This study aims to examine the link between corporate social responsibility (CSR) and idiosyncratic risk in the restaurant industry. The study also explores whether brand diversification magnifies the risk reduction effect of CSR in the restaurant industry.,The study uses an unbalanced panel of 274 firm-year observations for 43 restaurant firms over the period 1995–2015. Models are estimated via fixed effect regression with robust standard errors.,The study finds that CSR involvement reduces idiosyncratic risk and this risk reduction is intensified when restaurant firms operate a portfolio of brands.,The study’s findings are limited to restaurant industry, therefore, generalization of the findings to other industries requires delicate care. Brand diversification is a simple brand count due to a lack of brand sales data.,CSR activities are not cost burden for restaurant firms. Indeed, CSR could be a viable strategy to reduce the volatility in future expected cash flows, hence the idiosyncratic risk. This risk reduction could help owners/managers access to capital with lower cost. Moreover, the study suggests that CSR practices should not be implemented in isolation from firm marketing strategy such as portfolio of brands.,Although prior hospitality research puts forth some evidence using systematic risk as the measure of firm risk, this measure may not best suit the purpose in CSR context given that CSR is a direct, firm-specific strategy. Hence, the current study provides both new evidence with firm-specific, idiosyncratic risk and introduces an important contingency situation when the risk reduction effect of CSR would become more profound for restaurant firms.

中文翻译：

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餐饮业的企业社会责任和特质风险：品牌多元化重要吗？

这项研究旨在研究餐饮业中企业社会责任（CSR）与特质风险之间的联系。该研究还探讨了品牌多元化是否扩大了餐饮业企业社会责任的风险降低效果。该研究使用了不均衡的面板，对1995-2015年间43家餐饮企业的274家企业-年观察结果进行了研究。通过具有稳定标准误差的固定效应回归来估计模型。研究发现，企业社会责任的参与降低了特质风险，当餐馆公司经营品牌组合时，这种降低风险的趋势更加强烈。研究结果仅限于餐馆行业，因此，归纳总结对其他行业的调查结果需要谨慎对待。由于缺乏品牌销售数据，品牌多元化是简单的品牌计数。企业社会责任活动对餐饮企业而言不是成本负担。的确，企业社会责任可能是减少未来预期现金流量波动的可行策略，因此可以减少特有风险。降低风险可以帮助所有者/经理以较低的成本获得资本。此外，研究表明，企业社会责任实践不应与诸如品牌组合之类的公司营销策略孤立地实施。尽管先前的款待研究提出了一些使用系统风险作为公司风险度量的证据，但这种方法可能并不最适合鉴于企业社会责任是一种直接的，针对公司的战略，因此在企业社会责任方面的目标是正确的。因此，当前的研究为企业特定的，特殊的风险提供了新的证据，并引入了重要的意外情况，当企业社会责任的风险降低效果对于餐饮企业而言将变得更加深刻时。