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

企业社会责任（CSR）被认为对公司绩效有直接影响。然而，现有文献对企业社会责任与公司绩效之间的关系提供了混合描述。在本研究中，企业社会责任被视为企业绩效的推动因素，而不是直接驱动力。使用美国公司的样本，我们测试了促成假设，发现企业社会责任正调节营销投资与公司财务绩效之间的关系，即支持假设得到支持。企业对待员工的方式进一步缓和了企业社会责任的调节作用。虐待员工削弱了企业社会责任的调节作用，因为它可能使客户将企业社会责任活动视为自利的化妆，而不是纯粹的慈善行为。全面的，