Purpose

This study extends related research on corporate social responsibility (CSR) into the less-researched realm of Southeast Asia setting by investigating the role of life cycle stages on the relationship between CSR and firm value.

Design/methodology/approach

This study uses a sample of 1,247 firm-year observations of firms listed in Southeast Asia from 2012 to 2018. Descriptive, multiple regression and sensitivity analyses are presented in the study.

Findings

The results provide evidence that although CSR and firm value, in general, have a positive relationship, the relationship is contingent on the stages of firm's life cycle. The effect of each CSR dimension on firm value differs across life cycle stages. The social dimension of CSR predicts higher firm value at the introduction and mature stages. The governance dimension affects firm value at the growth and shake-out/decline stages. Moreover, the environmental dimension affects firm value only at the later stage of the life cycle.

Research limitations/implications

This study is limited to five countries in Southeast Asia, namely Indonesia, Malaysia, Philippines, Singapore and Thailand from 2012 to 2018. Future studies may explore other countries and investigate the impact of country classification on the relationship between CSR and firm value.

Practical implications

Policymakers, managers and other decision-makers may have a better understanding of firm's behavior in different life cycle stages. With such understanding, CSR will be successfully adopted in decision making, formulation and implementation of policies.

Originality/value

CSR-related research in Southeast Asia remains an under-studied domain, and little attention has been dedicated to different dimensions of CSR and life cycle in the area of CSR-related preference for decision making.

中文翻译：

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企业社会责任、企业价值与生命周期：来自东南亚国家的证据

目的

本研究通过调查生命周期阶段对企业社会责任与公司价值之间关系的作用，将企业社会责任 (CSR) 的相关研究扩展到东南亚背景下研究较少的领域。

设计/方法/方法

本研究使用了 2012 年至 2018 年东南亚上市公司的 1,247 家公司年度观察样本。研究中提供了描述性、多元回归和敏感性分析。

发现

结果证明，虽然企业社会责任和企业价值总体上呈正相关，但这种关系取决于企业生命周期的阶段。每个 CSR 维度对公司价值的影响在生命周期阶段各不相同。CSR 的社会维度在引入和成熟阶段预测了更高的公司价值。治理维度会影响成长和震荡/衰退阶段的公司价值。此外，环境维度仅在生命周期的后期影响企业价值。

研究限制/影响

本研究于 2012 年至 2018 年仅限于东南亚的五个国家，即印度尼西亚、马来西亚、菲律宾、新加坡和泰国。未来的研究可能会探索其他国家，并调查国家分类对企业社会责任与企业价值之间关系的影响。

实际影响

政策制定者、管理者和其他决策者可能对企业在不同生命周期阶段的行为有更好的了解。有了这样的理解，企业社会责任就会成功地应用于政策的决策、制定和实施。

原创性/价值

东南亚的 CSR 相关研究仍然是一个研究不足的领域，在与 CSR 相关的决策偏好领域，很少有人关注 CSR 的不同维度和生命周期。