Doing Well by Doing Good, Uniquely: Materiality and the Market Value of Unique CSR Strategies

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dc.contributor.authorNardi, Leandro
dc.contributor.authorZenger, Todd
dc.contributor.authorSERGIO GIOVANETTI LAZZARINI
dc.contributor.authorSANDRO CABRAL
dc.coverage.cidadeNão informadopt_BR
dc.coverage.paisEstados Unidospt_BR
dc.creatorNardi, Leandro
dc.creatorZenger, Todd
dc.date.accessioned2022-10-14T20:31:57Z
dc.date.available2022-10-14T20:31:57Z
dc.date.issued2021
dc.description.otherCorporate social responsibility (CSR) has become a strategic decision for organi zations. The capacity to invest in several distinct CSR categories at varying levels (e.g., en vironmental innovation, diversity, community) leaves firms with a multitude of patterns from which to choose. However, the question of whether market returns to CSR are de fined by individual-level positioning choices or by industry-level conditions––particularly the materiality of distinct categories of CSR––remains unresolved. Drawing on the litera ture arguing that stakeholders are crucial enablers of value creation and capture, we theorize that unique CSR strategies more effectively promote stakeholder engagement by helping firms develop differentiated and unrivaled positions with key stakeholders. Thus, we argue that CSR uniqueness is positively associated with market value. Yet we also ar gue that uniqueness can be constrained by materiality: in industries in which a higher number of CSR categories are considered material, firms have fewer degrees of freedom to successfully differentiate from competitors; hence, the market returns to unique CSR posi tioning are negatively associated with the number of CSR categories deemed material to the industry. Using a novel measure of uniqueness of CSR strategies and a database con taining environmental, social, and financial information of 2,093 firms between 2002 and 2017, we find strong support for our hypotheses. To shed further light on the mechanisms driving the role of materiality, we examine the 2010 BP Deepwater Horizon oil spill.pt_BR
dc.format.extentp. 10-26pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.1287/stsc.2021.0145pt_BR
dc.identifier.issn2333-2077pt_BR
dc.identifier.issue1pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/4299
dc.identifier.volume7pt_BR
dc.language.isoInglêspt_BR
dc.publisherNão informadopt_BR
dc.relation.ispartofStrategy Sciencept_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR.pt_BR
dc.subject.keywordscorporate social responsibilitypt_BR
dc.subject.keywordsuniquenesspt_BR
dc.subject.keywordsmaterialitypt_BR
dc.subject.keywordsstakeholder managementpt_BR
dc.titleDoing Well by Doing Good, Uniquely: Materiality and the Market Value of Unique CSR Strategiespt_BR
dc.typejournal article
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication4ee022f9-7466-405d-ae1a-6b1e33f611e8
relation.isAuthorOfPublication76c81ecd-5a8e-48de-9d12-b62cebc2e626
relation.isAuthorOfPublication.latestForDiscovery4ee022f9-7466-405d-ae1a-6b1e33f611e8

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