The impact of suppliers' CSR controversies on buyers' market value: The moderating role of social capital
研究供应商的企业社会责任争议如何降低买方的市场价值，并发现买方的政治、商业和金融资本能缓解这种负面效应，对供应链CSR管理有启示。
A firm's CSR controversies can affect not only the firm itself but also its supply chain partners. However, existing studies have predominantly focused on the influence of a firm's own CSR controversies; the spillover effect along supply chains has received insufficient attention. This study examines the impact of suppliers' CSR controversies on buyers' market value, as well as the moderating role of buyers' social capital. Using data from 462 buyer-supplier dyads of Chinese listed firms from 2008 to 2019, we find that suppliers' CSR controversies are significantly negatively related to buyers' market value, and that environmental controversies have a stronger negative effect than social controversies. This negative association can be alleviated by buyers' social capital in the forms of political, business, and financial capital. Our study has significant implications for both research and practice in the increasingly important domain of CSR management in supply chains.