Corporate social responsibility as a signaling technology

被引:0
|
作者
Mircea Epure
机构
[1] Universitat Pompeu Fabra and Barcelona GSE,Department of Economics and Business
[2] UPF Barcelona School of Management,undefined
来源
Review of Managerial Science | 2022年 / 16卷
关键词
Corporate social responsibility; Efficiency; Crisis; Profitability; Signaling; M1; M14; M21; M41;
D O I
暂无
中图分类号
学科分类号
摘要
This study proposes a production framework in which capital, labor, and corporate social responsibility (CSR) generate sales. Estimating a stochastic frontier on an international sample of large manufacturing firms reveals that CSR has asymmetric effects on efficiency. In a matched sample, the processes of high as compared to low CSR firms are affected less by a crisis shock. This can be largely attributed to the role of CSR as an insurance signal of processes sustainability, especially in market-based as compared to network-oriented contexts. Finally, results show that higher CSR helps firms to mitigate a crisis shock on real effects such as profitability and sales growth; this is mostly because these firms have a higher ability to adjust their operating margins and exhibit lower risk.
引用
收藏
页码:907 / 930
页数:23
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