TY - JOUR
T1 - Corporate social responsibility and systematic risk of restaurant firms
T2 - The moderating role of geographical diversification
AU - Park, Sungbeen
AU - Song, Sujin
AU - Lee, Seoki
N1 - Publisher Copyright:
© 2016 Elsevier Ltd
PY - 2017/4/1
Y1 - 2017/4/1
N2 - Despite growing attention to corporate social responsibility (CSR) in the tourism literature, the relationship between CSR activities and systematic risk, one of the critical components in evaluating shareholder value, has been a topic of scarce examination. Further, the moderating role of geographical diversification on the link between CSR and systematic risk in the restaurant context has not been studied. Therefore, the current study explores these issues in the restaurant context based on the organizational theory and stakeholder theory. In addition, this study dichotomizes CSR activities into two dimensions, socially responsible activities (i.e., positive CSR) and socially irresponsible activities (i.e., negative CSR), to examine the separate effects of the two dimensions. A two-way fixed-effects model that effectively accounts for unobserved effects in a panel data set has been employed to test the proposed hypotheses.
AB - Despite growing attention to corporate social responsibility (CSR) in the tourism literature, the relationship between CSR activities and systematic risk, one of the critical components in evaluating shareholder value, has been a topic of scarce examination. Further, the moderating role of geographical diversification on the link between CSR and systematic risk in the restaurant context has not been studied. Therefore, the current study explores these issues in the restaurant context based on the organizational theory and stakeholder theory. In addition, this study dichotomizes CSR activities into two dimensions, socially responsible activities (i.e., positive CSR) and socially irresponsible activities (i.e., negative CSR), to examine the separate effects of the two dimensions. A two-way fixed-effects model that effectively accounts for unobserved effects in a panel data set has been employed to test the proposed hypotheses.
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U2 - 10.1016/j.tourman.2016.09.016
DO - 10.1016/j.tourman.2016.09.016
M3 - Article
AN - SCOPUS:84988922075
VL - 59
SP - 610
EP - 620
JO - Tourism Management
JF - Tourism Management
SN - 0261-5177
ER -