Corporate social responsibility and systematic risk of restaurant firms: The moderating role of geographical diversification

Sungbeen Park, Sujin Song, Seoki Lee

Research output: Contribution to journalArticlepeer-review

32 Scopus citations

Abstract

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.

Original languageEnglish (US)
Pages (from-to)610-620
Number of pages11
JournalTourism Management
Volume59
DOIs
StatePublished - Apr 1 2017

All Science Journal Classification (ASJC) codes

  • Development
  • Transportation
  • Tourism, Leisure and Hospitality Management
  • Strategy and Management

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