Is Doing Bad Always Punished? A Moderated Longitudinal Analysis on Corporate Social Irresponsibility and Firm Value
研究了企业社会不负责任行为对企业价值的长期影响，发现其负面效应在高动态性、高竞争强度和低能力条件下持续，但在低动态性市场仅短期影响，在低竞争或高能力条件下不显著。
Theoretical evidence suggests that corporate social irresponsibility (CSI) should produce long-lasting negative influences on firm performance. Yet, little empirical evidence exists in the literature to support this time-embedded research frame. This research was conducted by collecting a large set of firm data and by employing a series of vector autoregressive models to map out the longitudinal dynamic relationships between CSI and firm value under high versus low levels of two external factors, environmental dynamism and competition intensity, and one internal factor, firm capability. The results show that CSI’s negative influences endure in scenarios such as high dynamism, high competition intensity, and low capability, but it has only a short-term impact on low-dynamism markets and does not produce significant effects on firm value under low-competition or high-capability conditions. These findings yield useful implications for CSI, resource-based theory, and environment theories as well as for managerial effectiveness of coping with social negativities.