현대사회에서 기업은 중요한 경제활동 주체의 하나이다. 기업이 사회에서 차지하는 비중이 커질수록 기업범죄로 인한 피해도 폭넓고 심각해지고 있다. 종래 기업범죄에 대하여는 처벌을 강화하는 등 사후적 대책이 주를 이루고 있었다. 그러나 기업범죄를 막기 위한 지속적인 제도정비에도 불구하고 실질적인 규제효과를 기대하기 어렵다. 따라서 기업 스스로가 기업범죄를 예방하고 규제내용을 준수하고자 하는 자발적인 의지가 가장 효과적인 규제방안이라고 할 수 있다. 즉, 제재위주의 규제가 아니라 기업범죄를 예방하기 위한 방식으로 규제의 기본방향을 전환할 필요가 있다. 이와 함께 기업범죄에 대한 사후적 제재를 강화하는 제도적 보완도 필요하다. 본 논문에서는 기업범죄에 대한 상사법의 대응방안으로서 두 가지 제도를 검토하였다. 첫째, 기업범죄를 사전에 예방하기 위한 기업지배구조의 개선방안으로서 내부통제제도의 구축·운용에 관한 문제를 다루고 있다. 우리나라의 내부통제제도에 관한 현황을 살펴보고 그 문제점과 개선 방안을 제시하고 있다. 둘째, 사후적 제재의 강화방안으로서 징벌적 손해 배상제도를 검토하고 있다. 이는 위법행위에 의하여 취득한 이익에 대하여 막대한 금전적 제재를 부과하여 그 유인을 제거함으로써 기업범죄를 효과적으로 억제할 수 있기 때문이다. 우리나라의 징벌적 손해배상제도의 도입 여부에 관한 논의와 입법현황을 정리하고, 그 문제점과 개선방안을 제시하고 있다. 결론으로서 기업범죄는 이를 예방하기 위한 기업 자체의 노력과 함께 그 동기를 제거하기 위한 엄격한 제재가 조화를 이룰 필요가 있다.

최근 글로벌 기업들은 신기술 확보를 위해 사내벤처캐피탈(Corporate Venture Capital, CVC)을 설립하여 기술벤처에 투자하고 있다. 본 연구의 목적은 CVC의 투자 포트폴리오 운영방식 차이가 모기업의 기술혁신 효과에 영향을 주는지 통계적으로 실증 분석하기 위함에 있다. 구체적으로 CVC의 ‘시드(Seed)’, ‘초기(Early)’, ‘확장(Expansion)’, ‘후기(Late)’ 4가지 투자 단계별로 투자된 금액비중에 따라 매년 투자 포트폴리오 성장잠재성과 리스크 수준이 달라진다는 것을 발견하였고, 포트폴리오의 공격적인 투자성향과 외부 파트너십이 모기업 기술 혁신효과에 미치는 영향에 대해 분석하였다. 연구를 위해 글로벌 70개 CVC들이 21년간 투자한 실적 데이터를 음이항 패널 회귀분석(negative binomial panel regression)을 통해 검증하였다. 연구의 결과, 벤처 포트폴리오내 시드/초기 단계 기업들에 투자한 금액이 클수록 기술혁신 효과는 증가하지만, 일정수준 이상부터는 오히려 효과가 감소하는 Inverted U형 관계를 확인하였다. 또한, 각 투자단계별 벤처기업들에 공동 투자한 외부 파트너 수가 포트폴리오 운영성향과 기술혁신 효과 사이의 Inverted U형 관계를 약화시키는 조절효과를 통계적으로 실증하였다. 본 논문은 기업이 투자포트폴리오를 구성할 때 투자 단계와 경과시점을 고려할 경우 투자성과를 극대화할 수 있다는 점에서 기획 담당자, 벤처 투자자, 정책 관리자 등에 시사점을 제공할 수 있다.

본 연구는 중소기업에 근무하는 일반 노동자를 대상으로 조직 내 공식적인 윤리프로그램의 실행이 노 동자들의 조직시민행동에 미치는 영향과 최고경영자의 윤리적 리더십과 개인-조직가치 적합성의 3차항 상호작용 효과를 실증분석하였다. 일반 노동자 357명을 대상으로 한 본 연구의 결과를 정리하면 다음과 같다. 첫째, 공식적인 윤리프로그램 실행에 대한 구성원들의 높은 지각은 조직시민행동에 유의미한 정(+)의 영향을 주었다. 둘째, 윤리프로 그램의 실행과 조직시민행동의 긍정적인 관계는 CEO의 윤리적 리더십에 의해 조절되었다. 즉, 조직시민 행동에 대한 윤리프로그램 실행의 긍정적인 효과는 CEO의 윤리적 리더십이 높은 집단이 낮은 집단에 비해 전반적으로 높게 나타났다. 셋째, 윤리프로그램 실행, CEO의 윤리적 리더십 및 개인-조직가치 적합 성의 3차항 조절효과가 실증되었다. ① 개인-조직가치 적합성이 낮은 집단은 CEO의 윤리적 리더십을 높 게 지각하는 구성원들이 그렇지 않은 집단에 비해 조직시민행동이 전반적으로 높게 나타났다. ② 개인-조 직가치 적합성이 높은 집단은 CEO의 윤리적 리더십에 대한 구성원들의 지각에 따라서 조직 내 공식적인 윤리프로그램의 실행이 조직시민행동에 미치는 영향이 다르게 나타났다. 예를 들어, CEO의 윤리적 리더 십을 높게 지각하고 조직 내 공식적인 윤리프로그램의 실행이 강화될 때, 구성원들의 조직시민행동은 가장 높게 나타났다. 그러나 조직구성원들이 CEO의 윤리적 리더십을 낮게 지각할 경우, 공식적인 윤리프로그램의 실행이 강화되어도 조직시민행동은 일정한 수준으로 유지되었다. 특히, CEO의 윤리적 리더십이 높더라도 조직 내 윤리프로그램의 실행이 낮은 경우, 구성원들의 조직시민행동은 가장 낮은 수준으로 나타났다. 마지막으로 본 연구결과를 바탕으로 시사점과 연구의 한계점 및 향후 연구방향을 제시하였다

최근 기업의 지배구조와 기업의 사회적 책임은 기업의 생존 및 성장과 관련된 주요 이슈로 부상 하였다. 많은 연구들이 기업의 지배구조와 기업의 사회적 성과 간의 관계를 분석하였으나, 대부분의 연구는 서구 국가 기업들을 대상으로 진행되었다. 이에 본 연구는 중국 기업의 기업 지배구조가 기업의 사회적 성과에 미치는 영향을 분석하여 기존 연구의 한계를 극복하고자 하였다. 구체적으로는 기업 지배구조의 국제화(이사회 임원진의 해외경험, 외국인 투자자의 소유지분)가 기업의 사회적 성과에 미치는 영향을 분석하였으며, 기업 지배구조의 국제화와 기업의 사회적 성과 간 관계를 조절하는 기업의 여유자원의 효과를 검증하였다.

The Portuguese tourism sector has grown steadily in recent years and will continue to generate a series of opportunities and challenges for which answers will be needed to ensure a structured growth path for the sector. Research on CSR in tourism is still sparse (Dwyer and Sheldon, 2007). In an attempt to address this issue, this study analyses whether the CSR consumer perceptions and consumer engagement are significant variables supporting the success of a long-term relationship in the tourism sector as a brand love. Knowing the role of the perceived community, environmental and consumer’s aspects of CRS image, the levels of personal involvement in tourism play an important role in the relationship between the social concerns of tourists, their responsible behaviour and the relationship that they establish with the place. A quantitative methodology was employed for this research. It was used a survey to measure relationships between constructs on a theoretical model. The questionnaires were administered to tourists (nationals and internationals) in the main tourist’s points in the Porto city during the month of October 2017. A sample of tourists produced 958 useable questionnaires. Structural Equation Modelling (SEM) using maximum likelihood estimation and bootstrapping method was conducted to test the validity of the model and the formulated hypotheses. The results obtained in the estimation of the proposed conceptual model show that in respect to the corporate social responsibility image all the variables considered to explain that image are statistically significant. The tourists CSR image of the city of Porto leads to an increase of brand love and the consumer engagement with the city of Porto leads to an increase of brand love too. This is the first time that this evaluation has been carried out for the Porto city and it proves to be necessary information for the various stakeholders who work in the sector, including local organizations, companies and industry leaders, among others.

Corporate social responsibility (CSR) is viewed as an internal marketing strategy (Bhattacharya, Sen, & Korschun, 2007; Shabnam, & Sarker, 2012). Research indicate that CSR implementation has a positive impact on employees, and enhance working satisfaction, corporate identity and organizational commitment （Koh and El’fred, 2001;Valentine et al., 2006; Martinez & Rodríguez del Bosque, 2013; Lee, Song, Lee, Lee, & Bernhard, 2013）. However, some studies suggest that CSR will not directly influence employee, related mediating factors and moderating factors need to be more discussed. The study apply regulatory focus theory as a framework for explaining moderator effect of promotion and prevention focus on employee perceived CSR and working satisfaction, organizational identity and trust. Promotion focus means that employees consider CSR promoting a better society and environment, and prevention focus represent CSR is for preventing falling behind industry, and public criticism. A questionnaire survey was employed in hospitality industry, questionnaire is design based on related literature (VandeWalle, 1997; Higgins et. al., 2001; Craig et.al., 2009; Huimin, & Ryan, 2011; Martínez, Pérez, & Rodríguez del Bosque, 2013; Paek, Xiao, Lee & Song, 2013; Fu, Ye & Law, 2014). And five subscales are contained in the questionnaire, including perceived CSR、regulatory focus、 working satisfaction 、organizational commitment and organizational trust. To analyse the reliability and validity of the questionnaire, a pilot study was conducted in September 2017. 120 questionnaires were collected, 105 valid questionnaires were subjected to a preliminary analysis, the official investigation was conducted during January and February in 2017. 450 questionnaires were distributed, and 389 valid questionnaires were collected, a recovery rate of 86.4%. A significant partial correlation was found between perceived CSR and working satisfaction(ΔR2=.31, p<.000)、organizational commitment (ΔR2=.22,p<.000) and organizational trust (ΔR2=.27, p<.000). Hierarchical regression analysis was further used to estimate moderation effect of regulatory focus, the study find that moderation effect on the relationship between CSR and and working satisfaction(ΔR2=.02, p<.01)、organizational commitment (ΔR2=.06, p<.01) and organizational trust (ΔR2=.06, p<.01). The research finding shows that working satisfaction, organizational commitment and organizational trust are more influenced by the organization's CSR implementation while employees have positive interpretation and recognition of CSR. Therefore, the organization should fully communicate about the purpose and value of CSR, so that employees can identify with and support the organization's CSR, and then CSR can achieve the function of internal marketing. If employees think that the organization's implementation of CSR is only an obligation or only satisfies the social perception, there may be less positive impact of CSR on employees. Regulatory focus theory is suggested to apply on future consumer study.

Corporate reputation – the central antecedent of trust – bears the potential to create sustainable competitive advantage. However, far too many examples of companies’ socially irresponsible behavior over the past years led to a severe crisis of confidence. Disgraced companies suffer from the adverse effects of their misbehaviors at all levels. As a consequence, one of the top priorities for both practitioners and business scholars is the identification of opportunities to (re)build corporate reputation. Corporate Social Responsibility (CSR), a key driver of reputation perceptions, is a very promising one. However, as CSR is a multidimensional construct that comprises a wide range of activities, the selection of the “right” ones deems a major challenge. Based on a literature review, we advocate that news media data should be utilized to analyze which CSR dimensions are particularly likely to affect reputation perceptions. As journalists rely on companies’ press releases as a starting point for their business articles, companies need to carefully evaluate which CSR dimensions they emphasize in their communication strategy. Based on superior measures of reputation and CSR, this study utilizes reputation and news media coverage data on companies listed in the German DAX30 between 2005 and 2011. The panel data regression encompasses the multidimensional concept of CSR, presenting a six-dimensional CSR construct including environment, employee relations, community, product issues, corporate culture and corporate governance. Relevant moderating variables, namely firm and stakeholder characteristics, are investigated. In this context, the results show that the relevance of each of those six distinct dimensions differs for the formation of reputation judgements and varies across investigated stakeholder and company types: across all model specifications, negative media coverage addressing employee relations and community affects reputation perceptions. The general public primarily perceives negative news coverage as relevant for their reputation judgements. Opinion leaders seem to be less dependent on the media to learn about CSR dimensions, as only four out of twelve independent variables exert a significant impact on their reputation judgments. News coverage about product issues only constitutes a key role in the formation of reputation judgements of firms that are predominantly known from direct experiences. A particularly large amount of variation can be explained for reputation ratings of these companies as well as for reputation perceptions of opinion leaders.

Introduction The attributes of the Chief Executive Officer (CEO) have a significant influence on the actions of the organization and, ultimately, firm performance (Chatterjee & Hambrick, 2007; Kashmiri, Nicol, & Arora, 2017). Recently, there has been growing interest in one particular CEO attribute, i.e., narcissism and how this individual characteristic affects actions taken by the firm and the outcomes achieved. Narcissistic CEOs have been described as “having an inflated self-concept that is enacted through a desire for recognition and a high degree of self-reference when interacting with others (Resick, Whitman, Weingarden, & Hiller, 2009: pg. 1367).” Prior research has found that CEOs with a more narcissistic personality make riskier decisions by changing the company’s strategy more often (Chatterjee & Hambrick, 2007), making acquisitions more frequently and of larger targets (Chatterjee & Hambrick, 2007), adopting discontinuous technologies (Gerstner, König, Enders, & Hambrick, 2013), and expanding international business activities (Oesterle, Elosge, & Elosge, 2016). The results of previous studies show that by pursuing decisions with greater risk and involving the firm in wide-ranging efforts, the actions of narcissistic CEOs lead to fluctuating firm performance (Chatterjee & Hambrick, 2007) and diminishes the positive effect of various firm activities. While these prior studies have provided valuable insight, the strong emphasis on the organizational actions taken as a consequence of the narcissistic CEO has not added to our understanding of the relationship between CEOs who seek personal affirmation, admiration, and attention and important intervening variables for firm performance such as corporate brand reputation. Corporate brand reputation signals the status of an organization and influences the actions of capital markets, investors, consumers, and applicants in the job market (Fombrun & Shanley, 1990). Managers actively work to construct favourable corporate brand reputations through the actions the firm takes and the information selectively released to the media and public. Yet, the literature suggests that narcissistic CEOs spend time focusing on how to enhance their own image rather than on achieving organizational goals (Resick et al., 2009). In this regard, the attention-seeking CEO likely becomes a focal point for the corporate brand. However, no research to date has examined the relationship between the narcissistic CEO’s personality and the effects of corporate brand reputation. This study fills the gap in the literature by investigating how CEO narcissism influences the effectiveness of corporate brand reputation on firm performance. Theoretical development The literature on corporate brands noted that corporate brand reputation is a critical intangible asset that affects firm performance (Roberts & Dowling, 2002). Stakeholders use corporate brand reputation as a means to compare and contrast competitors Researchers have noted various advantages for highly reputable firms: customers are willing to pay more for offerings (Roberts & Dowling, 2002) and accept new product innovations (Dowling, 2002); managers accept lower remuneration (Tavassoli, Sorescu, & Chandy, 2014) and receive higher payoff for investments (Benjamin & Podolny, 1999). These types of advantages allow for greater performance. Thus, consistent with prior literature, we argue the following: Hypothesis 1: Corporate brand reputation has a positive effect on future firm performance. Research has shown that CEO narcissism diminishes the effect of the firm’s positive actions. Petrenko, Aime, Ridge, and Hill (2016) argue that narcissistic CEOs pursue Corporate Social Responsibility efforts (CSR) as a means to enhance their own image. Yet, the authors found that the narcissistic CEOs actually reduce the positive affect of CSR initiatives. Likewise, Engelen, Neumann, and Schmidt (2016) examined the effect CEO narcissism had on the relationship between entrepreneurial orientation and performance finding that CEO narcissism lessens the positive effect of entrepreneurial orientation. These results are due to the narcissistic CEOs perpetual need for attention and self-affirmation which leads to unconcentrated work initiatives and a lack of attention to the needs of employees. When subordinates’ needs are ignored they develop a sense of powerlessness, incompetence and a lack of desire to present their own ideas. This environment diminishes entrepreneurial engagement (Engelen et al., 2016; Wales, Patel, & Lumpkin, 2013). In line with this view, we believe the attention-seeking narcissistic CEO competes with the development of the corporate brand and will dampen the positive effect of highly reputable brands on firm performance. Thus, we argue the following: Hypothesis 2: CEO narcissism diminishes the positive effect of corporate brand reputation on firm performance. Method We compiled a unique unbalanced panel composed of data from COMPUSTAT, ExecuComp, and Fortune Most Admired Companies listing. Our sample includes 993 firm-year observations consists of 237 CEOs from 144 U.S companies on eight-year period, 2009-2016. Data on CEOs were collected from the ExecuComp databases. Financial performance data were from COMPUSTAT. Firm reputation was obtained from firm’s published score in the Fortune “Most Admired Companies” survey in a given year. The fortune rating is obtained through surveys from executives and directors, and has been widely used in previous research (Love, Lim, & Bednar 2017). Our independent and control variables are measured in the year prior to the one in which the survey ratings are published. CEO narcissism is invariant meaning narcissism is a relatively stable disposition similar to Chatterjee and Hambrick’s (2011) and obtained by averaging data from the second and third years of each CEO’s tenure (t + 1 and t + 2). First year of the CEO’s tenure was not considered because of frequently mentioned anomalies reported at first year. CEO narcissism was measured with the same way as Chatterjee and Hambrick’s (2011). Thus, it combines indicators for (1) the prominence of the CEO’s photograph in the company’s annual report; (2) the CEO’s prominence in the company’s press releases; (3) the CEO’s use of first-person singular pronouns in interviews; (4) the CEO’s cash relative pay where cash compensation divided by that of the second-highest paid executive in the firm; and (5) the CEO’s non-cash relative pay where non-cash compensation divided by that of the second-highest-paid executive in the firm. Dependent variables were measures annually and consider available data after the second-year tenure of CEO (n > 2), yielding a 380 firm-years, 61 CEOs for testing our hypothesis. Firm performance was measured with Tobin’s Q (TQ), calculated by dividing the firm’s market value by firm’s asset replacement costs. We have the CEO, the firm, and the industry level control variables. CEO level control variables are CEO age, CEO tenure, CEO gender, CEO stock ownership as the percentage of company stock owned by the CEO, whether the CEO was also board chairman (duality). Firm-level control variables are firm’s the prior year performance, firm size (natural logarithm of revenues t+n–1), firm age, for each dependent variable, to consider strategy or performance tendencies, we included performance value for the firm in the year prior to the start of the CEO’s tenure (t – 1). Industry control variables are dummies for the industry sector (manufacturing, regulated and services industries), the industry average (for all firms in the sample, always excluding the focal firm) in each year (t + n), for each dependent variable to be able to control for industry tendencies. To control for endogeneity i.e. narcissistic CEOs are drawn to certain situations and/or that some conditions, we followed exactly the same procedure of Chatterjee and Hambrick’s (2011). Thus, we regressed CEO narcissism on firm revenues, age, ROA, and calendar year for the year prior to the CEO’s start, ROA change between first and second years of CEO tenure, measures in t+1, namely power (CEO/chair duality and CEO ownership), CEO age, industry dummies. Using the regression coefficients of the significant variables, we calculated each CEO’s predicted narcissism score and included that value as an endogeneity control in our analyses. We used generalized estimating equations (GEE) (Liang & Zeger, 1986), which derive maximum likelihood estimates and accommodate non-independent observations. Due to multiple observations for almost all firms, there is non-independency in our model. We specified a Gaussian (normal) distribution with an identity link function. The covariance structure of the repeated measurement was autoregressive of order one (AR(1)). We used robust variance estimators in our estimations. We used the xtgee routine in Stata 14.2. Results and conclusions The results provide considerable support for hypotheses 1 and 2. Hypothesis 1 predicted that corporate reputation has a positive effect on firm performance (b = .02, p < .01). CEO narcissism is a moderating effect between corporate brand reputation and firm performance. Specifically, CEO narcissism diminishes the positive effect of corporate reputation on firm performance (b = -.04, p < .05). Besides, CEO narcissism have a negative main effect on firm performance (b = -.14, p < .05). Corporate reputation is an intangible asset for firms and positively associated with firm performance according to our results. Little is known so far about the CEO and corporate brand relationship and the role of CEO brands in creating value for the company (Bendisch, Larsen, & Trueman, 2013). We investigated how CEO narcissism influence the relationship between firm’s reputations and firm performance which have not been investigated so far. Since CEOs are the face of the company and it contributes to corporate brand value, narcissistic CEOs might diminish the effect of corporate brand reputation on firm performance with their actions and messages. We find support for our ideas. As a future research, we suggest investigating this issue for different industry sectors and different firm performance measures. Besides, the process of what type of actions of CEOs might diminish brand value should be investigated further. When narcissistic CEOs reduce corporate brand reputation, another potential topic worth to investigate further.

Introduction Brand equity has been receiving utmost attention in academia and practice over the past decades and continues to be of significant interest. Brands have been identified as one of the most valuable assets and firms try to leverage brands in increasingly complex brand portfolios. A large body of literature exists on spillover effects with regard to brand extensions. However, little is known about how corporate branding within product brand communication impacts brand equity. Therefore, this study examines to what extent product brand attitudes spill over to corporate brands. Furthermore, it investigates how corporate branding affects corporate brand attitude. Finally, the role of product brand familiarity, corporate brand familiarity and involvement in brand leverage and dilution is assessed. Method and data Answers to these questions are provided with a sample of 407 subjects that participated in an online experiment and were presented with a print ad either for brands in the FMCG or pharmaceutical category. The experiment included a 2 (corporate brand familiarity: high or low) x 2 (product brand familiarity: high or low) x 2 (category involvement: high or low) x 2 (corporate brand presence: yes or no) factorial design. Measures included brand attitude, attitude towards the ad, brand familiarity and category involvement. Analysis of covariance is employed to test for main effects and interaction effects, pairwise comparisons to test for group differences and multigroup analysis by means of structural equation modelling and path analysis to test for differences in effect sizes for the spillover between product brands and corporate brands. Summary of findings The study provides evidence that corporate brand presence in product brand communication affects corporate brand attitude and that a significant effect is observed for the affective component of corporate brand attitude. No significant effect is found for the cognitive component. Other than expected, the findings demonstrate that corporate brand presence of familiar corporate brands in the high-involvement category (FMCGs) leads to affective corporate brand dilution. Consistently and irrespective of category, the results indicate that corporate brand presence leads to affective corporate brand dilution when corporate brand familiarity and product brand familiarity are low or when product brand familiarity and corporate brand familiarity are high. A tendency for affective brand leverage is indicated for unfamiliar corporate brands when product brands are familiar, which however requires further investigation. Moreover, the findings indicate that the degree of spillover effects differs for the two categories as hypothesized. Stronger positive effects occur in the high-involvement category of FMCGs. Key contributions The findings reveal that corporate brand presence affects corporate brand attitude while differentiating between an affective and cognitive component. Such a differentiation is indispensable as affective effects prevail. Furthermore, this study sheds light on category-specific effects. While corporate brands in the FMCG category evoke stronger positive spillover, the negativity effect of corporate brand presence supersedes and results in brand dilution irrespective of product brand familiarity. Independent of category, when product brands and corporate brands are either low in familiarity or high in familiarity, corporate brands suffer from brand dilution. However, brand dilution is not observed when unfamiliar corporate brands appear with familiar product brands indicating potential for brand leverage. The findings of this study provide new insights into the interplay between product brands and corporate brands and offer valuable guidance for brand communication in both categories. Although corporate branding within product brand communication is increasingly being practiced, these results should encourage brand managers to carefully consider whether corporate brand presence enhances brand equity or presents a liability.

Responsible customers are becoming increasingly important and the influence of online user-generated content on consumer behavior has been extensively recognized. As a result of these two trends, social media sites are adopting new initiatives on Corporate Social Responsibility (CSR). In the context of tourism destinations, this paper analyses the effects of online comments made by visitors to two mountain resorts about three CSR dimensions: environmental (ENV), sociocultural (SOC) and economic (ECO). Our aim is to analyze the consistency of the effects of eWOM about a single CSR dimension (ENV, SOC, ECO), two CSR dimensions (ENV+ECO, ENV+SOC, ECO+SOC) or three CSR dimensions (ENV+ECO+SOC), in the impact of CSR dimensions on information adoption. Information adoption refers to eWOM perceived usefulness (PU) and perceived influence (PI). PU refers to what extent the information in the eWOM is useful and, in turn, tourists are more likely to adopt it. PI means to what extent consumers’ perceptions of eWOM affects decision-making processes. From an information processing point of view, it is important to analyze whether individuals maintain consistency in their preference for CSR dimensions. Transitivity has been used to measure consistency in product, so it could be applied to measure the consistency of the preference for CSR dimensions, presented singly or combined, on social media sites. Transitivity implies that consumers have a welldefined hierarchy of influence. If there is transitivity, it is expected that, given a set of CSR stimuli, its influence on PU and PI will be consistent. Thus, if the influence of dimension D1 is greater than that of dimension D2 and this, in turn, has greater influence than dimension D3, then D1 must have greater influence than D3. Consequently, we propose the following hypotheses: H1: The hierarchy of influence of online comments on (a) PU and on (b) PI is the same if the comment is about a single CSR dimension or two CSR dimensions. H2: The hierarchy of influence of online comments on (a) PU and on (b) PI is the same if the comment is about a single CSR dimension or three CSR dimensions. H3: The hierarchy of influence of online comments on (a) PU and on (b) PI is the same if the comments are about two CSR dimensions or three CSR dimensions. A within-subjects and between-subjects experiment was carried out to a sample of 612 tourists from Argentina and Spain. Participants were exposed to one of seven scenarios linked to a mountain tourism destination. Each scenario contained one, two or three online reviews related to CSR dimensions. The online comments resembled a typical TripAdvisor layout and were embedded in an online survey, which also contained measures of PU and PI. Our findings suggest that, of the reviews, environmental are the most useful and influential, followed by sociocultural. This hierarchical pattern is consistent when tourists are exposed to online comments about two or more dimensions, but not when comparisons are done between individual dimensions. Our findings suggest that consistency of the consumer's preference for CSR dimensions should be managed in analyzing multiple stimuli on social media sites.

Introduction The traditional approaches on corporate social responsibility communication are revealing to be unable of raising awareness and increasing stakeholders’ empowerment, often failing to improve positive relationships with consumers. In this study, the digitally co-created CSR activities will be explored using a more general approach, which will also take into consideration these philanthropic activities, i.e. the activities where companies invite stakeholders to participate in the resolution of a social issue but without asking them to buy the brand’s products. Moreover, in the present study, interactivity and freedom of cause' choices are both believed to be two mechanisms that play a key role in generating more empowered stakeholders, with increased propensity for participating in co-created CSR initiatives. Therefore, it is important to analyse digitally co-created CSR activities since it may represent a major opportunity for organizations to add value and meaning to stakeholders (and even for society at large), where the two parties work together to solve a social issue. Theoretical development The World Business Council for Sustainable Development (WBCSD, 1999) defined Corporate Social Responsibility as the “continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.” Although previous findings regarding the financial implications of CSR might have been ambiguous, there is an increasingly acceptance about the positive outcomes these activities have in building brand equity, brand image (Esmaeilpour & Barjoei, 2016), in improving reputation, trust and loyalty among consumers (Stanaland et al., 2011) and in the willingness consumers have to purchase and possibly even paying higher prices for products of firms with more CSR engagement (Servaes & Tamayo, 2013). Additionally, with consumers’ and other stakeholders’ (e.g., employees, channel partners, regulators) increasing expectations that organizations should behave in socially responsible ways (Mishra & Modi, 2016), CSR has become an integral part of business practice over the last years, with many firms dedicating a section of their annual reports and corporate websites to CSR activities (Servaes & Tamayo, 2013). Arrillaga-Andreessen (2016) notes that the new generations seem to have social consciousness embedded in their DNA. They are united in wanting to do more than acquire material riches and measure success by their ability to transform the lives of others. Their question is not “What do I want to be when I grow up?” but “How will the world be different because I lived in it?”. In Euromonitor’s Top 10 Global Consumer Trends for 2015, Consumer Trends Consultant Daphne Kasriel-Alexander states that consumption is increasingly being driven by the heart: consumers are making choices defined by their positive impact on the world and community. Despite the strong interest in CSR activities, particularly in its outcomes, in firms’ value and branding, there is yet little research and empirical studies regarding the effects of these activities in a social media context. This exploratory research aims to fill this gap, by focusing on the branding outcomes a CSR activity can generate while communicated in Social Networking Sites (SNS) and using participatory approaches. Some researchers already found it questionable how stakeholder dialogue and engagement through corporate websites and CSR reports are accomplished and if they necessarily lead to greater stakeholder participation (Chaudhri, 2016). Thus, one of the research objectives is to examine if using a participatory CSR activity in social media rather than (or, at least, combined with) the traditional approach of communicating CSR performance on firms´ annual reports can generate greater outcomes for brands, especially by testing if these activities can raise awareness, increase participation and empowerment levels. Some authors (Du et al., 2010) found two key challenges regarding CSR communication: the first one is the need for higher levels of awareness, as several researchers already found that a company can only benefit, enhance critical branding outcomes and even increase firm value through CSR activities if it has a high advertising intensity. These activities have low or negative impact on firm value for firms with low advertising intensity, sometimes with costs outweighing the benefits, as the lack of customer awareness about CSR activities represents a major limiting factor for their ability to respond to such activities (Servaes & Tamayo, 2013). Thus, Sen et al. (2006) argue that to reap the positive benefits of CSR, companies need to work harder at raising awareness levels. Although not every firm might experience high levels of awareness (since not every organization can support high advertisement intensity or already have strong branding), this research responds to the call for further research by “exploring channels available for dissemination of CSR activities” (Servaes & Tamayo, 2013:1059), in particular, the social media channels, and by providing new research on “the extent to which these new social and communicative arrangements are being realized by organizations and stakeholders and the attendant implications for CSR communication”, as it currently represents an “evolving area of investigation” (Chaudri, 2016, p.422). Therefore, once it is recommended that companies work on increasing CSR awareness levels, social media sites, such as Facebook, can be powerful channels not only due to its popularity and vast audience reach at a much lower cost, but also due to the opportunities consumers’ word-of-mouth can create (Du, Bhattacharya, & Sen., 2010). The second challenge is concerned with minimizing stakeholder scepticism. Stakeholders quickly become suspicious of the CSR motives when companies aggressively promote their CSR efforts (Du, Bhattacharya, & Sen, 2010). Communicating CSR is a very delicate matter. It requires a certain sensitivity and balance, where organizations face the paradox of demonstrating social responsibility without communicating it blatantly, and being simultaneously credible, informative, and engaging (Chaudri, 2016). There’s also no room for inconsistencies, as CSR is all about being selfless and charitable, the need for transparency and honesty is a must, since on one hand, these activities can have a backlash effect if stakeholders become suspicious and perceive predominantly extrinsic motives in companies’ social initiatives (i.e. when the company is seen as attempting to increase its profits) and, on the other hand, stronger attributions to genuine concern are likely to be associated with more positive reactions towards the company, both internally and behaviourally (Sen et al., 2006). Kesavan et al. (2013) also found that social media is increasingly perceived by consumers as a more trustworthy source of CSR information than traditional media tools (e.g., TV and advertising). Based on above argumentation we formulate: H1: Online co-created CSR activities have greater potential for raising awareness than the traditional communication channels. H2: Online participatory CSR activities can increase consumers’ empowerment levels. Research design Globally, the questionnaire is composed of 28 questions, separated into three sections. The first section is composed by 14 questions that measured social networking usage, current CSR awareness levels, general use of the traditional CSR communication channels, current level of control felt by respondents towards CSR activities, the empowerment felt after companies adding cause choice freedom and respondents’ attitudes towards the effectiveness and outcomes of participatory CSR initiatives. The second section of the questionnaire consists in 10 questions regarding a real CSR initiative, implemented in March 2016, by one of the biggest Portuguese retailers - Continente. After a brief contextualization, the questions measured activity recall rate, participation rate, reasons to (or not to) participate, WoM dissemination rate (or propensity), perception of brand image after the initiative and attitudes towards online co-created CSR initiatives (acceptance levels). The third and last section contained 4 questions regarding socio-demographic measures, namely: nationality, age, gender and educational level. The launch of the questionnaire comprises two stages: for the first stage, it is prepared a pre-test of the questionnaire, which was the pillar for the second and main stage: the online questionnaire. Pre-testing is a method to evaluate in advance if a questionnaire causes misunderstandings, ambiguities, or other difficulties with instrument items to respondents, helping researchers minimizing future errors. During the pre-test stage, a total of 10 people is selected to be monitored while responding to the first draft of the questionnaire. This stage provided important insights about each one of the questions previously elaborated, allowing for reviewing and refining them, as well as adding more questions that revealed to be relevant for the study. As for the second stage, the online questionnaire was launched in social networks - Facebook, Instagram and LinkedIn - and in an international forum - Reddit, from 18th of June of 2017 to 01th of August of 2017. Results and conclusions Findings from 322 valid responses provide clear evidence that co-creating socially responsible activities in social media can indeed increase not only the awareness for such actions, but also increase empowerment, participation levels, positive word-of-mouth dissemination, and reinforce consumer-brand ties in the process. Currently, individuals feel very low control regarding the process and the outcomes of CSR initiatives, and that by providing interactivity experiences and adding freedom of cause choice, organizations can increase stakeholders’ empowerment levels, consequently enhancing participation, one of the dimensions of consumer engagement. Online users are starting to connect with their preferred brands in social media and are demanding interactive experiences. Although SNS presents many opportunities for brands to guarantee that they remain relevant to its consumers and other stakeholders, the findings imply that social media remains unexplored as a CSR communication channel by organizations. Considering that the traditional communicating channels used to inform shareholders about these initiatives have a very low adherence by the general public and that they are failing to provide more awareness to CSR activities, brand managers need to devise different strategies for the optimal communication of these initiatives in new channels, which have higher potential to result not only in improved attitudes and brand image, but also in the increased intent of stakeholders to commit personal resources (e.g., money, time, etc.) to the benefit of the company, in a near future. Even for the users who do not follow brands in their SNS, for example, companies can still use SNS tools such as targeted posts (i.e. promoted posts that appear in target users’ feed), to ensure that their awareness and relevance levels remains significant, especially when companies are seeking for users with specific interests.

This study investigates how different types of corporate crises and issue congruence interplay in determining the effects of a previous corporate social responsibility (CSR) initiative on the company faced with a crisis. The findings suggest that a prior CSR initiative can more effectively protect a company’s reputation when the company has a competence-related crisis than a morality-related crisis. In addition, when the social cause of the CSR initiative is congruent with the issue of the negative event, consumers will respond more negatively than when there is no issue congruence between CSR and the negative event. Moreover, there is an interaction effect between issue congruence and the type of crises. That is, when a firm has a moral crisis that is associated with the social cause supported in a previous CSR initiative, consumers perceive the firm’s CSR initiative to have been more insincere and selfish than if the firm were facing a competence-related crisis.

Corporate social responsibility (CSR) communication is generally regarded as good and necessary to inform stakeholders of a company’s CSR deeds. However, research has recently uncovered the practice of “greenhushing” within the context of the hospitality industry (Coles, Warren, Borden, & Dinan, 2017; Font, Elgammal, & Lamond, 2017). Greenhushing means that companies de-emphasize green credentials and CSR activities. Going on holidays is an indulgent act that might result from people feeling they have earned some luxury, including behaving lavishly in terms of resource consumption and responsible behavior. Thus, curtailing this indulgent, irresponsible guest behavior without compromising a guest’s holiday experience is a key challenge for hotels. This paper explores whether the assumption that customers do not want to hear about CSR communication while on holiday is true from the customers’ side and what type of communication achieves to curtail unethical behavioral intentions. Based on 594 usable responses from an online survey, we undertake a moderation analysis with a multi-categorical antecedent variable (different communication stimuli), pro-environmental identity as a moderator and behavioral intentions for “unethical” behavior as a dependent variable using PROCESS 3.0 for SPSS (Hayes, 2018). The results provide partial support for our theoretical predictions.

Introduction Recently, Corporate Social Responsibility(CSR) is becoming very important issue in the corporate growth and marketing strategy. In this study, based on Carroll (1979, 1991)’s conception of CSR study, we categorized the CSR types into the five underlying dimensions – i.e. economic, legal, ethical, benevolent, and environmental responsibilities. We tried to investigate the effects of consumer’s perception of the five different types of CSR on the corporate brand equity. More specifically, we used the corporate image, consumer-company identification, and the level of trust which have been used as important variables in the previous brand value studies as the underlying mediating variables of the research model. Theoretical Background and Research Model Based on the conceptual background and our research questions, 11 research hypothese regarding the consumer perceptions of the five different types of CSR, corporate image, consumer-company identification, trust, consumer loyalty, and corporate evaluation were developed. We also tried to include the moderating effects of CSR congruence and consumer’s CSR orientation between the CSR types and mediating variables of the final research model. Results and Conclusions To test the research hypotheses and our research model, we conducted questionnaire survey and collected 552 consumer data for the final analysis. Through the confirmatory factor analysis, reliability and validity of the study constructs were verified. By using the structural equation model, research hypotheses were tested and most research hypotheses were statistically significant and accepted. The final research model also showed the statistical significance with the goodness-of-fit indices. The managerial implications of the study results for the corporate marketing managers and the limitations of the study were also discussed.

The twenty-first century has been shaped by various catastrophes and scandals of companies which negatively influence the consumers’ perception of the firm. As a result, consumers nowadays are more skeptic and expect transparent information from companies such as details on product origin, labor standards and environmental aspects. Companies can profit from greater transparency on an organizational level through the improved interaction with their employees and business partners (Parris et al., 2016). Hultman and Axelsson (2007) propose that increased transparency by a company could have not only positive, but also negative results. Furthermore, consumers, too, are expected to participate in change towards more societal responsibility (Vitell, 2015). Thus, the purpose of this research is to investigate the influence of a) relevant types of corporate transparency and b) potential consequences on consumer attitudes and behavior such as perceived credibility, skepticism and purchase intention that can lead to consumer responsibility. This research applied a mixed-methods design in the context of the fashion industry. The findings of Study 1 (in-depth interviews) indicate that the two most relevant types of corporate transparency are supply chain transparency and cost transparency. In Study 2 (scenario-based experiment), these two types of transparency were tested for their effects on credibility and skepticism. Building on Information Processing Theory of Consumer Choice, the experiment showed that corporate transparency has a positive influence on the perceived credibility of a company and thereby decreases consumer skepticism. In contrast, it doesn’t have an influence on the consumer’s felt responsibility. Moreover, corporate transparency has a positive influence on the consumer’s responsible purchase intention. It is important to note, though, that the two types of transparency do not yield different results. In other words, as long as a company provides more infor-mation than commonly expected, e.g. on the production sites or on labor costs, perceived credibility of the company and, thus, consumers’ purchase intentions can be increased.

This study represents the first attempt to investigate how consumers expect sport management to respond to sport celebrity transgressions, while still protecting their corporate social responsibility. Consumer responses were resourced from online forum sites and the investigation noted that consumers expect sport management to respond to sport celebrity transgressions in several ways. Findings indicated that consumers noted specific sport celebrity transgression responses: 1) suspension; 2) apology; 3) fine; and 3) develop educational programmes for sport celebrities. Additionally, consumers indicated that these response strategies should be consistent and uniform through all types of sport.

Introduction In the last decade, the concepts of responsible or sustainable luxury (Vigneron & Johnson 2004; Bendell & Kleanthous, 2007; Kapferer, 2010; Janssen, Vanhamme, Lindgreen & Lefebvre, 2014) and digital or online luxury (Kim & Ko, 2010; 2012; Okonkwo, 2005; 2009; 2010; Mosca, Civera & Casalegno, 2018) have started receiving considerable attention, as separate areas of study. Scholarship shows that communicating CSR is more and more of a strategic decision (Sen & Bhattacharya, 2001) that needs to balance promises and performances of social instances (de Ven, 2008; Pomering & Donilcar, 2009; Hur, Kim & Woo, 2014;) and to impact on the audience positively through content, placement and motives of CSR messages (Jahdi & Acikdilli, 2009; Du, Bhattacharya, & Sen, 2010). Furthermore, with the explosion of digital contents and use, communicating CSR is even more challenging and firms increase their exposure to judgments of their real conduct (Christodoulides, Jevons & Blackshaw, 2011). Luxury players make an interesting case of investigation for the digital CSR communication, as they are peculiar both in the use of the online and in the implementation and communication of CSR (Vigneron & Johnson 2004; Bendell & Kleanthous, 2007; Kapferer and Bastien, 2009; Janssen et al., 2014). Despite some exploratory researches underline that luxury consumers are not so likely to see consistency between luxury and CSR (Davies et al., 2012) and yet, the communication of those activities can turn their perception negatively (Torelli et al., 2012), latest findings from empirical studies on luxury consumers show a growing interest in the communication of sustainability on the online (Janssen et al., 2014). However, few studies consider how consumers react and modify their perception in regard to CSR messages spread online, within luxury markets. This research has twofold aims. Firstly, it investigates the state of the art of leading international luxury players‟ CSR digital communication through the application of a theoretical framework developed by the authors for qualitative analysis of digital CSR communication contents, placement and purpose. Secondly, it explores luxury consumers‟ perception over specific digital CSR communications in order to verify whether and if there is consistency between CSR digital communication and consumers‟ reactions within luxury markets as well as underline emerging peculiarities in the way CSR is – and is expected to be – communicated online by luxury players. Theoretical development Creating experiences on the online became the imperative for luxury players (Okonkwo, 2010). This need is strengthened by luxury consumers, who are more willing to take part in the process of sharing brands‟ values through the online platforms, in a challenging multi-channel logic (Rifkin, 2000; Mosca et al., 2013). Luxury players seem to strive more than others to modify and integrate their products offer and communication on the online, because they have to adapt to a “pop” culture without losing their unique character and exclusivity (Aiello & Donvito, 2005) that can be, as some scholars suggest, identified with certain characteristics of sustainability and social responsibility (Janssen et al., 2014). The main contribution of this study is to allow a convergence between “responsible luxury” and “online luxury” by advancing the theoretical understanding of digital CSR communication within luxury markets, in terms of peculiarities, customers‟ perceptions and effectiveness. Research Design The study makes use of a theoretical framework for qualitative evaluation of web CSR communication previously developed by the authors, that is, in the context of the present research, enriched to include a qualitative investigation of all digital CSR messages (including web and social media). Firstly, the study applies the framework to 100 International luxury brands (representative of the principal luxury fashion-related personal products categories) selected from luxury reports by Deloitte, Reputation Institute and Interbrand in order to qualitative evaluate contents, placement and purposes of digital CSR messages. The qualitative evaluation is developed by the authors through the identification of KPIs reflecting the themes emerged in the framework, analysis of their frequency and Chi square test. Secondly, the study involves 400 luxury consumers within mature markets, who are tested around their perception of digital CSR communication of luxury players. The investigation over their reactions and perception of digital CSR messages is conducted through an online questionnaire and several focus groups. Statistical regression model, t-stat and comparison among the responses provided by consumers through the survey are conducted to analyse responses and match the data. Results and Conclusion Results show the that majority of the investigated players are extensively considering CSR as a core digital strategy, pointing out the growing communication of luxury goods that increased sustainability and social responsibility throughout the whole supply chain. The investigation on customers‟ perception outlines some discrepancies between players‟ communication and customers‟ reactions, showing several cases of misjudgements. On the one hand, some players fails in achieving customers‟ expectations and the actual raking of their digital CSR communication does not match the level of given perception. On the other hand, some digital CSR communications succeeds in creating positive overreactions, despite having previously evaluated as the minimum requirement as for CSR implementation and communication. Accordingly, some suggestions to managers are developed, not just around the three considered attributes of digital CSR communication (content, placement and purposes) but also around the context of buying behaviours linked to the core business and the brand values, which can be, somehow, strongly associated with sustainability and social responsibility. In particular, it emerges that luxury digital CSR communication is expected to be an integrated strategy between online and offline channels, focused upon facts, numbers, performances and results of CSR that should show high coherency with the luxury core business.

Do Corporate Social Responsibility (CSR) activities really influence firm value, and if so, what is the mechanism that is at work? In this study, we especially focused on publicizing CSR (PCSR) and tried to examine the effect of PCSR on firm value. We merged the data from different archival sources and obtained balanced panel data consisting of 385 firmyear observation across 77 firms for 5 years. The data contained several variables such as Publicizing CSR, WOM, Tobin's q, Advertising intensity, Contribution to sales ratio, ROE, Sales increase, Asset, GDP, and other financial indicators. This study provides several implications for marketing theory and practice. First, it simultaneously reveals the preceding and following factors of word of mouth. Second, our evidence suggests that marketing managers could obtain benefits if they concentrate not only on finding good CSR activities but also on publicizing them well, and that PCSR could be a great help for companies that want to improve the public awareness and interest. The purpose of this study is to clarify the relationship between publicizing CSR (PCSR) and firm value, and the mechanism by which the influence is conveyed. Our findings are as below. First, the higher the PCSR, the greater the firm value even though the ratio of contribution to sales is added. Because the contribution is known as a representative proxy for corporate socially responsible investment, this result implies that PCSR is significant even though the effect of CSR itself is controlled. Second, WOM mediates the relationship between PCSR and firm value. This suggests that publicizing CSR could attract people's attention and then contribute positively to firm value. Finally, this study found that the effects of PCSR on firm value are mediated through positive WOM in the context of controlling negative WOM. This result implies that PCSR increases the amount of positive WOM, rather than negative WOM, which helps improve corporate value.

Based on behavioral psychology theory this conceptual paper analyzes specific versus non-specific corporate social responsibility (CSR) to deal with specific versus nonspecific latent corporate sustainability crises, with only rumors of allegedly problematic company behavior starting to emerge. The focus is on shaping immediate consumer reactions, in particular perceptions of risk and responsibility as well as expectations towards further crisis management, which are predominantly formed in the early crisis stages. Consumer involvement and perceived CSR credibility are considered as potential moderating variables. Based on the derived propositions and with reference to the CSR concept, various management implications are discussed. It has emerged that the management of specific sustainability crises must also prioritize specific CSR activities in order to reduce or avoid immediate negative consumer reactions.

We investigate the effect of individuals’ thinking style on their evaluation of a company that engages in a corporate social responsibility (CSR) initiative with varying degrees of a company-cause fit. A substantial body of research suggests that consumers’ evaluation of CSR depend on the degree of a fit between a company and a social cause that the company aims to support. Although a high fit CSR initiative has been associated with more favorable consumer evaluation than a low fit CSR initiative, we suggest that this is true only for analytic thinkers. In two experimental studies, we show that analytic thinkers tend to react more sensitively to the degree of CSR fit than do holistic thinkers. Specifically, analytic thinkers perceive a high fit CSR to be more public serving than a low fit CSR, leading to more favorable reactions to it. Holistic thinkers tend to believe both high and low fit CSR initiatives to be equally public serving, leading to favorable reactions to both. In addition, compared to analytic thinkers, holistic thinkers tend to perceive a low fit CSR initiative to be more public serving and subsequently exhibit more positive reactions to it. Our work contributes to the CSR literature by adding individuals’ thinking styles as a determinant of their sensitivity to the degree of a company-cause fit. We also demonstrate the perception of public serving CSR motive is the underlying process of the hypothesized effect. Thus, our findings shed new light on the role of fit, showing that depending on thinking style, having a high fit initiative may not be as critical as previously thought. Instead, a low fit CSR initiative can generate consumers’ positive reactions.