| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 104 === This study explores whether the association between corporate social responsibility (CSR) and firm performance is affected by advertising and customer concentration. Dividing CSR into positive CSR and negative CSR, this study examines and measures how CSR is implemented in firms. A sample of 5358 publicly listed companies between 2007 and 2014 is collected from the database of Taiwan Stock Exchange.
The four main findings are as follows. First, the higher the advertising intensity, the stronger the positive association between positive CSR and performance. That is, customers who aware of firms’ CSR through advertisements are motivated to make purchases, which in turn enhances firm performance. Second, the higher the customer concentration, the weaker the positive association between positive CSR and performance. Based on the resource dependence theory, firms’ engagement in CSR activities may decrease performance when extra costs are needed to satisfy all stakeholders. Third, the higher the advertising intensity, the weaker the negative association between negative CSR and performance. This suggests that projecting a positive and responsible image through advertisements can increase performance. Finally, the higher the customer concentration, the stronger the negative association between negative CSR and performance. When firms are strictly required by customers to improve CSR by devoting additional resources, performance will decrease.
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