Corporate social responsibility as a signaling technology

Citació

  • Epure M. Corporate social responsibility as a signaling technology. Review of Managerial Science. 2022;16:907-30. DOI: 10.1007/s11846-021-00472-x

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Descripció

  • Resum

    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.
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