The Moderating Effect of Advertising Intensity on the Relationship between Corporate Social Responsibility and Corporate Value

Document Type : Research Paper

Authors

1 Assistant Professor, Department of Management, University of Guilan, Rasht, Iran.

2 ferdowsi university of Mashhad

Abstract

The aim of this study is to investigate the effect of social responsibility on corporate value by moderating role of advertising intensity in the companies listed in Tehran Stock Exchange. The study combined data from 74 companies for the period of 2008 to 2013 and analyzed the pooled data. This research is a correlation study whose hypotheses are tested using combined regression with pooled data through Eviews7 software. The results show that social responsibility has a significant effect on corporate value with the moderating role of advertising intensity. It means that in creasing advertising intensity, the effect of social responsibility on corporate value increases. Technical and institutional aspects of social responsibility also have positive and significant effects on these companies' value while the technical dimension had a stronger effect than institutional dimension. To control the effects of other factors on the model, control variables such as the size and leverage of the model are used.

Keywords

References

-      برزگر، قدرت اله. (1392). »مدلی برای افشای مسئولیت اجتماعی و پایندگی شرکت‌ها و وضعیت موجود در آن در شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران.« رساله دکتری، دانشگاه علامه طباطبایی.
-      بنی‌مهد، بهمن؛ طالب نیا، قدرت اله و ازوجی، حسین. ( 1388). » بررسی رابطه بین عملکرد زیست‌محیطی و عملکرد مال  .«پژوهشنامه حسابداری مالی و حسابرسی، 1(3): 174-149.
-      سجادی، سید حسن؛ فرازمند، حسن و گرگی‌زاده، مجید. (1389). »رابطه هزینه تبلیغات و ارزش شرکت با معیار Q توبین.« فصلنامه بورس اوراق بهادار تهران،  3(9): 115-130.
-            عرب صالحی، مهدی؛ صادقی، غزل و معین الدین، محمود. ( 1392). »رابطه‌ی مسئولیت اجتماعی با عملکرد مالی شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران.«پژوهش‌های تجربی حسابداری، 3(9): 20-1.
-      فروغی، داریوش؛ میر شمس شهشهانی، مرتضی و پور حسین، سمیه. (1386).  »نگرش مدیران درباره افشای اطلاعات حسابداری اجتماعی با شرکت‌های پذیرفته‌شده در بورس اوراق بهادار تهران.«فصلنامه بررسی‌های حسابداری و حسابرسی، 15(52): 70-55.
-            فیض‌اللهی، صادق؛ فاطمی، عادل و شیرمحمدی، علیرضا. (1392). » بررسی ارتباط بین جهت گیری بازار و مسئولیت اجتماعی و تأثیر آن‌ها بر عملکرد سازمان.« مدیریت بهره‌وری، 7 (27): 98-81.
-      مران جوری، مهدی و علی‌خانی، رضیه. (1393). »افشای مسئولیت‌های اجتماعی و راهبری شرکتی.« بررسی‌های حسابداری و حسابرسی، 21(3): 348-329.
-      Atting, N., Cleary, S. & Ghoul, S. (2014). "Corporate legitimacy and investment–cash flow sensitivity". Journal of Business Ethics. doi: 10.1007/s10551-013-1693-3.
-      Bhattacharya, C. B. & Sen, S. (2001). "Does doing good always lead to doing better? consumer reactions to corporate social responsibility". Journal of Marketing Research, 38: 225–243.
-      Bhattacharya, C. B.  & Sen, S. (2004). "Doing better at doing good: When, why, And how Consumers respond to corporate social initiatives". Management Review, 47: 9–24.
-      Cardebat, J. & Sirven, N. (2010). "What corporate social responsibility reporting adds to fnancial return?". Journal of Economics and International Finance, 2: 20-27.
-      Erickson, G. & Jacobson, R. (1992). "Gaining comparative advantage through discretionary expenditures: The returns to R&D and advertising". Management Science, 38(9): 1264-1279.
-      Fisman, R., Heal, G. & Nair, V. B. (2008). "A model of corporate philanthropy". Working paper. Columbia University, New York.
-       Freeman, R. E., Harrison, J.S. & Wicks, A. C. (2007). "Managing for stakeholders: Survival, reputation, and success". Yale University Press, New Haven.
-      Han-MinWang, D., Chen, P., Hui-Kuang Yu, T. & Hsiao, C. (2015)." The effects of corporate social responsibility on brand equity and firm performance". Journal of Business Research, In Press. doi:10.1016/j.jbusres.2015.06.003.
-      Jensen, M. C. (2001). "Value maximization, stakeholder theory, and the corporate objective function". EuropeanFinancial Management, 7: 297–317.
-      Jo, H. & Harjoto, M. A. (2012). "The causal effect of corporate governance on corporate social responsibility". Journal of Business Ethics, 106: 53-72.
-      Legnick-Hall, C. A. (1996)." Customer Contributions to Quality: A different view of the customer-oriented firm". Academy of Management Review, 21: 791–824.
-      Mattingly, J. E. & Berman, S. L. (2006)." Measurement of corporate social action: Discovering taxonomy in the kinder lydenburg domini ratings data". Business and Society, 45: 20-46.
-      McAlister, L., Srinivasan, R., Jindal, N. & Cannella, A. (2015). "Advertising effectiveness: The moderating effect of firm strategy". Journal of Marketing Research, American Marketing Association: 1-50.
-      McCarthy, S., Oliver, B. & Song, S. (2014)." CEO overconfidence and corporate social responsibility". Working paper. UQ Business School.
-      McWilliams, A. & Siegel, D. (2000). "Corporate Social Responsibility And Financial Performance: Correlation Or Misspecification?". Strategic Management, 21: 603–609.
-      McWilliams, A. & Siegel, D. (2001). "Corporate social responsibility: A theory of the firm perspective". The Academy of Management Review, 26: 117-127.
-            Modigliani, F. & Miller, M. (1985)." The cost of capital corporation finance, and the theory of investment". American Economics Review, 48(3): 261-297.
-      Nelson, P. (1974). "Advertising as information".  Journal of Political Economy, 82: 729–754.
-      Pomering, A. & Dolnicar, S. (2009). "Assessing the prerequisite of successful CSR implementation: Are consumers aware of CSR initiatives?". Journal of Business Ethics, 85: 295–301.
-      Servaes, H. & Tamayo, A. (2013). "The impact of corporate social responsibility on firm value: The role of customer awareness". Management Science, 59(5): 1045-1061..
-      Turban, D. B. & Greening, D. W. (2000)." Corporate social performance as competitive advantage in attracting a quality workforce". Business and Society, 39: 254–280.

Files

History

  • Receive Date: 18 September 2015
  • Revise Date: 16 January 2016
  • Accept Date: 24 January 2016

Share

How to cite

Statistics