effect.

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References

1991The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders 2013The impact of user interactions in social media on brand awareness and purchase intention: the case of MINI on Facebook 2012Striving for Legitimacy Through Corporate Social Responsibility: Insights from Oil Companies 2020Customer engagement in social media: a framework and meta-analysis 2017The Process Model of Corporate Social Responsibility (CSR) Communication: CSR Communication and its Relationship with Consumers’ CSR Knowledge, Trust, and Corporate Reputation Perception 2014A stage to engage: Social media use and corporate reputation 2019Examining the impact of luxury brand's social media marketing on customer engagement: Using big data analytics and natural language processing 2008The ‘Catch 22’ of communicating CSR: Findings from a Danish study

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