Skip to main content
Log in

Value-Enhancing Capabilities of CSR: A Brief Review of Contemporary Literature

  • Published:
Journal of Business Ethics Aims and scope Submit manuscript

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.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2

Similar content being viewed by others

Notes

  1. For additional details regarding these databases, please see: http://www.hbs.edu/faculty/conferences/2013-corporate-accountability-reporting/Pages/databases.aspx.

  2. 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).

References

  • Abbott, W. F., & Monsen, J. R. (1979). On the measurement of corporate social responsibility: Self-reported disclosures as a method of measuring corporate social involvement. Academy of Management Journal, 22(3), 501–515.

    Article  Google Scholar 

  • Aktas, N., de Bodt, E., & Cousin, J.-G. (2011). Do financial markets care about SRI? Evidence from mergers and acquisitions. Journal of Banking & Finance, 35(7), 1753–1761.

    Article  Google Scholar 

  • Alexander, G. J., & Buchholz, R. A. (1978). Corporate social performance and stock market performance. Academy of Management Journal, 21, 479–486.

    Article  Google Scholar 

  • Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E., I. I. (2004). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equation approach. Accounting, Organizations and Society, 29(5–6), 447–471.

    Article  Google Scholar 

  • Anderson, J. C., & Frankle, A. W. (1980). Voluntary social reporting: An iso-beta portfolio analysis. The Accounting Review, 55, 467–479.

    Google Scholar 

  • Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28, 446–463.

    Article  Google Scholar 

  • Banker, R. D., & Mashruwala, R. (2007). The moderating role of competition in the relationship between nonfinancial measures and future financial performance. Contemporary Accounting Research, 24(3), 763–793.

    Article  Google Scholar 

  • Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97, 71–86.

    Article  Google Scholar 

  • Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32, 794–816.

    Article  Google Scholar 

  • Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207–221.

    Article  Google Scholar 

  • Belkaoui, A. (1980). The impact of socio-economic accounting statements on the investment decision: An empirical study. Accounting, Organizations and Society, 5(3), 263–283.

    Article  Google Scholar 

  • Belkaoui, A. (1992). Executive compensation, organizational effectiveness, social performance and firm performance: An empirical investigation. Journal of Business Finance and Accounting, 19, 25–38.

    Article  Google Scholar 

  • Berchicci, L., Dowell, G., & King, A. A. (2012). Environmental capabilities and corporate strategy: Exploring acquisitions among US manufacturing firms. Strategic Management Journal, 33, 1053–1071.

    Article  Google Scholar 

  • Berrone, P., & Gomez-Mejia, L. R. (2009). Environmental performance and executive compensation: An integrated agency–institutional perspective. Academy of Management Journal, 52(1), 103–126.

    Article  Google Scholar 

  • Bird, F., & Smucker, J. (2007). The social responsibilities of international business firms in developing areas. Journal of Business Ethics, 73, 1–9.

    Article  Google Scholar 

  • Bloom, P. N., Hoeffler, S., Keller, K. L., & Meza, C. E. B. (2006). How social-cause marketing affects consumer. MIT Sloan Management Review, 47, 49–55.

    Google Scholar 

  • Brammer, S., & Millington, A. (2005). Corporate reputation and philanthropy: An empirical analysis. Journal of Business Ethics, 61, 29–44.

    Article  Google Scholar 

  • Brown, T. J., & Dacin, P. A. (1997). The company and the product: corporate associations and consumer product responses. The Journal of Marketing, 61(1), 68–84.

    Article  Google Scholar 

  • Brown, W., Helland, E., & Smith, J. (2006). Corporate philanthropic practices. Journal of Corporate Finance, 12(5), 855–877.

    Article  Google Scholar 

  • Buzby, S. L., & Falk, H. (1978). A survey of the interest in social responsibility information by mutual funds. Accounting, Organizations and Society, 3(3–4), 191–201.

    Article  Google Scholar 

  • Cai, Y., Jo, H., & Pan, C. (2011). Vice or virtue? The impact of corporate social responsibility on executive compensation. Journal of Business Ethics, 104, 159–173.

    Article  Google Scholar 

  • Campbell, J. L. (2007). Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32, 946–967.

    Article  Google Scholar 

  • Caroline, F. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781.

    Article  Google Scholar 

  • Carroll, A. B. (1999). Corporate social responsibility- evolution of a definitional construction. Business and Society, 38(3), 268–295.

    Article  Google Scholar 

  • Chan, C. C. C., & Milne, M. J. (1999). Investor reactions to corporate environmental saints and sinners: an experimental analysis. Accounting and Business Research, 29(4), 265–279.

    Article  Google Scholar 

  • Cheng, B., Ioannou, I., & Serafeim, G. (2012). Corporate social responsibility and access to finance. Working Paper. Harvard Business School, Boston.

  • Chih, H., Chih, H., & Chen, T. (2010). On the determinants of corporate social responsibility: International evidence on the financial industry. Journal of Business Ethics, 93, 115–135.

    Article  Google Scholar 

  • Chih, H., Shen, C., & Kang, F. (2008). Corporate social responsibility, investor protection, and earnings management: Some international evidence. Journal of Business Ethics, 79(1/2), 179–198.

    Article  Google Scholar 

  • Cho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012). Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, Organizations and Society, 37, 14–25.

    Article  Google Scholar 

  • Cho, C. H., Roberts, R. W., & Patten, D. M. (2010). The language of US corporate environmental disclosure. Accounting, Organizations and Society, 35(4), 431–443.

    Article  Google Scholar 

  • Clacher, I., & Hagendorff, J. (2012). Do announcements about corporate social responsibility create or destroy shareholder wealth? Evidence from the UK. Journal of Business Ethics, 106, 253–266.

    Article  Google Scholar 

  • Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of Management Journal, 27, 42–56.

    Article  Google Scholar 

  • Cooper, S. (2004). Corporate social performance: A stakeholder approach. Burlington, VT: Ashgate.

  • Cooper, S. M., & Owen, D. L. (2007). Corporate social reporting and stakeholder accountability: The missing link. Accounting: Organizations and Society.

    Google Scholar 

  • Cormier, D., & Magnan, M. (1999). Corporate environmental disclosure strategies: Determinants, costs and benefits. Journal of Accounting, Auditing and Finance, 14(4), 429–451.

    Google Scholar 

  • Cowen, S. S., Ferreri, L. B., & Parker, L. D. (1987). The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis. Accounting, Organizations and Society, 12(2), 111–122.

    Article  Google Scholar 

  • Crumbley, D. L., Epstein, M. J., & Bravenec, L. L. (1977). Tax impact in corporate social responsibility decisions and reporting Accounting. Organizations and Society, 2(2), 131–139.

    Article  Google Scholar 

  • Darnall, N., Seol, I., & Sarkis, J. (2009). Perceived stakeholder influences and organizations’ use of environmental audits. Accounting, Organizations and Society, 34(2), 170–187.

    Article  Google Scholar 

  • Deloitte. (2009). How green is the deal? The growing role of sustainability in M&A. Working Paper.

  • Deng, X., Kang, J., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from merger. Journal of Financial Economics (forthcoming).

  • Desai, M. A., & Dharmapala, D. (2006). CSR and taxation: The missing link. Leading Perspectives, 4, 5.

    Google Scholar 

  • DeTienne, K., & Lewis, L. W. (2005). The pragmatic and ethical barriers to corporate social responsibility disclosure: The Nike case. Journal of Business Ethics, 60, 359–376.

    Article  Google Scholar 

  • Devinney, T. M. (2009). Is the socially responsible corporation a myth? The good, the bad, and the ugly of corporate social responsibility. Academy of Management Perspectives, 23(2), 44456.

    Article  Google Scholar 

  • Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100.

    Article  Google Scholar 

  • Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723–759.

    Article  Google Scholar 

  • Dijken, F. V. (2007). Corporate social responsibility: Market regulation and the evidence. Managerial Law (Emerald), 49(4), 141–184.

    Article  Google Scholar 

  • Dodd, E. M., Jr. (1932). For whom are corporate managers trustees? Harvard Law Review, 5(7), 1145–1163.

    Article  Google Scholar 

  • Eccles, R. G., Ioannou, I., & Serafeim, G. (2013). The impact of a corporate culture of sustainability on corporate behavior and performance. HBS Working Paper No. 12-035.

  • Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640.

    Article  Google Scholar 

  • Edwards, E. O., & Bell, P. W. (1961). The theory and measurement of business income. Berkeley and Los Angeles: University of California Press.

    Google Scholar 

  • Elias, R. Z. (2004). An examination of business students’ perception of corporate social responsibilities before and after bankruptcies. Journal of Business Ethics, 52, 267–281.

    Article  Google Scholar 

  • Epstein, M. J., & Freedman, M. (1994). Social disclosure and the individual investor. Accounting, Audition and Accountability Journal, 7(4), 94–109.

    Article  Google Scholar 

  • Fogler, H. R., & Nutt, F. (1975). A note on social responsibility and stock valuation. Academy of Management Journal, 18, 155–160.

    Article  Google Scholar 

  • Fombrun, C., & Shanley, M. (1990). What’s in a name? Reputation building and corporate strategy. Academy of Management Journal, 33, 233–258.

    Article  Google Scholar 

  • Freedman, J. (2003). Tax and corporate responsibility. Tax Journal, 695(2), 1–4.

    Google Scholar 

  • Freedman, M., & Stagliano, A. J. (1991). Differences in social-cost disclosures: A market test of investor reactions. Accounting, Auditing and Accountability Journal, 4, 68–83.

    Article  Google Scholar 

  • Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, September 13, PP. 32–33, 122, 124, 126.

  • Galaskiewicz, J. (1997). An urban grants economy revisited: Corporate charitable contributions in the twin cities, 1979–81, 1987–89. Administrative Science Quarterly, 42, 445–471.

    Article  Google Scholar 

  • Gelb, D. S., & Strawser, J. A. (2001). Corporate social responsibility and financial disclosures: An alternative explanation for increased disclosure. Journal of Business Ethics, 33, 1–13.

    Article  Google Scholar 

  • Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30, 777–798.

    Article  Google Scholar 

  • Gordon, M. J. (1959). Dividends, earnings and stock prices. Review of Economics and Statistics (The MIT Press), 41(2), 99–105.

    Article  Google Scholar 

  • Gordon, M. J., & Shapiro, E. (1956). Capital equipment analysis: the required rate of profit. Management Science, 3(1), 102–110; Reprinted in Management of Corporate Capital, Glencoe, Ill.: Free Press of 1959.

    Google Scholar 

  • Graves, S. B., & Waddock, S. A. (1994). Institutional owners and corporate social performance. Academy of Management Journal, 37, 1034–1046.

    Article  Google Scholar 

  • Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: 25 years of incomparable research. Business and Society, 36, 5–31.

    Article  Google Scholar 

  • Grow, B., Hamm, S., & Lee, L. (2005). The debate over doing good. BusinessWeek, 3947, 76.

    Google Scholar 

  • Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24, 391–430.

    Article  Google Scholar 

  • Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of Management Journal, 42(5), 479–485.

    Article  Google Scholar 

  • Hawn, O. (2013). Strategic role of corporate social responsibility in international expansion of emerging market multinationals. Working Paper.

  • Hemingway, C., & Maclagan, P. (2004). Managers’ personal values as drivers of corporate social responsibility. Journal of Business Ethics, 50(1), 33–44.

    Article  Google Scholar 

  • Hong, Y., & Andersen, M. L. (2011). The relationship between corporate social responsibility and earnings management: An exploratory study. Journal of Business Ethics, 104, 461–471.

    Article  Google Scholar 

  • Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). Does it cost to be sustainable? Journal of Corporate Finance, 18, 626–639.

    Article  Google Scholar 

  • Hung, H. (2011). Directors’ roles in corporate social responsibility: A stakeholder perspective. Journal of Business Ethics, 103, 385–402.

    Article  Google Scholar 

  • Huseynov, F., & Klamm, B. K. (2011). Tax avoidance, tax management and corporate social responsibility. 2012. Journal of Corporate Finance, 18, 804–827.

    Article  Google Scholar 

  • Husted, B. W. (2005). Risk management, real options, and corporate social responsibility. Journal of Business Ethics, 60, 175–183.

    Article  Google Scholar 

  • Ilinitch, A. Y., Soderstrom, N. S., & Thomas, T. E. (1998). Measuring corporate environmental performance. Journal of Accounting and Public Policy, 17, 383–408.

    Article  Google Scholar 

  • Ingram, R. W. (1978). An investigation of the information content of (certain) social responsibility disclosures. Journal of Accounting Research, 16, 270–285.

    Article  Google Scholar 

  • Ingram, R. W., & Frazier, K. B. (1983). Narrative disclosures in annual reports. Journal of Business Research, 11, 49–60.

    Article  Google Scholar 

  • Jeffrey, U. (2008). Strategic reputation risk management and corporate social responsibility reporting. Accounting, Audition and Accountability Journal, 21(3), 362–364.

    Article  Google Scholar 

  • Jensen, M. C. (2001). Value maximization, stakeholder theory, and the corporate objective function. In M. Beer & N. Norhia (Eds.), Breaking the code of change. Boston: Harvard Business School Press.

    Google Scholar 

  • Jo, H., & Harjoto, M. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103, 351–383.

    Article  Google Scholar 

  • Jo, H., & Harjoto, M. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106, 53–72.

    Article  Google Scholar 

  • Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility? The Accounting Review, 87(3), 761–796.

    Article  Google Scholar 

  • Klassen, R. D., & McLaughlin, C. P. (1996). The impact of environmental management on firm performance. Management Science, 42, 1199–1214.

    Article  Google Scholar 

  • Kok, P., Wiele, T., McKenna, R., & Brown, A. (2001). A corporate social responsibility audit within a quality management framework. Journal of Business Ethics, 31, 285–297.

    Article  Google Scholar 

  • Kolk, A., & Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: An international investigation. Business Strategy and the Environment, 19(3), 182–198.

    Google Scholar 

  • KPMG. (2011). International Survey of Corporate Responsibility Reporting 2011. Chennai: KPMG.

    Google Scholar 

  • Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31, 86–108.

    Article  Google Scholar 

  • Lev, B., Petrovits, C., & Radhakrishnan, S. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal, 31(2), 182–200.

    Google Scholar 

  • Li, W., & Zhang, R. (2010). Corporate social responsibility, ownership structure, and political interference: Evidence from China. Journal of Business Ethics, 96, 631–645.

    Article  Google Scholar 

  • Lin, C., Yang, H., & Liou, D. (2008). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society, 30, 1–8.

    Article  Google Scholar 

  • Lindorff, M., Jonson, E. P., & McGuire, L. (2012). Strategic corporate social responsibility in controversial industry sectors: The social value of harm minimization. Journal of Business Ethics, 110, 457–467.

    Article  Google Scholar 

  • Linthicum, C., Reitenga, A., & Sanchez, J. (2010). Social responsibility and corporate reputation: The case of the Arthur Andersen Enron audit failure. Journal of Accounting and Public Policy, 29(2), 160–176.

    Article  Google Scholar 

  • Luo, X., & Bhattacharya, C. B. (2009). The debate over doing good: Corporate social responsibility, strategic marketing levers and firm idiosyncratic risk. Journal of Marketing, 73, 198–213.

    Article  Google Scholar 

  • Mahoney, L., & Thorne, L. (2005). Corporate social responsibility and long-term compensation: Evidence from Canada. Journal of Business Ethics, 57, 241–253.

    Article  Google Scholar 

  • Mahoney, L., & Thorne, L. (2006). An examination of the structure of executive compensation and corporate social responsibility: A Canadian Investigation. Journal of Business Ethics, 69, 149–162.

    Article  Google Scholar 

  • Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A research note on standalone corporate social responsibility reports: Signaling or greenwashing? Critical Perspectives on Accounting, 24(4–5), 350–359.

    Article  Google Scholar 

  • Manaktola, K., & Jauhari, V. (2007). Exploring consumer attitude and behavior towards green practices in the lodging industry in India. International Journal of Contemporary Hospitality Management (Emerald), 19(5), 364–377.

    Article  Google Scholar 

  • Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance. Working Paper.

  • Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48, 268–305.

    Article  Google Scholar 

  • McGuire, J., Dow, S., & Argheyd, K. (2003). CEO incentives and corporate social performance. Journal of Business Ethics, 45, 341–359.

    Article  Google Scholar 

  • McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate and social responsibility and firm financial performance. Academy of Management Journal, 31, 854–872.

    Article  Google Scholar 

  • McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21, 603–609.

    Article  Google Scholar 

  • McWilliams, A., Siegel, D., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43, 1–18.

    Article  Google Scholar 

  • Menon, S., & Kahn, B. E. (2003). Corporate sponsorships of philanthropic activities: When do they impact perception of sponsor brand? Journal of Consumer Psychology, 13(3), 316–327.

    Article  Google Scholar 

  • Menz, K. (2010). Corporate social responsibility: Is it rewarded by the corporate bond market? A critical note. Journal of Business Ethics, 96, 117–134.

    Article  Google Scholar 

  • Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. Journal of Business, 34, 411–433.

    Article  Google Scholar 

  • Mishra, S., & Suar, D. (2010). Does corporate social responsibility influence firm performance of Indian companies? Journal of Business Ethics, 95, 571–601.

    Article  Google Scholar 

  • Mock, T. J., Strohm, C., & Swartz, K. M. (2007). An examination of worldwide assured sustainability reporting. Australian Accounting Review, 17(1), 67–77.

    Article  Google Scholar 

  • Morrimoto, R., Ash, J., & Hope, C. (2005). Corporate social responsibility audit: From theory to practice. Journal of Business Ethics, 62, 315–325.

    Article  Google Scholar 

  • Moser, D. V., & Martin, P. R. (2012). A broader perspective on corporate social responsibility research in accounting. The Accounting Review, 87(3), 797–806.

    Article  Google Scholar 

  • Murray, B. K., & Vogel, M. C. (1997). Using a hierarchy-of-effects approach to gauge the effectiveness of corporate social responsibility to generate goodwill toward firm: Financial versus non-financial impacts. Journal of Business Research, 38, 141–159.

    Article  Google Scholar 

  • Nehrt, C. (1996). Timing and intensity effects of environmental investments. Strategic Management Journal, 17, 535.

    Article  Google Scholar 

  • O’Dwyer, B. (2011). The case of sustainability assurance: Constructing a new assurance service. Contemporary Accounting Research., 28(4), 1230–1266.

    Article  Google Scholar 

  • O’Dwyer, B., & Owen, D. L. (2005). Assurance statement practice in environmental, social and sustainability reporting: A critical evaluation. British Accounting Review, 37(2), 205–229.

    Article  Google Scholar 

  • O’Dwyer, B., & Owen, D. L. (2007). Seeking stakeholder-centric sustainability assurance: An examination of recent sustainability assurance practice. The Journal of Corporate Citizenship, 25, 77–94.

    Article  Google Scholar 

  • Ogden, S., & Watson, R. (1999). Corporate performance and stakeholder management: balancing shareholder and customer interests in the U.K. privatized water industry. Academy of Management Journal, 42(5), 526–538.

    Article  Google Scholar 

  • Oh, W. Y., Chang, Y. K., & Martynov, A. (2011). The effect of ownership structure on corporate social responsibility: Empirical evidence from Korea. Journal of Business Ethics, 104, 283–297.

    Article  Google Scholar 

  • Ohlson, J. A. (1995). Earnings, book values and dividends in equity valuation. Contemporary Accounting Research, 11, 2.

    Article  Google Scholar 

  • Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24, 403–441.

    Article  Google Scholar 

  • Padgett, R. C., & Galan, J. I. (2010). The effect of R&D intensity on corporate social responsibility. Journal of Business Ethics, 93, 407–418.

    Article  Google Scholar 

  • Patten, D. M. (1990). The market reaction to social responsibility disclosures: The case of the Sullivan principles signings. Accounting, Organizations and Society, 15, 575–587.

    Article  Google Scholar 

  • Pava, M. L., & Krausz, J. (1996). The association between corporate social-responsibility and financial performance: The paradox of social cost. Journal of Business Ethics, 15, 321–357.

    Article  Google Scholar 

  • Peasnell, K. V. (1982). Some formal connections between economic values and yields and accounting numbers. Journal of Business Finance and Accounting, 9(3), 361–381.

    Article  Google Scholar 

  • Porter, M. E., & Kramer, M. R. (2002). The competitive advantage of corporate philanthropy. Harvard Business Review, 80, 5–16.

    Google Scholar 

  • Porter, M. E., & van der Linde, C. (1995). Green and competitive: Ending the stalemate. Harvard Business Review, 73, 5.

    Google Scholar 

  • Preston, L. E. (1981). Research on corporate social reporting: Directions for development. Accounting, Organizations and Society, 6(3), 255–262.

    Article  Google Scholar 

  • Ramanathan, K. V. (1976). Toward a theory of corporate social accounting. The Accounting Review, 51, 516–528.

    Google Scholar 

  • Renneboog, L., Horst, J. T., & Zhang, C. (2008). The price of ethics and stakeholder governance: The performance of socially responsible mutual funds. Journal of Corporate Finance, 14, 302–322.

    Article  Google Scholar 

  • Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88, 351–366.

    Article  Google Scholar 

  • Richardson, A., & Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26, 597–616.

    Article  Google Scholar 

  • Roberts, P. W., & Dowling, G. R. (2002). Corporate reputation and sustained superior financial performance. Strategic Management Journal, 23(12), 1077–1093.

    Google Scholar 

  • Roberts, R. W. (1992). Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society, 17, 595–612.

    Article  Google Scholar 

  • Roman, R. M., Hayibor, S., & Agle, B. R. (1999). The relationship between social and financial performance. Business and Society, 38, 109–125.

    Article  Google Scholar 

  • Rupley, K. H., Brown, D., & Marshall, R. S. (2012). Governance, media and the quality of environmental disclosure. Journal of Accounting and Public Policy (forthcoming).

  • Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40, 534–559.

    Article  Google Scholar 

  • Saiia, D. H., Carroll, A. B., & Buchholtz, A. K. (2003). Philanthropy as strategy: When corporate charity “begins at home”. Business and Society, 42, 169–201.

    Article  Google Scholar 

  • Shane, P. B., & Spicer, B. H. (1983). Market response to environmental information produced outside the firm. The Accounting Review, 58, 521–538.

    Google Scholar 

  • Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84, 937–967.

    Article  Google Scholar 

  • Singh, J., Sanchez, M. S., & Bosque, I. R. (2008). Understanding corporate social responsibility and product perceptions in consumer markets: A cross-cultural evaluation. Journal of Business Ethics, 80, 597–611.

    Article  Google Scholar 

  • Smith, J. L., Adhikari, A., Tondkar, R. H., & Andrews, R. L. (2010). The impact of corporate social disclosure on investment behavior: A cross-national study. Journal of Accounting and Public Policy, 29, 177–192.

    Article  Google Scholar 

  • Solomon, R. C., & Hanson, K. R. (1985). It’s good business. New York: Atheneum.

    Google Scholar 

  • Spicer, B. H. (1978). Investors, corporate social performance and information disclosure: An empirical study. The Accounting Review, 53, 94–110.

    Google Scholar 

  • Starks, L. T. (2009). Corporate governance and corporate social responsibility: What do investors care about? What should investors care about? EFA keynote speech. The Financial Review, 44(4), 461–468.

    Article  Google Scholar 

  • Taneja, S. S., Taneja, P. K., & Gupta, R. K. (2011). Researches in corporate social responsibility: A review of shifting focus, paradigms, and methodologies. Journal of Business Ethics, 101, 343–364.

    Article  Google Scholar 

  • Trevino, L. K., & Nelson, K. A. (2004). Managing business ethics: Straight talk about how to do it right (3rd ed.). New York: John Wiley and Sons, Publishers.

    Google Scholar 

  • Trotman, K. T., & Bradley, G. W. (1981). Association between social responsibility disclosure and characteristics of companies. Accounting, Organizations and Society, 6(4), 355–362.

    Article  Google Scholar 

  • Tuzzolino, F., & Armandi, B. R. (1981). A need-hierarchy framework for assessing corporate social responsibility. Academy of Management Review, 6(1), 21–28.

    Google Scholar 

  • Valentine, S., & Fleischman, G. (2008). Ethics programs, perceived corporate social responsibility and job satisfaction. Journal of Business Ethics, 77, 159–172.

    Article  Google Scholar 

  • Verschoor, C. (2005). Is there financial value in corporate values? Strategic Finance, 87(1), 17–18.

    Google Scholar 

  • Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18, 303–319.

    Article  Google Scholar 

  • Waddock, S., & Graves, S. B. (2006). The impact of mergers and acquisitions on corporate stakeholder practices. Journal of Corporate Citizenship, 22, 91–109.

    Article  Google Scholar 

  • Wang, M., Qiu, C., & Kong, D. (2011). Corporate social responsibility, investor behaviors and stock market returns: Evidence from a natural experiment in China. Journal of Business Ethics, 101, 127–141.

    Article  Google Scholar 

  • Webb, L. H., Cohen, J. R., Nath, L., & Wood, D. (2009). The supply of corporate social responsibility disclosures among U.S. firms. Journal of Business Ethics, 84, 497–527.

    Article  Google Scholar 

  • Wiseman, J. (1982). An evaluation of environmental disclosures made in corporate annual reports. Accounting, Organizations and Society, 7(1), 53–63.

    Article  Google Scholar 

  • Ye, K., & Zhang, R. (2011). Do lenders value corporate social responsibility? Evidence from China. Journal of Business Ethics, 104, 197–206.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Mahfuja Malik.

Appendices

Appendix 1: Selected Journals Used for Article Search

  1. 1.1

    Accounting Journal

    1. a.

      The Accounting Review

    2. b.

      Journal of Accounting Research

    3. c.

      Contemporary Accounting Research

    4. d.

      Journal of Accounting and Economics

    5. e.

      Review of Accounting Studies

    6. f.

      Accounting, Organization, and Society

    7. g.

      Journal of Accounting, Auditing, and Finance

    8. h.

      Journal of Accounting and Public Policy

  2. 1.2

    Finance Journal

    1. a.

      Journal of Finance

    2. b.

      Journal of Financial Studies

    3. c.

      Journal of Financial Economics

    4. d.

      Journal of Corporate Finance

    5. e.

      Review of Financial Studies

  3. 1.3

    Management Journal

    1. a.

      Academy of Management Journal

    2. b.

      Academy of Management Perspective

    3. c.

      Academy of Management Review

    4. d.

      Management Science

    5. e.

      Journal of Management Studies

    6. f.

      Journal of Business Ethics

    7. g.

      Journal of Business

  4. 1.4

    Other CSR-focused Journals

    1. a.

      Accounting, Auditing and Accountability

    2. b.

      Critical Perspective on Accounting

    3. c.

      Accounting Forum

    4. d.

      Journal of Corporate Citizenship

Appendix 2: Keywords Used for Article Search

  1. 1.

    Corporate social responsibility

  2. 2.

    Corporate social performance

  3. 3.

    Corporate citizenship

  4. 4.

    Corporate accountability

  5. 5.

    Corporate social rating

  6. 6.

    Corporate philanthropy

  7. 7.

    Environmental disclosures

  8. 8.

    Social accounting

  9. 9.

    Social screening

Rights and permissions

Reprints and permissions

About this article

Cite this article

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

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s10551-014-2051-9

Keywords

Navigation