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EMAC 2024 Annual


CSR Associations and Market Value: The Moderating Role of Market Competition
(A2024-119816)

Published: May 28, 2024

AUTHORS

Franziska Frese, markstones Institute of Marketing, Branding & Technology, University of Bremen; David Brüninghaus, markstones Institute of Marketing, Branding & Technology, University of Bremen; Iván Arribas, Department of Economic Analysis, Universitat de València; Fernando García, Polytechnic University of Valencia, Faculty of Business Administration and Management; Christoph Burmann, University of Bremen; Michael Schade, University of Bremen; Marieke Schewe, University of Bremen; Anna Sophie Hollstein, Markstones Institute of Marketing, Branding & Technology, University of Bremen; Alexander Steding, markstones Institute of Marketing, Branding & Technology, University of Bremen

ABSTRACT

While brands are increasingly adopting CSR as a branding strategy, there remains a notable research gap concerning the specific competitive conditions under which CSR differentiates a brand from another. To fill this gap, this study explores the impact of consumers’ CSR associations on firms’ financial performance and the moderating role of market competition. The results of a random effects regression model reveal that consumers’ CSR associations' have a positive, lagged, direct impact on firms’ market value. Market competition moderates this relationship, such that the market value of firms facing high market competition benefits more from consumers' CSR associations than when firms face low market competition. This effect allows conclusions about CSR as a differentiation strategy: To stand out in a competitive market, brands should prioritize improving their CSR associations among consumers to differentiate themselves and increase firms’ market value.