본문 바로가기
KERD
논문KCI 등재

The Impact of Corporate Social Responsibility on U.S. Restaurant Firm Risk

전경열|Yoon, Borham
산업개발연구소 (kyungsung university)|2024.06|산업혁신연구 (Journal of Industrial Innovation)|제40권 제2호|pp. 52-63|DOI 10.22793/indinn.2024.40.2.006

0

조회

0

다운로드

0

인용

0

참고문헌

키워드

restaurant industrycorporate social responsibility (CSR)firm risk managementsystematic and unsystematic riskstakeholder engagement

초록

This study examines the impacts of Corporate Social Responsibility (CSR) initiatives focused on internal and external stakeholders on firm risk within the U.S. restaurant industry. Using data from publicly traded restaurant firms from 2002 to 2016, a two-way fixed effects model was applied to analyze the effects of CSR on systematic and unsystematic risks, utilizing Carhart's four-factor model for risk measurement. CSR activities were categorized into internal practices (employee relations, corporate governance, and diversity management) and external practices (community engagement, environmental sustainability, and consumer relations), with data sourced from the MSCI database. The findings reveal that internal CSR practices significantly reduce both systematic and unsystematic risks. In contrast, external CSR activities were found to significantly reduce only systematic risk, while the impact of external CSR on unsystematic risk was not significant. This research contributes to the strategic management literature by elucidating the roles of CSR in risk management, particularly within high-risk sectors like the restaurant industry. It offers practical insights for restaurant managers and owners on optimizing CSR strategies to enhance risk management and achieve long-term sustainability, advocating for a balanced approach to internal and external CSR activities.

Abstract

This study examines the impacts of Corporate Social Responsibility (CSR) initiatives focused on internal and external stakeholders on firm risk within the U.S. restaurant industry. Using data from publicly traded restaurant firms from 2002 to 2016, a two-way fixed effects model was applied to analyze the effects of CSR on systematic and unsystematic risks, utilizing Carhart's four-factor model for risk measurement. CSR activities were categorized into internal practices (employee relations, corporate governance, and diversity management) and external practices (community engagement, environmental sustainability, and consumer relations), with data sourced from the MSCI database. The findings reveal that internal CSR practices significantly reduce both systematic and unsystematic risks. In contrast, external CSR activities were found to significantly reduce only systematic risk, while the impact of external CSR on unsystematic risk was not significant. This research contributes to the strategic management literature by elucidating the roles of CSR in risk management, particularly within high-risk sectors like the restaurant industry. It offers practical insights for restaurant managers and owners on optimizing CSR strategies to enhance risk management and achieve long-term sustainability, advocating for a balanced approach to internal and external CSR activities.

참고문헌 (59)

  1. Barnea, A., "Corporate social responsibility as a conflict between shareholders", Journal of Business Ethics, 97, pp.71~86 (2010)
  2. Bae, D., "The effect of ESG activities on social value, satisfaction, and recommend intention-Focus on JEJU SAMDASOO-", The Journal of Industrial Innovation, 38(4), pp.101~111 (2022)
  3. Barnett, M. L., "Does it pay to be really good? Addressing the shape of the relationship between social and financial performance", Strategic Management Journal, 33(11), pp.1304~1320 (2012)
  4. Batt R., "Of human resource practices, turnover, and customer service in the restaurant industry", Doctor, pp.2014
  5. Bernadette, M. R., "An empirical investigation of the relationship between change in corporate social performance and financial performance : A stakeholder theory perspective", Journal of Business Ethics, 32(2), pp.143~156 (2001)
  6. Brown, T. J., "The company and the product : Corporate associations and consumer product responses", Journal of Marketing, 61(1), pp.68~84 (1997)
  7. Brammer, S., "Corporate social performance and stock returns : UK evidence from disaggregate measures", Financial Management, 35(3), pp.97~116 (2006)
  8. Branco, M. C., "Corporate social responsibility and resource-based perspectives", Journal of Business Ethics, 69, pp.111~132 (2006)
  9. Brealey, R. A., "Principles of corporate finance" (2014), McGraw-Hill
  10. Carroll, A. B., "The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders", Business Horizons, 34(4), pp.39~48 (1991)
  11. Carhart, M. M., "On persistence in mutual fund performance", The Journal of finance, 52(1), pp.57~82 (1997)
  12. Carter, C. R., "A framework of sustainable supply chain management : moving toward new theory", International Journal of Physical Distribution & Logistics Management, 38(5), pp.360~387 (2008)
  13. Chen, M. H., "Risk reduction effect of hospitality philanthropic giving : Theoretical framework and empirical evidence", International Journal of Hospitality Management, 103, pp.103224~ (2022)
  14. Clarkson, M. E., "A stakeholder framework for analyzing and evaluating corporate social performance", Academy of Management Review, 20(1), pp.92~117 (1995)
  15. Donaldson, T., "The stakeholder theory of the corporation : Concepts, evidence, and implications", Academy of Management Review, 20(1), pp.65~91 (1995)
  16. Fama, E. F., "The cross-section of expected stock returns", The Journal of Finance, 47(2), pp.427~465 (1992)
  17. Freeman, R. E., "Strategic management: A stakeholder approach" (1984), Pitman
  18. Godfrey, P. C., "The relationship between corporate philanthropy and shareholder wealth : A risk management perspective", Academy of Management Review, 30(4), pp.777~798 (2005)
  19. Godfrey, P. C., "The relationship between corporate social responsibility and shareholder value : An empirical test of the risk management hypothesis", Strategic Management Journal, 30(4), pp.425~445 (2009)
  20. Gu, Z., "Determinants of restaurant systematic risk : A reexamination", The Journal of Hospitality Financial Management, 10(1), pp.1~13 (2002)
  21. Hillman, A. J., "Boards of directors and firm performance : Integrating agency and resource dependence perspectives", Academy of Management Review, 28(3), pp.383~396 (2003)
  22. Hsu, L. -T., "The determinant of the hospitality industry's unsystematic risk : A comparison between hotel and restaurant firms", International Journal of Hospitality & Tourism Administration, 9(2), pp.105~127 (2008)
  23. Hwang, M., "The effect of social responsibility(CSR) activities of food service companies on brand image and brand loyalty", The Journal of Industrial Innovation, 39(3), pp.88~98 (2023)
  24. Hyun, J. Y., "The effects of perception on corporate social responsibility", The Journal of Industrial Innovation, 31(1), pp.31~64 (2015)
  25. Jones, P., "Reporting and reflecting on corporate social responsibility in the hospitality industry : A case study of pub operators in the UK", International Journal of Contemporary Hospitality Management, 18(4), pp.329~340 (2006)
  26. Joung, Y. S., "The effect of social responsibility (CSR) factors on brand value and brand loyalty of franchis e bakery enterprises", The Journal of Industrial Innovation, 39(4), pp.235~245 (2023)
  27. Kim, H., "Predicting restaurant bankruptcy : A logit model in comparison with a discriminant model", Journal of Hospitality & Tourism Research, 30(4), pp.474~493 (2006)
  28. Kim, M., "Corporate social responsibility and shareholder value of restaurant firms", International Journal of Hospitality Management, 40, pp.120~129 (2014)
  29. Kim, Y., "Corporate social responsibility and equity-holder risk in the hospitality industry", Cornell Hospitality Quarterly, 58(1), pp.81~93 (2017)
  30. Kim, W. G., "Factors affecting systematic risk in the US restaurant industry", Tourism Economics, 13(2), pp.197~208 (2007)
  31. Koh, Y., "Does franchising help restaurant firm value", International Journal of Hospitality Management, 28(2), pp.289~296 (2009)
  32. Lee, S., "Do socially responsible activities help hotels and casinos achieve their financial goals", International Journal of Hospitality Management, 28(1), pp.105~112 (2009)
  33. Lim, D. K., "Effects of corporate social responsibility persistence on firms’ future investing activities and financial performances", The Journal of Industrial Innovation, 33(2), pp.181~209 (2017)
  34. Lins, K. V., "Social capital, trust, and firm performance : The value of corporate social responsibility during the financial crisis", The Journal of Finance, 72(4), pp.1785~1824 (2017)
  35. Luo, X., "Corporate social responsibility, customer satisfaction, and market value", Journal of Marketing, 70(4), pp.1~18 (2006)
  36. Luo, X., "The debate over doing good : Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk", Journal of Marketing, 73(6), pp.198~213 (2009)
  37. Marquis, C., "Corporate social responsibility reporting in China : Symbol or substance", Organization Science, 25(1), pp.127~148 (2014)
  38. McAlister, L., "Advertising, research and development, and systematic risk of the firm", Journal of Marketing, 71(1), pp.35~48 (2007)
  39. McWilliams, A., "Corporate social responsibility : A theory of the firm perspective", Academy of Management Review, 26(1), pp.117~127 (2001)
  40. Nan, X., "Consumer responses to corporate social responsibility (CSR) initiatives: Examining the role of brand-cause fit in cause-related marketing", Journal of Advertising, 36(2), pp.63~74 (2007)
  41. Oikonomou, I., "The impact of corporate social performance on financial risk and utility: A longitudinal analysis", Financial Management, (Summer), pp.483~515 (2012)
  42. Orlitzky, M., "Corporate social responsibility, noise, and stock market volatility", Academy of Management Perspectives, 27(3), pp.238~254 (2013)
  43. Orlitzky, M., "Corporate social performance and firm risk : A meta-analytic review", Business & Society, 40(4), pp.369~396 (2001)
  44. Orlitzky, M., "Corporate social and financial performance : A meta-analysis", Organization Studies, 24(3), pp.403~441 (2003)
  45. Park, S., "Financial rewards for social responsibility : A mixed picture for restaurant companies", Cornell Hospitality Quarterly, 50(2), pp.168~179 (2009)
  46. Park, S., "Corporate social responsibility and systematic risk of restaurant firms : The moderating role of geographical diversification", Tourism Management, 59, pp.610~620 (2017)
  47. Peloza, J., "How can corporate social responsibility activities create value for stakeholders? A systematic review", Journal of the academy of Marketing Science, 39, pp.117~135 (2011)
  48. Rego, L. L., "Consumer-based brand equity and firm risk", Journal of Marketing, 73(6), pp.47~60 (2009)
  49. Rhou, Y., "A review of the business case for CSR in the hospitality industry", International Journal of Hospitality Management, 84, pp.102330~ (2020)
  50. Schmidgall, R.S., "Hospitality industry managerial accounting" (2006), Educational Institute
  51. Servaes, H., "The impact of corporate social responsibility on firm value : The role of customer awareness", Management Science, 59(5), pp.1045~1061 (2013)
  52. Sharfman, M. P., "Environmental risk management and the cost of capital", Strategic Management Journal, 29(6), pp.569~592 (2008)
  53. Sharpe, W. F., "Capital asset prices : A theory of market equilibrium under conditions of risk", The Journal of Finance, 19(3), pp.425~442 (1964)
  54. Spence, M., "Job market signaling", The Quarterly Journal of Economics, 87(3), pp.355~374 (1973)
  55. Spicer, B. H., "Investors, corporate social performance, and information disclosure : An empirical study", The Accounting Review, 53(1), pp.94~111 (1978)
  56. Verdeyen, V., "A social stakeholder model", Internarial Journal of Society Welfare, 13, pp.325~331 (2004)
  57. Yoon, B., "The effects of corporate social responsibility on firm performance : A stakeholder approach", Journal of Hospitality and Tourism Management, 37, pp.89~96 (2018)
  58. Wang, W., "Corporate social responsibility and employee outcomes : A moderated mediation model of organizational identification and moral identity", Frontiers in Psychology, 8, pp.1906~ (2017)
  59. Wood, D. J., "Stakeholder mismatching : A theoretical problem in empirical research on corporate social performance", The International Journal of Organizational Analysis, 3(3), pp.229~267 (1995)

관련 논문AI추천

Effects of Corporate Social Responsibility on Financial Performancein the U.S. Hotel Industry김우혁서비스사이언스학회 · 서비스 연구2018 · 제8권 제3호Effects of Corporate Social Performance on Corporate Financial Performance: A Two-sector Analysis between the U.S. Hospitality and Manufacturing CompaniesJing Yang, Li Ding, Yeasun Chung사람과세계경영학회 · Global Business and Finance Review2018 · 제23권 제1호Understanding the Impact of External and Internal ESG Actions on Firm Value: The Moderating Role of Customer AwarenessJihye Ha, Yangmin Kim사람과세계경영학회 · Global Business and Finance Review2024 · 제29권 제8호외식기업의 사회적 책임(CSR) 활동이 브랜드 자산과 소비자 태도에 미치는 영향김영옥한국호텔리조트학회 · 호텔리조트연구2024 · 제23권 제6호Effects of Marketing Communication Capabilities on the link between Corporate Social Responsibility on Firm Value: Observations from the Service Industry김영희한국마케팅학회 · 아시아마케팅저널2018 · 제20권 제1호Corporate Social Responsibility and its Relationship with Increasing Company Value강선경, 정하용한국유통과학회 · 산경연구논집2022 · 제13권 제10호

이 간행물의 다른 논문 (36건)

심리적 계약 위반이 이직 의도에 미치는 영향: 직무 스트레스의 매개효과와 상사신뢰의 조절효과이희옥, 정윤정pp. 1-15편의점 도시락의 내재적 속성과 외재적 속성이 재구매 의도에 미치는 영향: 스타 광고 태도의 조절역할을 중심으로이길동, 한지수pp. 16-29Maximizing Olympic and Sports Tourism Satisfaction이상협pp. 30-37Development of Sports Marketing in Korea: Focusing on Professional Baseball이상협pp. 38-44외식산업 감정노동자의 스트레스가 직무만족 및 조직몰입에 미치는 영향: 특급호텔 종사원을 중심으로김찬성pp. 45-51
원문 보기