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    The Signaling Effect of Corporate Social Responsibility in Emerging Economies

    Access Status
    Fulltext not available
    Authors
    Su, W.
    Peng, Mike
    Tan, W.
    Cheung, Y.
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Su, W. and Peng, M. and Tan, W. and Cheung, Y. 2016. The Signaling Effect of Corporate Social Responsibility in Emerging Economies. Journal of Business Ethics. 134 (3): pp. 479-491.
    Source Title
    Journal of Business Ethics
    DOI
    10.1007/s10551-014-2404-4
    ISSN
    0167-4544
    School
    School of Management
    URI
    http://hdl.handle.net/20.500.11937/50106
    Collection
    • Curtin Research Publications
    Abstract

    What signals do firms in emerging economies send to stakeholders when they adopt corporate social responsibility (CSR) practices? We argue that in emerging economies, firms that adopt CSR practices positively signal investors that their firms have superior capabilities for filling institutional voids. From an institution-based view, we hypothesize that the institutional environment moderates the signaling effect of CSR on a firm’s financial performance. Based on a sample of firms from ten Asian emerging economies, we find a positive relationship between CSR practices and financial performance. This positive relationship is stronger in the less developed capital market than in the more developed one. The financial benefits of CSR practices are also more salient in the low information diffusion market than in the high one. We emphasize that signaling theory and the institution-based view can jointly contribute to the CSR literature.

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