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

Type:	Artigo Científico
Title:	Doing Well by Doing Good, Uniquely: Materiality and the Market Value of Unique CSR Strategies
Author:	Nardi, Leandro Zenger, Todd Lazzarini, Sergio Giovanetti Cabral, Sandro
Publication Date:	2021
Abstract:	Corporate 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.
Keywords (english terms):	corporate social responsibility uniqueness materiality stakeholder management
Language:	Inglês
CNPq Area:	Ciências Sociais Aplicadas
Copyright:	O 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.
Appears in Collections:	Coleção de Artigos Científicos

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