Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/288231 
Year of Publication: 
2023
Citation: 
[Journal:] Corporate Social Responsibility and Environmental Management [ISSN:] 1535-3966 [Volume:] 31 [Issue:] 1 [Publisher:] John Wiley & Sons, Inc. [Place:] Chichester, UK [Year:] 2023 [Pages:] 540-554
Publisher: 
John Wiley & Sons, Inc., Chichester, UK
Abstract: 
Corporate donations towards disaster relief efforts, often called corporate philanthropic disaster relief (CPDR), are commonplace practice and one critically observed subcategory of CSR, with high visibility in the global media. We investigate whether private investors value firms differently based on their perception of firm's engagement in CPDR. Therefore, we created an experimental investment scenario in which we manipulate the magnitude of a hypothetical Firm Y's CPDR efforts to evaluate investment decisions of private investors recruited from Amazon's Cloud Research platform. Our findings suggest that higher CPDR generally affects private investors' assessment of a firm's value positively. Using a structural equation model and the CSR skepticism concept to examine private investors motive attribution to firms' CPDR, we find that private investors perceive high CPDR as an indicator for honest and values‐driven corporate social behavior and a low CPDR as an ingratiating attempt to win favor. Thus, we extend prior research by unveiling through which channels of impact CPDR potentially affects firm value and find an explanation why CPDR can have adverse effects on firm value.
Subjects: 
corporate philanthropic disaster response
corporate social responsibility
CSR skepticism
investors' perception
valuation judgment
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article
Document Version: 
Published Version

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