Journal of Business Ethics

, Volume 149, Issue 3, pp 671–688 | Cite as

Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity

  • Iftekhar Hasan
  • Nada Kobeissi
  • Liuling Liu
  • Haizhi WangEmail author


This study treats firm productivity as an accumulation of productive intangibles and posits that stakeholder engagement associated with better corporate social performance helps develop such intangibles. We hypothesize that because shareholders factor improved productive efficiency into stock price, productivity mediates the relationship between corporate social and financial performance. Furthermore, we argue that key stakeholders’ social considerations are more valuable for firms with higher levels of discretionary cash and income stream uncertainty. Therefore, we hypothesize that those two contingencies moderate the mediated process of corporate social performance with financial performance. Our analysis, based on a comprehensive longitudinal dataset of the U.S. manufacturing firms from 1992 to 2009, lends strong support for these hypotheses. In short, this paper uncovers a productivity-based, context-dependent mechanism underlying the relationship between corporate social performance and financial performance.


Corporate social responsibility Corporate financial performance Total factor productivity Stakeholder management Discretionary cash Organizational risk 



This research project is generously supported by a Summer Research Grant awarded by the Stuart School of Business, Illinois Institute of Technology. This project is also supported by the Research Bureau at People's Bank of China, and the Major Program of the National Natural Science Foundation of China (Grant 13&ZD016), and the Key Program of the National Natural Science Foundation of China (Grant 12AZD095).


  1. Aiken, L. S., & West, S. G. (1991). Multiple Regression: Testing and Interpreting Interactions. Newbury Park: SAGE Publications Inc.Google Scholar
  2. Ailawadi, K. L., Neslin, S. A., Luan, Y. J., & Taylor, G. A. (2014). Does retailer CSR enhance behavioral loyalty? A case for benefit segmentation. International Journal of Research in Marketing, 31(2), 156–167.CrossRefGoogle Scholar
  3. Antonakis, J., Bendahan, S., Jacquart, P., & Lalive, R. (2014). Causality and Endogeneity: Problems and Solutions. In D. V. Day (Ed.), The Oxford Handbook of Leadership and Organizations. New York: Oxford University Press.Google Scholar
  4. Bagnoli, M., & Watts, S. G. (2003). Selling to socially responsible consumers: Competition and the private provision of public goods. Journal of Economics & Management Strategy, 12(3), 419–445.CrossRefGoogle Scholar
  5. Banerjee, S., Dasgupta, S., & Kim, Y. (2008). Buyer-supplier relationships and the stakeholder theory of capital structure. The Journal of Finance, 63(5), 2507–2552.CrossRefGoogle Scholar
  6. Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794–816.CrossRefGoogle Scholar
  7. Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: The curviliner relationship between social responsibility and financial performance. Strategic Management Journal, 27(11), 1101–1122.CrossRefGoogle Scholar
  8. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.CrossRefGoogle Scholar
  9. Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.CrossRefGoogle Scholar
  10. Bartelsman, E., & Gray, W. (2001). NBER Productivity Database. Retrieved from,
  11. Basu, K., & Palazzo, G. (2008). Corporate social responsibility: A process model of sensemaking. Academy of Management Review, 33(1), 122–136.CrossRefGoogle Scholar
  12. Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U.S. Firms hold so much more cash than they used to? Journal of Finance, 64(5), 1986–2021.CrossRefGoogle Scholar
  13. Battisti, M., Belloc, F., & Gatto, M. D. (2015). unbundling technology adoption and tfp at the firm level: Do intangibles matter? Journal of Economics & Management Strategy, 24(2), 390–414.CrossRefGoogle Scholar
  14. Beck, T., Levine, R., & Loayza, N. (2000). Finance and the sources of growth. Journal of Financial Economics, 58, 261–300.CrossRefGoogle Scholar
  15. Becker, B., & Gerhart, B. (1996). The impact of Human Resource Management on Organizational Performance: Progress and prospects. The Academy of Management Journal, 39(4), 779–801.Google Scholar
  16. Benabou, R., & Tirole, J. (2010). Individual and Corporate Social Responsibility. Economica, 77, 1–19.CrossRefGoogle Scholar
  17. Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. The Academy of Management Journal, 42(5), 488–506.Google Scholar
  18. Bettis, R. A., & Mahajan, V. (1985). Risk/return performance of diversified firms. Management Science, 31, 785–799.CrossRefGoogle Scholar
  19. Bharath, S. T., Dahiya, S., Saunders, A., & Srinivasan, A. (2011). Lending relationships and loan contract terms. Review of Financial Studies, 24(4), 1141–1203.CrossRefGoogle Scholar
  20. Bosse, D. A., Phillis, R. A., & Harrison, J. S. (2009). Stakeholders, reciprocity, and firm performance. Strategic Management Journal, 30, 447–456.CrossRefGoogle Scholar
  21. Buysse, K., & Verbeke, A. (2003). Proactive environmental strategies: A stakeholder management perspective. Strategic Management Journal, 24(5), 453–470.CrossRefGoogle Scholar
  22. Cespa, G., & Cestone, G. (2007). Corporate Social Responsibility and Managerial Entrenchment. Journal of Economics and Management Strategy, 16, 741–771.CrossRefGoogle Scholar
  23. Chan, S. H., Kensinger, J. W., Keown, A. J., & Martin, J. D. (1997). Do strategic alliances create value? Journal of Financial Economics, 46, 199–221.CrossRefGoogle Scholar
  24. Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate Social Responsibility and access to finance. Strategic Management Journal, 35(1), 1–23.CrossRefGoogle Scholar
  25. Choi, J., & Wang, H. (2009). Stakeholder Relations and the Persistence of Corporate Financial Performance. Strategic Management Journal, 30, 895–907.CrossRefGoogle Scholar
  26. Clarkson, M. B. E. (1994). A Risk-based Model of Stakeholder Theory. In: Proceedings of the second toronto conference on stakeholder theory, Toronto: Centre for Corporate Social Performance & Ethics, University of TorontoGoogle Scholar
  27. Clarkson, M. B. E. (1995). A stakeholder framework for analyzing and evaluating corporate social performance. Academy of Management Review, 20(1), 92–117.CrossRefGoogle Scholar
  28. Cool, K., Dierickx, I., & Jemison, D. (1989). Business strategy, market structure and risk–return relationships: A structural approach. Strategic Management Journal, 10(6), 507–522.CrossRefGoogle Scholar
  29. Dawson, J. F. (2014). Moderation in Management Research: What, why, when and how. Journal of Business Psychology, 29, 1–19.CrossRefGoogle Scholar
  30. Dehejia, R. H., & Wahba, S. (2002). Propensity score-matching methods for nonexperimental causal studies. The Review of Economics and Statistics, 84(1), 151–161.CrossRefGoogle Scholar
  31. Deng, X., Kang, J. K., & Low, B. S. (2013). Corporate Social Responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1), 87–109.CrossRefGoogle Scholar
  32. 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.CrossRefGoogle Scholar
  33. Dimson, E., Karakaş, O., & Li, X. (2015). Active Ownership. Review of Financial Studies, Forthcoming.Google Scholar
  34. Donaldson, T., & Preston, L. E. (1995). The stakeholder theory of the Corporation: Concepts, Evidence and Implications. Academy of Management Review, 20(1), 65–91.CrossRefGoogle Scholar
  35. Drucker, S., & Puri, M. (2005). On the Benefits of Concurrent Lending and Underwriting. The Journal of Finance, LX6, 2763–2799.CrossRefGoogle Scholar
  36. Du, S., & Vieira, E. T. (2012). Striving for Legitimacy through Corporate Social Responsibility: Insights from oil companies. Journal of Business Ethics, 110(4), 413–427.CrossRefGoogle Scholar
  37. Edmans, A. (2011). Does The Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices. Journal of Financial Economics, 101, 621–640.CrossRefGoogle Scholar
  38. Edmans, A. (2013). The Link Between Job Satisfaction and Firm Value, with Implications for Corporate Social Responsibility. Academy of Management Perspectives, 26(4), 1–19.CrossRefGoogle Scholar
  39. Eisenberger, R., Huntington, R., Hutchison, S., & Sowa, D. (1986). Perceived Organizational Support. Journal of Applied Psychology, 71, 500–507.CrossRefGoogle Scholar
  40. Elfenbein, D. W., & McManus, B. (2010). A greater price for a greater good? Evidence that Consumers pay more for charity-linked products. American Economic Journal, 2(2), 28–60.Google Scholar
  41. Faleye, O., & Trahan, E. A. (2011). Labor-friendly corporate practices: Is what is good for employees good for shareholders? Journal of Business Ethics, 101, 1–27.CrossRefGoogle Scholar
  42. Färe, R., Grosskopf, S., Norris, M., & Zhang, Z. (1994). Productivity growth, technical progress, and efficiency change in industrialized countries. American Economic Review, 84(1), 66–83.Google Scholar
  43. Flammer, C. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11), 2549–2568.CrossRefGoogle Scholar
  44. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Boston: Cambridge University Press.Google Scholar
  45. Freeman, R. E., Harrison, J. S., & Wicks, A. C. (2007). Managing for Stakeholders: Survival, Reputation, and Success. New Haven: Yale University Press.Google Scholar
  46. Freeman, R. E., Harrison, J. S., Wicks, A. C., Parmar, B. L., & Colle, S. D. (2010). Stakeholder Theory: The State of the Art. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  47. Garriga, E., & Melé, D. (2004). Corporate Social Responsibility Theories: Mapping the Territory. Journal of Business Ethics, 53, 51–71.CrossRefGoogle Scholar
  48. Gellatly, I. R. (1995). Individual and Group Determinants of Employee Absenteeism: Test of a Causal Model. Journal of Organizational Behavior, 16, 469–485.CrossRefGoogle Scholar
  49. Ghoul, S. E., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). Does Corporate Social Responsibility Affect the Cost of Capital? Journal of Banking & Finance, 35, 2388–2406.CrossRefGoogle Scholar
  50. Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. The Academy of Management Review, 30(4), 777–798.CrossRefGoogle Scholar
  51. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The Relationship between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis. Strategic Management Journal, 30, 425–445.CrossRefGoogle Scholar
  52. Goll, I., & Rasheed, A. A. (2004). The Moderating Effect of Environmental Munificence and Dynamism on the Relationship Between Discretionary Social Responsibility and Firm Performance. Journal of Business Ethics, 49, 41–54.CrossRefGoogle Scholar
  53. Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate Governance and Equity Prices. Quarterly Journal of Economics, 118(1), 107–155.CrossRefGoogle Scholar
  54. Goss, A., & Roberts, G. S. (2011). The Impact of Corporate Social Responsibility on the Cost of Bank Loans. Journal of Banking & Finance, 35, 1794–1810.CrossRefGoogle Scholar
  55. Griliches, Z. (1994). Productivity, R&D, and the Data Constraint. The American Economic Review., 84(1), 1–23.Google Scholar
  56. Hanbrick, D. C. (1983). High Profit Strategies in Mature Capital Goods Industries: A Contingency Approach. Academy of Management Journal, 26, 687–707.Google Scholar
  57. Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate Governance and a Firm’s Cash Holdings. Journal of Financial Economics, 87, 535–555.CrossRefGoogle Scholar
  58. Harris, M., & Raviv, A. (1996). The Capital Budgeting Process: Incentives and Information. The Journal of Finance, 51(4), 1139–1174.CrossRefGoogle Scholar
  59. Harrison, J. S., & Bosse, D. A. (2013). How Much is Too Much? The Limits to Generous Treatment of Stakeholders. Business Horizons, 56(3), 312–322.CrossRefGoogle Scholar
  60. Harrison, J. S., Bosse, D. A., & Phillips, R. A. (2010). Managing for Stakeholders, Stakeholder Utility Function, and Competitive Advantage. Strategic Management Journal, 31, 58–74.CrossRefGoogle Scholar
  61. Hatch, N. W., & Dyer, J. H. (2004). Human Capital and Learning As a Source of Sustainable Competitive Advantage. Strategic Management Journal, 25(12), 1155–1178.CrossRefGoogle Scholar
  62. Hawn, O., Chatterji, A., & Mitchell, W. (2014). How firm performance moderates the effect of changes in status on investor perceptions: Additions and deletions by the Dow Jones sustainability index. Boston University School of Management Research Paper No. 2418300.Google Scholar
  63. Heckman, J. J., Ichimura, H., & Todd, P. (1998). Matching As an Econometric Evaluation Estimator. Review of Economic Studies, 65(2), 261–294.CrossRefGoogle Scholar
  64. Hillman, A. J., & Keim, G. D. (2001). Shareholder Value, Stakeholder Management, and Social Issues: What’s the Bottom Line? Strategic Management Journal, 22(2), 125–133.CrossRefGoogle Scholar
  65. Hockerts, K., & Moir, L. (2004). Communicating Corporate Responsibility to Investors: The Changing Role of the Investor Relations Function. Journal of Business Ethics, 52(1), 85–98.CrossRefGoogle Scholar
  66. Hoetker, G. (2007). The Use of Logit and Probit Models in Strategic Management Research: Critical Issues. Strategic Management Journal, 28, 331–343.CrossRefGoogle Scholar
  67. Huselid, M. A. (1995). The Impact of Human Resource Management Practices on Turnover, Productivity, and Corporate Financial Performance. Academy of Management Journal, 38(3), 635–672.Google Scholar
  68. Huselid, M. A., & Becker, B. E. (2011). Bridging Micro and Macro Domains: Workforce Differentiation and Strategic Human Resource Management. Journal of Management, 37(2), 421–428.CrossRefGoogle Scholar
  69. Irvine, P. J., & Pontiff, J. (2009). Idiosyncratic Return Volatility, Cash Flows, and Product Market Competition. Review of Financial Studies, 22(3), 1149–1177.CrossRefGoogle Scholar
  70. Jamali, D. (2008). A Stakeholder Approach to Corporate Social Responsibility: A Fresh Perspective into Theory and Pratice. Journal of Business Ethics, 82, 213–231.CrossRefGoogle Scholar
  71. Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance and Takeovers. American Economic Review, 76, 323–329.Google Scholar
  72. Jensen, M. C. (2001). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. European Financial Management, 7, 297–317.CrossRefGoogle Scholar
  73. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305–360.CrossRefGoogle Scholar
  74. Jo, H., & Harjoto, M. A. (2012). The Causal Effect of Corporate Governance on Corporate Social Responsibility. Journal of Business Ethics, 106, 53–72.CrossRefGoogle Scholar
  75. John, K., Litov, L., & Yeung, B. (2008). Corporate Governance and Risk-Taking. The Journal of Finance, 63(4), 1679–1728.CrossRefGoogle Scholar
  76. Jones, T. M. (1995). Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics. Academy of Management Review, 20(2), 404–437.CrossRefGoogle Scholar
  77. Jones, D., Willness, C., & Madey, S. (2014). Why are Job Seekers Attracted by Corporate Social Performance? Experimental and Field Tests of Three Signal-Based Mechanisms. Academy of Management Journal, 57(2), 383–404.CrossRefGoogle Scholar
  78. Kim, C., & Bettis, R. A. (2014). Cash is Surprisingly Valuable as a Strategic Assets. Strategic Management Journal, 35, 2053–2063.CrossRefGoogle Scholar
  79. Krüger, P. (2015). Corporate Goodness and Shareholder Wealth. Journal of Financial Economics, 115(2), 304–329.CrossRefGoogle Scholar
  80. Lehn, K., & Poulsen, A. (1989). Free Cash Flow and Stockholder Gains in Going Private Transactions. The Journal of Finance, 44(3), 771–787.CrossRefGoogle Scholar
  81. Leuven, E., & Sianesi, B. (2014). PSMATCH2: Stata Module to Perform Full Mahalanobis and Propensity Socre Matching, Common Support Graphing, and Covariate Imbalance Testing., 2007.
  82. Luo, X., & Bhattacharya, C. B. (2006). Corporate Social Responsibility, Customer Satisfaction, and Market Value. Journal of Marketing, 70(4), 1–18.CrossRefGoogle Scholar
  83. Luo, X., & Bhattacharya, C. B. (2009). The Debate over Doing Good: Corporate Social Performance, Strategic Marketing Levers, and Firm-Idiosyncratic Risk. Journal of Marketing, 73, 198–213.CrossRefGoogle Scholar
  84. Luo, X., Wang, H., Raithel, S., & Zheng, Q. (2015). Corporate Social Performance, Analyst Stock Recommendations, and Firm Future Returns. Strategic Management Journal, 36(1), 123–136.CrossRefGoogle Scholar
  85. Mackey, A., Jackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of Management Review, 32(3), 817–835.CrossRefGoogle Scholar
  86. Maloni, M. J., & Brown, M. E. (2006). Corporate Social Responsibility in the Supply Chain: An Application in the Food Industry. Journal of Business Ethics, 68(1), 35–52.CrossRefGoogle Scholar
  87. Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good and does it matter? A meta-analysis of the relationship between corporate social and financial performance. Available at SSRN:
  88. Margolis, J. D., & Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initatives by Business. Administrative Science Quarterly, 48, 268–305.CrossRefGoogle Scholar
  89. Marschak, J., & Andrews, W. H. (1944). Random simultaneous equations and the thoery of production. Econometrica12(3), 143–205.CrossRefGoogle Scholar
  90. McWilliams, A., & Siegel, D. (2001). Corporate Social Responsibility: A Theory of the Firm perspective. Academy of Management Review, 26(1), 117–127.CrossRefGoogle Scholar
  91. Milgrom, P., & Roberts, J. (1986). Price and Advertising Signals of Product Quality. The Journal of Political Economy, 94(4), 798–821.CrossRefGoogle Scholar
  92. Miller, K. D. (1998). Economic Exposure and Integrated Risk Management. Strategic Management Journal, 19(5), 497–514.CrossRefGoogle Scholar
  93. Miller, K. D., & Bromiley, P. (1990). Strategic Risk and Corporate Performance: An Analysis of Alternative Risk Measures. Academy of Management Journal, 33, 756–779.Google Scholar
  94. Miller, K. D., & Leiblein, M. J. (1996). Corporate Risk-Return Relations: Returns Variability versus Downside Risk. Academy of Management Journal, 12, 133–143.Google Scholar
  95. Miller, S. M., & Upadhyay, M. P. (2000). The Effects of Openness, Trade Orientation, and Human Capital on Total Factor Productivity. Journal of Development Economics, 63(2), 399–423.CrossRefGoogle Scholar
  96. Minor, D., & Morgan, J. (2011). CSR as Reputation Insurance: Primum Non Norcere. California Management Review, 53(3), 40–59.CrossRefGoogle Scholar
  97. Mitchell, R. K., Agle, B. R., & Wood, D. J. (1997). Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts. The Academy of Management Review, 22(4), 853–886.CrossRefGoogle Scholar
  98. Muller, D., & Judd, C. M. (2005). When Moderation Is Mediated and Mediation Is Moderated. Journal of Personality and Social Psychology, 89(6), 852–863.CrossRefGoogle Scholar
  99. Öberseder, M., Schlegelmilch, B. B., & Murphy, P. E. (2013). CSR Practices and Consumer Perceptions. Journal of Business Research, 66(10), 1839–1851.CrossRefGoogle Scholar
  100. 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.Google Scholar
  101. Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The Effects of Corporate Social Performance on the Cost of Corporate Debt and Credit Ratings. The Financial Review, 49, 49–75.CrossRefGoogle Scholar
  102. Olley, S., & Pakes, A. (1996). The Dynamics of Productivity in the Telecommunication Equipment Industry. Econometrica, 64, 1263–1297.CrossRefGoogle Scholar
  103. Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics, 52, 3–46.CrossRefGoogle Scholar
  104. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta-Analysis. Organization Studies, 24(3), 403–441.CrossRefGoogle Scholar
  105. Palmer, T. B., & Wiseman, R. M. (1999). Decoupling Risk Taking from Income Stream Uncertainty: A Holistic Model of Risk. Strategic Management Journal, 20(11), 1037–1062.CrossRefGoogle Scholar
  106. Porter, M. E., & Kramer, M. R. (2006). Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12), 78–92.Google Scholar
  107. Preacher, K. J., & Hayes, A. F. (2004). SPSS and SAS Procedures for Estimating Indirect Effects in Simple Mediation Models. Behavior Research Methods, Instruments, & Computers, 36(4), 717–731.CrossRefGoogle Scholar
  108. Preacher, K. J., Rucker, D. D., & Hayes, A. F. (2007). Addressing Moderated Mediation Hypotheses: Theory, Methods, and Prescriptions. Multivariate Behavioral Research, 42(1), 185–227.CrossRefGoogle Scholar
  109. Prucha, I. R., & Nadiri, M. I. (1981). Endogenous Capital Utilization and Productivity Measurement in Dynamic Factor Demand Models: Theory and an Application to the U.S. Electrical Machinery Industry. Journal of Econometrics, 15, 367–396.CrossRefGoogle Scholar
  110. Roberts, S. (2003). Supply Chain Specific? Understanding the Patchy Success of Ethical Sourcing Initiative. Journal of Business Ethics, 44(2), 159–170.CrossRefGoogle Scholar
  111. Rubin, A. (2008). Political View and Corporate Decision Making: The Case of Corporate Social Responsibility. The Financial Review, 43, 337–360.CrossRefGoogle Scholar
  112. Russo, M. V. (1991). The Multidivisional Structure as an Enabling Device: A Longitudinal Study of Discretionary Cash as a Strategic Resource. Academy of Management Journal, 34(1), 718–733.Google Scholar
  113. Schoar, A. (2002). Effects of Corporate Diversification on Productivity. The Journal of Finance, LVII(6), 2379–2403.CrossRefGoogle Scholar
  114. Sen, S., & Bhattacharya, C. B. (2001). Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility. Journal of Marketing Research, 38, 225–243.CrossRefGoogle Scholar
  115. Serafein, G., Eccles, R., & Ioannou, I. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science60(11), 2835–2857.CrossRefGoogle Scholar
  116. Servaes, H., & Tamayo, A. (2013). The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness. Management Science, 59, 1045–1061.CrossRefGoogle Scholar
  117. Sharma, S., & Vredenburg, H. (1998). Proactive Corporate Environmental Strategy and the Development of Competitively Valuable Organizational Capabilities. Strategic Management Journal, 19(8), 729–753.CrossRefGoogle Scholar
  118. Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. The Journal of Finance, LII(2), 737–783.CrossRefGoogle Scholar
  119. Simon, F. L. (1995). Global Corporate Philanthropy: A Strategic Framework. International Marketing Review, 12(4), 20–37.CrossRefGoogle Scholar
  120. Sobel, M. E. (1982). Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models. Sociological Methodology, 13, 290–312.CrossRefGoogle Scholar
  121. Sobel, M. E. (1986). Some New Results on Indirect Effects and Their Standard Errors in Covariance Structure. Sociological Methodology, 16, 159–186.CrossRefGoogle Scholar
  122. Somers, M. J. (1995). Organizational Commitment, Turnover and Absenteeism: An Examination Oo Direct and Interaction Effects. Journal of Organizational Behavior, 16, 49–58.CrossRefGoogle Scholar
  123. Steindel, C., & Stiroh, K. J. (2001). Productivity: What Is It, and Why Do We Care About It? Federal Reserve Bank of New York Staff Report.Google Scholar
  124. Stultz, R. M. (2002). Risk management and derivatives. New York: Southwestern College Publications.Google Scholar
  125. Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 571–610.CrossRefGoogle Scholar
  126. Surroca, J., Tribo, J. A., & Waddock, S. (2010). Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strategic Management Journal, 31, 463–490.CrossRefGoogle Scholar
  127. Thomson, M., & Heron, P. (2006). Relational Quality and Innovative Performance in R&D-Based Science and Technology Firms. Human Resource Management Journal, 16(10), 28–47.CrossRefGoogle Scholar
  128. Tirole, J. (1988). The Theory of Industrial Organization. Cambridge, MA: MIT Press.Google Scholar
  129. Tsai, W., & Ghosha, S. (1998). Social Capital and Value Creation: The Role of Intrafirm Networks. Academy of Management Journal, 41(4), 464–476.Google Scholar
  130. Turban, D. B., & Greening, D. W. (1996). Corporate Social Performance and Organizational Attractiveness to Prospective Employees. Academy of Management Journal, 40(3), 658–672.Google Scholar
  131. Veall, M. R. (1996). Pseudo-R2 Measures for Some Common Limited Dependent Variable Models. Journal of Economic Surveys, 10(3), 241–259.CrossRefGoogle Scholar
  132. Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303–319.CrossRefGoogle Scholar
  133. Wang, H. C., He, J., & Mahoney, J. T. (2009). Firm-Specific Knowledge Resources and Competitive Advantage: The Roles of Economic- and Relationship-Based Employee Governance Mechanisms. Strategic Management Journal, 30, 1265–1285.CrossRefGoogle Scholar
  134. Whitener, E. M. (2001). Do “High Commitment” Human Resource Practices Affect Employee Commitment? A Cross-Level Analysis Using Hierarchical Linear Modeling. Journal of Management, 27, 515–535.Google Scholar
  135. Wolfe, R., & Aupperle, K. E. (1991). Introduction to Corporate Social Performance: Methods for Evaluating An Elusive Construct. In J. E. Post (Ed.), Research in Corporate Social Performance and Policy (pp. 265–268). Greenwich: JAI Press.Google Scholar
  136. Yasar, M., Raciborski, R., & Poi, B. (2008). Production Function Estimation in Stata Using the Olley And Pakes Method. The Stata Journal, 8(2), 221–231.Google Scholar
  137. Zhang, R., Zhu, J., Yue, H., & Zhu, C. (2010). Corporate Philanthropic giving, advertising intensity, and industry competition level. Journal of Business Ethics, 94(1), 39–52.CrossRefGoogle Scholar

Copyright information

© Springer Science+Business Media Dordrecht 2016

Authors and Affiliations

  • Iftekhar Hasan
    • 1
  • Nada Kobeissi
    • 2
  • Liuling Liu
    • 3
  • Haizhi Wang
    • 4
    Email author
  1. 1.Gabelli School of BusinessFordham University and Bank of FinlandNew YorkUSA
  2. 2.Department of Management, College of ManagementLong Island University-C.W. PostBrookvilleUSA
  3. 3.College of BusinessBowling Green State UniversityBowling GreenUSA
  4. 4.Stuart School of BusinessIllinois Institute of TechnologyChicagoUSA

Personalised recommendations