Off-campus UMass Amherst users: To download campus access dissertations, please use the following link to log into our proxy server with your UMass Amherst user name and password.
Non-UMass Amherst users: Please talk to your librarian about requesting this dissertation through interlibrary loan.
Dissertations that have an embargo placed on them will not be available to anyone until the embargo expires.
Author ORCID Identifier
N/A
AccessType
Open Access Dissertation
Document Type
dissertation
Degree Name
Doctor of Philosophy (PhD)
Degree Program
Management
Year Degree Awarded
2018
Month Degree Awarded
May
First Advisor
Christopher P. Agoglia
Second Advisor
M. David Piercy
Third Advisor
Elaine Wang
Fourth Advisor
Linda Isbell
Subject Categories
Accounting | Advertising and Promotion Management | Business Administration, Management, and Operations | Finance and Financial Management
Abstract
Investors, analysts, and news outlets have expressed concerns that corporate social responsibility (CSR) has deviated from its original altruistic purpose of improving society to a marketing ploy aimed at managing perceptions of shareholders and improving the bottom line of companies. In this study, I analyze how the fit of a company’s business operations to their CSR activities affects the investment willingness of long and short-term investors. While prior research shows numerous positive outcomes associated with CSR, I predict and find that low fit CSR activities can decrease the investment willingness of long-term investors when companies are involved in controversial “sin” industries (e.g., alcohol, tobacco, gaming). Even though the CSR initiatives are viewed positively in isolation, this finding suggests that some CSR initiatives can decrease firm value. Conversely, I find that long-term investors value both low fit and high fit CSR for “virtue” firms that are involved in socially responsible industries; however, high fit CSR activities maximize the investment willingness of potential shareholders. Importantly, my study also shows that CSR fit only affects long-term investors. Short-term investors view all types of CSR negatively. These findings will inform regulators amid the ongoing debate to regulate CSR reporting and help managers to better design CSR initiatives to maximize the return on their investment as well as the positive effects on society.
DOI
https://doi.org/10.7275/11948586
Recommended Citation
Sealy, Chezham, "When Doing Good Backfires: The Effects of Corporate Social Responsibility Fit on the Decisions of Long and Short-Term Investors" (2018). Doctoral Dissertations. 1274.
https://doi.org/10.7275/11948586
https://scholarworks.umass.edu/dissertations_2/1274
Included in
Accounting Commons, Advertising and Promotion Management Commons, Business Administration, Management, and Operations Commons, Finance and Financial Management Commons