[雙語翻譯]--外文翻譯--企業(yè)社會(huì)責(zé)任對(duì)企業(yè)價(jià)值的影響客戶意識(shí)的作用（節(jié)選）

1、中文 中文 7500 字， 字，4100 單詞， 單詞，2.2 萬英文字符 萬英文字符出處： 出處：Servaes H, Tamayo A. The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness[J]. Management Science, 2012, 59(5):1045-1061.The Impact

2、of Corporate Social Responsibility on Firm Value: The Role of Customer AwarenessHenri Servaes\Ane TamayoThis paper shows that corporate social responsibility (CSR) and firm value are positively related for firms withhigh

3、 customer awareness, as proxied by advertising expenditures. For firms with low customer awareness,the relation is either negative or insignificant. In addition, we find that the effect of awareness on the CSR–value rela

4、tion is reversed for firms with a poor prior reputation as corporate citizens. This evidence is consistent with the view that CSR activities can add value to the firm but only under certain conditions.Key words: corporat

5、e social responsibiliy; firm value; customer awareness; reputation1. IntroductionCorporate social responsibility (CSR) has become an integral part of business practice over the last decade or so. In fact, many corporatio

6、ns dedicate a section of their annual reports and corporate websites to CSR activities, illustrating the importance they attach to such activities. But do such activities create value for the firm’s shareholders or do th

7、ey focus too much on other stakeholders, thereby lowering firm value? Despite much research on the topic few firm conclusions can be drawn, except that the literature is divided. Although there appears to be more support

8、 for the view that CSR activities are positively related to profitability and firm value, a large number of studies find the opposite relation. As a result, the normative implications of research on corporate social resp

9、onsibility are still uncertain.The relation between CSR activities and firm value is unclear partly because of methodological concerns and, in particular, model misspecification. Even more important is, perhaps, the lack

10、 of understanding about the channels through which CSR affects firm value. Most theoretical models assume a direct link between CSR and firm value. In this paper, we propose an indirect link. In particular, we rely on Ba

11、rnett’s (2007) insight that the impact of CSR on firm value depends on the ability of CSR to influence stakeholders in the firm. We focus on one of the key stakeholders, consumers, and suggest that a necessary condition

12、for CSR to modify consumer behavior and, hence, affect firm value, is consumer awareness of firm CSR activities. Moreover, we argue that consumers are less likely to respond to CSR activities, even if they are aware of t

13、hem, if the CSR activities are not aligned with the firm’s reputation as a responsible citizen. The remainder of this paper is organized as follows. In §2, we define CSR and briefly summarize the literature on the i

14、mpact of CSR activities on firm value; we also discuss various reasons why advertising spending may enhance/moderate the relation between CSR and firm value. Section 3 describes our data collection procedure and variable

15、 construction. Our results are contained in §4. Section 5 concludes the paper, discusses the managerial implications of our findings, and proposes several avenues for further research.2. CSR, Advertising Intensity,

16、and Firm Value2.1. Defining CSRBefore discussing ways in which CSR activities can enhance firm value, it is important to discuss those activities that encompass CSR. Notwithstanding the large literature on the topic, a g

17、eneral consensus as to what activities are included under the CSR umbrella has not emerged. In fact, Baron (2001, p. 10) argued that “Corporate social responsibility is an ill- and incompletely defined concept.” We re

18、ly on the broad definition proposed by the World Business Council for Sustainable Development (WBCSD 2004), which argued that “CSR is the commitment of a business to contribute to sustainable economic development, worki

19、ng with employees, their families, the local community and society at large to improve their quality of life.”This definition includes the elements that are generally included in empirical work on CSR, such as the commu

20、nity, the environment, human rights, and the treatment of employees. Whereas some of these elements relate to social dimensions, others focus on stakeholders (e.g., treatment of employees). As such, this definition is co

21、nsistent with Griffin and Mahon’s (1997) multidimensional notion of CSR and with the work of Dahlsrud (2008), who reviewed various definitions of CSR and found that the stake-holder and the social dimensions receive exa

22、ctly the same attention based on frequency counts in Google searches.The inclusion of stakeholders within the remit of CSR is, however, not without controversy, especially given that the boundary between stakeholder mana

23、gement and CSR is not clear cut. For example, Jensen (2001) argued that anyone who can potentially benefit from its engagement with the firm is a stake- holder. That would include issues related to human rights, the envi

24、ronment, and the community, elements that others would consider more “social.” This definition of stakeholder is similar in spirit to Freeman’s (1984, p. 53) definition of a stakeholder as “any group or individual who ca

25、n affect or is affected by the achievement of an organization’s purpose,” although Freeman (1984) explicitly considered groups and individuals that can be negatively affected by the firm’s actions as well. According to t