The Impact of Corporate Social Responsibility on Firm Value Consider Customer Awareness and Industry Fixed Effect

This paper shows the relationship between corporate social responsibility and firm’s value, respect of the consumer awareness, is different across industries. There are industries that advertising firm’s CSR ratings could benefit the firm’s value. And there are industries that the firm value would be hurt when advertising on it’s CSR rating. There are also industries that show no significant relationship on whether advertising on CSR rating would impact the firm’s value. Important is, the result is varied by industries and it is misspecified if mixed the market together despite the industry effect and only look at the overall conclusion.