Asia Marketing Journal

  • 제25권2호
  • /
  • Pages.71-83
  • /
  • 2023
  • /
  • 1598-7868(pISSN)
  • /
  • 2765-6500(eISSN)
한국마케팅학회 (Korean Marketing Association)
권호 표지
DOI QR코드

DOI QR Code

Do CSR Activities Improve Short-Term Financial Performance? Competitive Mediating Effects of Job Satisfaction

  • JungWon Lee (Sejong Research Institute, Korea University) ;
  • Cheol Park (College of Global Business, Korea University)
  • 투고 : 2023.05.08
  • 심사 : 2023.07.25
  • 발행 : 2023.07.31
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

Companies are increasingly performing corporate social responsibility (CSR) as part of their strategic plans, but the effect of CSR activities on short-term financial performance is disputed. Researchers have found ambiguous relationships through mediating factors, but few studies have investigated internal stakeholders in this context and the firm characteristics that moderate these relationships. This study uses a competitive mediating model that examines job satisfaction as a mediator in the relationship between CSR and short-term financial performance for Korean companies. For the analysis, data from 195 companies covering 2014 to 2017 were collected and analyzed via panel regression. The findings indicate that CSR activities had a negative effect on short-term financial performance but a positive effect on job satisfaction; however, the larger the firm, the smaller the positive effect of CSR activities. Moreover, job satisfaction positively affects short-term financial performance, and this relationship is stronger in service firms.

키워드

참고문헌

  1. Aguinis, H. and A. Glavas (2012), "What We Know and Don't Know About Corporate Social Responsibility: A Review and Research Agenda," Journal of Management, 38 (4), 932-968. https://doi.org/10.1177/0149206311436079
  2. Alegre, I., M. Mas-Machuca, and J. Berbegal-Mirabent (2016), "Antecedents of Employee Job Satisfaction: Do They Matter?," Journal of Business Research, 69 (4), 1390-1395. https://doi.org/10.1016/j.jbusres.2015.10.113
  3. Allen, D. G., L. M. Shore, and R. W. Griffeth (2003), "The Role of Perceived Organizational Support and Supportive Human Resource Practices in the Turnover Process," Journal of Management, 29 (1), 99-118. https://doi.org/10.1177/014920630302900107
  4. Arya, B. and G. Zhang (2009), "Institutional Reforms and Investor Reactions to CSR Announcements: Evidence from an Emerging Economy," Journal of Management Studies, 46 (7), 1089-1112. https://doi.org/10.1111/j.1467-6486.2009.00836.x
  5. Ashforth, B. E. and F. Mael (1989), "Social Identity Theory and the Organization," Academy of Management Review, 14 (1), 20-39. https://doi.org/10.5465/amr.1989.4278999
  6. Bansal, P. (2003), "From Issues to Actions: The Importance of Individual Concerns and Organizational Values in Responding to Natural Environmental Issues," Organization Science, 14 (5), 510-527. https://doi.org/10.1287/orsc.14.5.510.16765
  7. Bansal, P. (2005), "Evolving Sustainably: A Longitudinal Study of Corporate Sustainable Development," Strategic Management Journal, 26 (3), 197-218. https://doi.org/10.1002/smj.441
  8. Barauskaite, G. and D. Streimikiene (2021), "Corporate Social Responsibility and Financial Performance of Companies: The Puzzle of Concepts, Denitions and Assessment Methods," Corporate Social Responsibility and Environmental Management, 28 (1), 278-287. https://doi.org/10.1002/csr.2048
  9. Barnea, A. and A. Rubin (2010), "Corporate Social Responsibility as a Confiict Between Shareholders," Journal of Business Ethics, 97 (1), 71-86. https://doi.org/10.1007/s10551-010-0496-z
  10. Barnett, M. L. and R. M. Salomon (2006), "Beyond Dichotomy: The Curvilinear Relationship Between Social Responsibility and Financial Performance," Strategic Management Journal, 27 (11), 1101-1122. https://doi.org/10.1002/smj.557
  11. Barney, J. B. (1986), "Organizational Culture: Can It Be a Source of Sustained Competitive Advantage?," Academy of Management Review, 11 (3), 656-665. https://doi.org/10.5465/amr.1986.4306261
  12. Baron, R. M. and D. A. Kenny (1986), "The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations," Journal of Personality and Social Psychology, 51 (6), 1173. https://doi.org/10.1037//0022-3514.51.6.1173
  13. Bartel, C. A. (2001), "Social Comparisons in Boundary-Spanning Work: Effects of Community Outreach on Members' Organizational Identity and Identification," Administrative Science Quarterly, 46 (3), 379-413. https://doi.org/10.2307/3094869
  14. Bauman, C. W. and L. J. Skitka (2012), "Corporate Social Responsibility as a Source of Employee Satisfaction," Research in Organizational Behavior, 32, 63-86. https://doi.org/10.1016/j.riob.2012.11.002
  15. Berman, S. L., A. C. Wicks, S. Kotha, and T. M. Jones (1999), "Does Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance," Academy of Management Journal, 42 (5), 488-506. https://doi.org/10.5465/256972
  16. Bhattacharya, C. B. and S. Sen (2003), "Consumercompany Identification: A Framework for Understanding Consumers' Relationships with Companies," Journal of Marketing, 67 (2), 76-88. https://doi.org/10.1509/jmkg.67.2.76.18609
  17. Bowen, H. R. and F. E. Johnson (1953), Social Responsibility of the Businessman, New York: Harper.
  18. Brammer, S. and A. Millington (2008), "Does It Pay to Be Different? An Analysis of the Relationship Between Corporate Social and Financial Performance," Strategic Management Journal, 29 (12), 1325-1343. https://doi.org/10.1002/smj.714
  19. Brammer, S., A. Millington, and B. Rayton (2007), "The Contribution of Corporate Social Responsibility to Organizational Commitment," The International Journal of Human Resource Management, 18 (10), 1701-1719. https://doi.org/10.1080/09585190701570866
  20. Brammer, S. and A. Millington (2004), "The Development of Corporate Charitable Contributions in the UK: A Stakeholder Analysis," Journal of Management Studies, 41 (8), 1411-1434. https://doi.org/10.1111/j.1467-6486.2004.00480.x
  21. Brown, T. J. and P. A. Dacin (1997), "The Company and the Product: Corporate Associations and Consumer Product Responses," Journal of Marketing, 61 (1), 68-84. https://doi.org/10.1177/002224299706100106
  22. Buehler, V. M. and Y. K. Shetty (1974), "Motivations for Corporate Social Action," Academy of Management Journal, 17 (4), 767-771. https://doi.org/10.5465/255653
  23. Carroll, A. B. (1979), "A Three-Dimensional Conceptual Model of Corporate Performance," Academy of Management Review, 4 (4), 497-505. https://doi.org/10.5465/amr.1979.4498296
  24. Carroll, A. B. (2008), "A History of Corporate Social Responsibility: Concepts and Practices," In A. M. Andrew Crane, D. Matten, J. Moon, and D. Siegel (eds.), The Oxford Handbook of Corporate Social Responsibility, pp. 1946, New York: Oxford University Press.
  25. Chang, Y. K., W. Y. Oh, J. H. Park, and M. G. Jang (2017), "Exploring the Relationship Between Board Characteristics and CSR: Empirical Evidence from Korea," Journal of Business Ethics, 140 (2), 225-242. https://doi.org/10.1007/s10551-015-2651-z
  26. Cowen, S. S., L. B. Ferreri, and L. D. Parker (1987), "The Impact of Corporate Characteristics on Social Responsibility Disclosure: A Typology and Frequency-Based Analysis," Accounting, Organizations and Society, 12 (2), 111-122. https://doi.org/10.1016/0361-3682(87)90001-8
  27. Dobers, P. (2009), "Corporate Social Responsibility: Management and Methods," Corporate Social Responsibility and Environmental Management, 16 (4), 185-191. https://doi.org/10.1002/csr.201
  28. Dutton, J. E., L. M. Roberts, and J. Bednar (2010), "Pathways for Positive Identity Construction at Work: Four Types of Positive Identity and the Building of Social Resources," Academy of Management Review, 35 (2), 265-293. https://doi.org/10.5465/amr.35.2.zok265
  29. Edmans, A. (2011), "Does the Stock Market Fully Value Intangibles? Employee Satisfaction and Equity Prices," Journal of Financial Economics, 101 (3), 621-640. https://doi.org/10.1016/j.jfineco.2011.03.021
  30. Edmans, A. (2012), "The Link Between Job Satisfaction and Firm Value, with Implications for Corporate Social Responsibility," Academy of Management Perspectives, 26 (4), 1-19. https://doi.org/10.5465/amp.2012.0046
  31. Fila, M. J., L. S. Paik, R. W. Griffeth, and D. Allen (2014), "Disaggregating Job Satisfaction: Effects of Perceived Demands, Control, and Support," Journal of Business and Psychology, 29 (4), 639-649. https://doi.org/10.1007/s10869-014-9358-5
  32. Friedman, M. (1970), "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits," The New York Times Magazine, 13 (1970), 32-33.
  33. Galbreath, J. and P. Shum (2012), "Do Customer Satisfaction and Reputation Mediate the CSR-FP Link? Evidence from Australia," Australian Journal of Management, 37 (2), 211-229. https://doi.org/10.1177/0312896211432941
  34. Gintis, H., S. Bowles, R. T. Boyd, and E. Fehr (Eds.). (2005), Moral Sentiments and Material Interests: The Foundations of Cooperation in Economic Life (Vol. 6). MIT Press. https://doi.org/10.7551/mitpress/4771.001.0001
  35. Godfrey, P. C., C. B. Merrill, and J. M. Hansen (2009), "The Relationship Between Corporate Social Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis," Strategic Management Journal, 30 (4), 425-445. https://doi.org/10.1002/smj.750
  36. Grant, A. M. (2007), "Relational Job Design and the Motivation to Make a Prosocial Difference," Academy of Management Review, 32 (2), 393-417. https://doi.org/10.5465/amr.2007.24351328
  37. Graves, S. B. and S. A. Waddock (1994), "Institutional Owners and Corporate Social Performance," Academy of Management Journal, 37 (4), 1034-1046. https://doi.org/10.5465/256611
  38. Grifn, J. J., and J. F. Mahon (1997), "The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research," Business & Society, 36 (1), 5-31. https://doi.org/10.1177/000765039703600102
  39. Guiso, L., P. Sapienza, and L. Zingales (2015), "The Value of Corporate Culture," Journal of Financial Economics, 117 (1), 60-76. https://doi.org/10.1016/j.jneco.2014.05.010
  40. Hatfield, E., J. T. Cacioppo, and R. L. Rapson (1993), "Emotional Contagion," Current Directions in Psychological Science, 2 (3), 96-100. https://doi.org/10.1111/1467-8721.ep10770953
  41. Heskett, J. L., W. E. Sasser, Jr., and L. A. Schlesinger (1997), The Service Profit Chain, New York: Free Press.
  42. Hou, M., H. Liu, P. Fan, and Z. Wei (2016), "Does CSR Practice Pay Off in East Asian Firms? A Meta-Analytic Investigation," Asia Pacific Journal of Management, 33 (1), 195-228. https://doi.org/10.1007/s10490-015-9431-2
  43. Howard-Grenville, J. A. and A. J. Hoffman (2003), "The Importance of Cultural Framing to the Success of Social Initiatives in Business," Academy of Management Perspectives, 17 (2), 70-84. https://doi.org/10.5465/ame.2003.10025199
  44. Hang, M., J. Geyer-Klingeberg, and A. W. Rathgeber (2019), "It is Merely a Matter of Time: A Meta-Analysis of the Causality Between Environmental Performance and Financial Performance," Business Strategy and the Environment, 28 (2), 257-273. https://doi.org/10.1002/bse.2215
  45. Huang, M., P. Li, F. Meschke, and J. P. Guthrie (2015), "Family Firms, Employee Satisfaction, and Corporate Performance," Journal of Corporate Finance, 34, 108-127. https://doi.org/10.1016/j.jcorpn.2015.08.002
  46. Isen, A. M. and S. F. Simmonds (1978), "The Effect of Feeling Good on a Helping Task That is Incompatible with Good Mood," Social Psychology, 41 (4), 346-349. https://doi.org/10.2307/3033588
  47. Jensen, M. C. (2002), "Value Maximization, Stakeholder Theory, and the Corporate Objective Function," Business Ethics Quarterly, 235-256. https://doi.org/10.2307/3857812
  48. Judge, T. A., R. F. Piccolo, N. P. Podsakoff, J. C. Shaw, and B. L. Rich (2010), "The Relationship Between Pay and Job Satisfaction: A Meta-Analysis of the Literature," Journal of Vocational Behavior, 77 (2), 157-167. https://doi.org/10.1016/j.jvb.2010.04.002
  49. Keh, H. T. and J. Pang (2010), "Customer Reactions to Service Separation," Journal of Marketing, 74 (2), 55-70. https://doi.org/10.1509/jmkg.74.2.55
  50. Kim, H. R., M. Lee, H. T. Lee, and N. M. Kim (2010), "Corporate Social Responsibility and Employeecompany Identification," Journal of Business Ethics, 95, 557–569. https://doi.org/10.1007/s10551-010-0440-2
  51. Kirkman, B. L. and D. L. Shapiro (2001), "The Impact of Cultural Values on Job Satisfaction and Organizational Commitment in Self-Managing Work Teams: The Mediating Role of Employee Resistance," Academy of Management Journal, 44 (3), 557-569. https://doi.org/10.5465/3069370
  52. Klassen, R. D. and D. C. Whybark (1999), "The Impact of Environmental Technologies on Manufacturing Performance," Academy of Management Journal, 42 (6), 599-615. https://doi.org/10.5465/256982
  53. Korschun, D., C. B. Bhattacharya, and S. D. Swain (2014), "Corporate Social Responsibility, Customer Orientation, and the Job Performance of Frontline Employees," Journal of Marketing, 78 (3), 20-37. https://doi.org/10.1509/jm.11.0245
  54. Koys, D. J. (2003), "How the Achievement of Human-Resources Goals Drives Restaurant Performance," Cornell Hotel and Restaurant Administration Quarterly, 44 (1), 17-24. https://doi.org/10.1016/s0010-8804(03)90042-5
  55. Lee, E. M., S. Y. Park, and H. J. Lee (2013), "Employee Perception of CSR Activities: Its Antecedents and Consequences," Journal of Business Research, 66 (10), 1716-1724. https://doi.org/10.1016/j.jbusres.2012.11.008
  56. Lee, Y. K., K. H. Lee, and D. X. Li (2012), "The Impact of CSR on Relationship Quality and Relationship Outcomes: A Perspective of Service Employees," International Journal of Hospitality Management, 31 (3), 745-756. https://doi.org/10.1016/j.ijhm.2011.09.011
  57. Lev, B., C. Petrovits, and S. Radhakrishnan (2010), "Is Doing Good Good for You? How Corporate Charitable Contributions Enhance Revenue Growth," Strategic Management Journal, 31 (2), 182-200. https://doi.org/10.1002/smj.810
  58. Lippmann, W. (2017), Public Opinion, Abingdon-on-Thames: Routledge. https://doi.org/10.4324/9781315127736
  59. Locke, E. A. (1976), "The Nature and Causes of Job Satisfaction, Handbook of Industrial and Organizational Psychology. Chicago: RandMc Narlly.
  60. Lopez, M. V., A. Garcia, and L. Rodriguez (2007), "Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index," Journal of Business Ethics, 75 (3), 285-300. https://doi.org/10.1007/s10551-006-9253-8
  61. Luo, X. and C. B. Bhattacharya (2006), "Corporate Social Responsibility, Customer Satisfaction, and Market Value," Journal of Marketing, 70 (4), 1-18. https://doi.org/10.1509/jmkg.70.4.001
  62. Margolis, J. D. and J. P. Walsh (2003), "Misery Loves Companies: Rethinking Social Initiatives by Business," Administrative Science Quarterly, 48 (2), 268-305. https://doi.org/10.2307/3556659
  63. Marom, I. Y. (2006), "Toward a Unified Theory of the CSP-CFP Link," Journal of Business Ethics, 67 (2), 191-200. https://doi.org/10.1007/s10551-006-9023-7
  64. Maslow, A. H. (1943), "A Theory of Human Motivation," Psychological Review, 50 (4), 370. https://doi.org/10.1037/h0054346
  65. McClelland, D. C. (1965), "Toward a Theory of Motive Acquisition," American Psychologist, 20 (5), 321. https://doi.org/10.1037/h0022225
  66. McCombs, M. E. and D. L. Shaw (1972), "The Agenda-Setting Function of Mass Media," Public Opinion Quarterly, 36 (2), 176-187. https://doi.org/10.1086/267990
  67. McWilliams, A. and D. Siegel (1997), "The Role of Money Managers in Assessing Corporate Social Reponsibility Research," The Journal of Investing, 6 (4), 98-107. https://doi.org/10.3905/joi.1997.408440
  68. McWilliams, A. and D. Siegel (2001), "Corporate Social Responsibility: A Theory of the Firm Perspective," Academy of Management Review, 26 (1), 117-127. https://doi.org/10.2307/259398
  69. Mishra, S. and D. Suar (2010), "Does Corporate Social Responsibility Influence Firm Performance of Indian Companies?," Journal of Business Ethics, 95 (4), 571-601. https://doi.org/10.1007/s10551-010-0441-1
  70. Moore, G. (2001), "Corporate Social and Financial Performance: An Investigation in the UK Supermarket Industry," Journal of Business Ethics, 34 (3-4), 299-315. https://doi.org/10.1023/a:1012537016969
  71. Mulki, J. P. and F. Jaramillo (2011), "Ethical Reputation and Value Received: Customer Perceptions," International Journal of Bank Marketing, 29 (5), 358-372. https://doi.org/10.1108/02652321111152891
  72. Ng, T. W., K. C. Yam, and H. Aguinis (2019), "Employee Perceptions of Corporate Social Responsibility: Effects on Pride, Embeddedness, and Turnover," Personnel Psychology, 72 (1), 107-137. https://doi.org/10.1111/peps.12294
  73. Plewnia, F. and E. Guenther (2017), "The Benefits of Doing Good: A Meta-Analysis of Corporate Philanthropy Business Outcomes and Its Implications for Management Control," Journal of Management Control, 28 (3), 347-376. https://doi.org/10.1007/s00187-017-0252-y
  74. Preston, L. E. and D. P. O'bannon (1997), "The Corporate Social-Financial Performance Relationship: A Typology and Analysis," Business & Society, 36 (4), 419-429. https://doi.org/10.1177/000765039703600406
  75. Rhou, Y., M. Singal, and Y. Koh (2016), "CSR and Financial Performance: The Role of CSR Awareness in the Restaurant Industry," International Journal of Hospitality Management, 57, 30-39. https://doi.org/10.1016/j.ijhm.2016.05.007
  76. Roberts, R. W. (1992), "Determinants of Corporate Social Responsibility Disclosure: An Application of Stakeholder Theory," Accounting, Organizations and Society, 17 (6), 595-612. https://doi.org/10.1016/0361-3682(92)90015-k
  77. Rowley, T. and S. Berman (2000), "A Brand New Brand of Corporate Social Performance," Business & Society, 39 (4), 397-418. https://doi.org/10.1177/000765030003900404
  78. Russo, M. V. and N. S. Harrison (2005), "Organizational Design and Environmental Performance: Clues from the Electronics Industry," Academy of Management Journal, 48 (4), 582-593. https://doi.org/10.5465/amj.2005.17843939
  79. Saeidi, S. P., S. Soan, P. Saeidi, S. P. Saeidi, and S. A. Saaeidi (2015), "How Does Corporate Social Responsibility Contribute to Firm Financial Performance? The Mediating Role of Competitive Advantage, Reputation, and Customer Satisfaction," Journal of Business Research, 68 (2), 341-350. https://doi.org/10.1016/j.jbusres.2014.06.024
  80. Salmones, M. D. M. G. D., A. Perez, and I. R. D. Bosque (2009), "The Social Role of Financial Companies as a Determinant of Consumer Behaviour," The International Journal of Bank Marketing, 27 (6), 467-485. https://doi.org/10.1108/02652320910988339
  81. Schneider, B., P. J. Hanges, D. B. Smith, and A. N. Salvaggio (2003), "Which Comes First: Employee Attitudes or Organizational Financial and Market Performance?," Journal of Applied Psychology, 88 (5), 836. https://doi.org/10.1037/0021-9010.88.5.836
  82. Sedikides, C. and M. J. Strube (1997), "Self-Evaluation: To Thine Own Self be Good, To Thine Own Self be Sure, To Thine Own Self be True, and To Thine Own Self be Better," In Advances in Experimental Social Psychology (Vol. 29, pp. 209-269), Academic Press. https://doi.org/10.1016/s0065-2601(08)60018-0
  83. Sen, S. and C. B. Bhattacharya (2001), "Does Doing Good Always Lead to Doing Better? Consumer Reactions to Corporate Social Responsibility," Journal of Marketing Research, 38 (2), 225-243. https://doi.org/10.1509/jmkr.38.2.225.18838
  84. Sen, S., C. B. Bhattacharya, and D. Korschun (2006), "The Role of Corporate Social Responsibility in Strengthening Multiple Stakeholder Relationships: A Field Experiment," Journal of the Academy of Marketing Science, 34 (2), 158-166. https://doi.org/10.1177/0092070305284978
  85. Seok, J., Y. Lee, and B. D. Kim (2018, July), "Do Actions Speak Louder Than Words? The Power of Publicizing Corporate Social Responsibility." In 2018 Global Marketing Conference at Tokyo, pp. 435-435. https://doi.org/10.15444/gmc2018.04.02.01
  86. Seok, J., Y. Lee, and B. D. Kim (2020), "Impact of CSR News Reports on Firm Value," Asia Pacific Journal of Marketing and Logistics, 32 (3), 644-663. https://doi.org/10.1108/APJML-06-2019-0352
  87. Servaes, H. and A. Tamayo (2013), "The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness," Management Science, 59 (5), 1045-1061. https://doi.org/10.1287/mnsc.1120.1630
  88. Shum, P. K. and S. L. Yam (2011), "Ethics and Law: Guiding the Invisible Hand to Correct Corporate Social Responsibility Externalities," Journal of Business Ethics, 98 (4), 549-571. https://doi.org/10.1007/s10551-010-0608-9
  89. Spector, P. E. (1997), Job Satisfaction: Application, Assessment, Causes, and Consequences (Vol. 3). Thousand Oaks: Sage Publications. https://doi.org/10.4135/9781452231549
  90. Symitsi, E., P. Stamolampros, and G. Daskalakis (2018), "Employees' Online Reviews and Equity Prices," Economics Letters, 162, 53-55. https://doi.org/10.1016/j.econlet.2017.10.027
  91. Tajvidi, R. and A. Karami (2017), "The Effect of Social Media on Firm Performance," Computers in Human Behavior. https://doi.org/10.1016/j.chb.2017.09.026
  92. Thibaut, J. W. and H. Kelley (1959), The Social Psychology of Groups. New York: John Wiley & Sons.
  93. Tsui, A. S. (2007), "From Homogenization to Pluralism: International Management Research in the Academy and Beyond," Academy of Management Journal, 50 (6), 1353-1364. https://doi.org/10.5465/amj.2007.28166121
  94. Turban, D. B. and D. W. Greening (1997), "Corporate Social Performance and Organizational Attractiveness to Prospective Employees," Academy of Management Journal, 40 (3), 658-672. https://doi.org/10.5465/257057
  95. Udayasankar, K. (2008), "Corporate Social Responsibility and Firm Size," Journal of Business Ethics, 83 (2), 167-175. https://doi.org/10.1007/s10551-007-9609-8
  96. Ullmann, A. A. (1985), "Data in Search of a Theory: A Critical Examination of the Relationships Among Social Performance, Social Disclosure, and Economic Performance of US Firms," Academy of Management Review, 10 (3), 540-557. https://doi.org/10.5465/amr.1985.4278989
  97. Waddock, S. A. and S. B. Graves (1997), "The Corporate Social Performance-Financial Performance Link," Strategic Management Journal, 18 (4), 303-319. https://doi.org/10.1002/(sici)1097-0266(199704)18:4<303::aid-smj869>3.3.co;2-7
  98. Walsh, G. and S. E. Beatty (2007), "Customer-Based Corporate Reputation of a Service Firm: Scale Development and Validation," Journal of the Academy of Marketing Science, 35 (1), 127-143. https://doi.org/10.1007/s11747-007-0015-7
  99. Wang, H. M. D. and S. Sengupta (2016), "Stakeholder Relationships, Brand Equity, Firm Performance: A Resource-Based Perspective," Journal of Business Research, 69 (12), 5561-5568. https://doi.org/10.1016/j.jbusres.2016.05.009
  100. Wang, T. and P. Bansal (2012), "Social Responsibility in New Ventures: Profiting from a Long-Term Orientation," Strategic Management Journal, 33 (10), 1135-1153. https://doi.org/10.1002/smj.1962
  101. Wanous, J. P. (1992), Organizational Entry: Recruitment, Selection, Orientation, and Socialization of Newcomers, New Jersey: Prentice Hall.
  102. Wigley, S. (2008), "Gauging Consumers' Responses to CSR Activities: Does Increased Awareness Make Cents?," Public Relations Review, 34 (3), 306-308. https://doi.org/10.1016/j.pubrev.2008.03.034
  103. Wood, D. J. and R. E. Jones (1995), "Stakeholder Mismatching: A Theoretical Problem in Empirical Research on Corporate Social Performance," The International Journal of Organizational Analysis, 3 (3), 229-267. https://doi.org/10.1108/eb028831
  104. Wooldridge, J. M. (2015), Introductory Econometrics: A Modern Approach, Ontario: Nelson Education.
  105. Zeithaml, V. A., A. Parasuraman, and L. L. Berry (1985), "Problems and Strategies in Services Marketing," Journal of Marketing, 49 (2), 33-46. https://doi.org/10.2307/1251563
  106. Zhao, X., J. G. Lynch Jr, and Q. Chen (2010), "Reconsidering Baron and Kenny: Myths and Truths About Mediation Analysis," Journal of Consumer Research, 37 (2), 197-206. https://doi.org/10.1086/651257