The Financial Effects of Uniform and Mixed Corporate Social Performance
基于社会判断理论，研究企业社会绩效中正面与负面指标混合呈现时，利益相关者如何反应，发现统一表现（全正面或全负面）的企业财务绩效优于混合表现的企业。
Abstract Firms typically present a mixed picture of corporate social performance ( CSP ), with positive and negative indicators exhibited by the same firm. Thus, stakeholders' judgments of corporate social responsibility ( CSR ) typically evaluate positives in the context of negatives, and vice versa. Building on social judgment theory, we present two alternative accounts of how stakeholders respond to such complexity, which provide differing implications for the financial effects of CSP : reciprocal dampening and rewarding uniformity . Echoing notable findings on strategic consistency, our US panel study finds that firms that exhibit uniformly positive or uniformly negative indicators in particular dimensions of CSP outperform firms that exhibit a mixed picture of positives and negatives, which supports the notion that stakeholders' judgments of CSR reward uniformity.