Abstract
This study reviews and synthesizes the contemporary business literature that focuses on the role of corporate social responsibility (CSR) to enhance firm value. The main objective of this review is to proffer a precise understanding of what has already been investigated and the findings of those investigations regarding the value-enhancing capabilities of CSR for public firms. In addition, this review identifies gaps in the existing literature, evaluates inconsistent findings, discusses possible data sources for empirical researchers, and provides direction for exploring other promising avenues in future studies. The thrust of the CSR literature largely acknowledges the value-enhancing capabilities of firms’ social and environmental activities. However, the predominance of inconsistent theoretical grounds in major CSR-benefits-related areas suggests that there is ample room for future research to contribute to the extant literature. Anecdotal evidence, the prevalence of theoretical arguments, and the availability of large cross-sectional firm-level data suggest that future research will enrich the literature by investigating the real insights behind several unanswered questions, by establishing implicit understandings regarding recognized findings, and by developing new theories in this emerging field.
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Notes
For additional details regarding these databases, please see: http://www.hbs.edu/faculty/conferences/2013-corporate-accountability-reporting/Pages/databases.aspx.
In 2011, 70 % of listed companies, 50 % of state-owned companies, 55 % of companies owned by private equities and foundations, and 45 % of family-owned, cooperative, and private companies issued stand-alone CSR reports. The overall rate was shown to have doubled in 5 years. (Source: KPMG International Corporate Responsibility Reporting Survey KPMG 2011).
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Appendices
Appendix 1: Selected Journals Used for Article Search
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1.1
Accounting Journal
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a.
The Accounting Review
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b.
Journal of Accounting Research
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c.
Contemporary Accounting Research
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d.
Journal of Accounting and Economics
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e.
Review of Accounting Studies
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f.
Accounting, Organization, and Society
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g.
Journal of Accounting, Auditing, and Finance
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h.
Journal of Accounting and Public Policy
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a.
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1.2
Finance Journal
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a.
Journal of Finance
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b.
Journal of Financial Studies
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c.
Journal of Financial Economics
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d.
Journal of Corporate Finance
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e.
Review of Financial Studies
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a.
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1.3
Management Journal
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a.
Academy of Management Journal
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b.
Academy of Management Perspective
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c.
Academy of Management Review
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d.
Management Science
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e.
Journal of Management Studies
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f.
Journal of Business Ethics
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g.
Journal of Business
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a.
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1.4
Other CSR-focused Journals
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a.
Accounting, Auditing and Accountability
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b.
Critical Perspective on Accounting
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c.
Accounting Forum
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d.
Journal of Corporate Citizenship
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a.
Appendix 2: Keywords Used for Article Search
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1.
Corporate social responsibility
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2.
Corporate social performance
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3.
Corporate citizenship
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4.
Corporate accountability
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5.
Corporate social rating
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6.
Corporate philanthropy
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7.
Environmental disclosures
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8.
Social accounting
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9.
Social screening
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Malik, M. Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature. J Bus Ethics 127, 419–438 (2015). https://doi.org/10.1007/s10551-014-2051-9
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DOI: https://doi.org/10.1007/s10551-014-2051-9