Abstract

Corporate social responsibility (CSR) is assumed to have a direct influence on firm performance. However, the existing literature provides a mixed depiction of the relationship between CSR and firm performance. In this study, CSR is considered as an enabler for firm performance, rather than a direct driving force. Using a sample of U.S. firms, we test the enabler hypothesis and find that CSR positively moderates the relationship between marketing investments and firm financial performance, i.e., the enabling hypothesis is supported. The moderating effect of CSR is further moderated by how firms treat their employees. Mistreating employees weakens CSR’s moderating effect because it may make customers to perceive CSR activities as self-interested makeups rather than purely charitable actions in nature. Overall, our study suggests a logic shift from considering CSR as a driver for firm performance to an enabler and provides implications for both future research and practices.

摘要

假定企业社会责任（CSR）对公司绩效具有直接影响。但是，现有文献对企业社会责任与企业绩效之间的关系进行了混合描述。在这项研究中，企业社会责任被认为是企业绩效的推动力，而不是直接的驱动力。使用美国公司的样本，我们测试了促成因素假设，并发现CSR积极地调节了营销投资与公司财务绩效之间的关系，即支持了促成假设。企业对待员工的方式进一步减轻了企业社会责任的调节作用。虐待员工会削弱CSR的调节作用，因为它可能使客户将CSR活动视为自私的化妆品，而不是自然的纯粹慈善行为。总体，