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首页> 外文期刊>Journal of the Academy of Marketing Science >The effect of cause-related marketing on firm value: a look at Fortune's most admired all-stars
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The effect of cause-related marketing on firm value: a look at Fortune's most admired all-stars

机译:与因果相关的营销对公司价值的影响:看《财富》杂志最受推崇的全明星

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摘要

Companies are increasing their use of cause-related marketing as a means of communicating their commitment to corporate social responsibility while accomplishing their strategic goals. Although prior studies suggest that consumers react positively to cause-related marketing programs, understanding of their impact on financial performance remains limited. To address this gap, the authors employ an event study to examine the effects of cause-related marketing announcements on shareholder value using a sample of firms that appeared on Fortune's Most Admired All-Star list between 2005 and 2017. Study results show that announcement of these initiatives results in a significant loss of shareholder value. These losses are most pronounced for firms making monetary-only contributions, in comparison to those that make in-kind donations. In addition, the negative effects are mitigated for firms that have stronger reputations, have greater resource slack, and operate in more dynamic industries. Moreover, low-reputation and low-slack firms benefit most from in-kind contributions.
机译:公司正在越来越多地使用与因果相关的营销手段,以此来传达对企业社会责任的承诺,同时实现其战略目标。尽管以前的研究表明,消费者对与原因相关的营销计划会做出积极反应,但对他们对财务绩效影响的了解仍然有限。为了弥补这一差距,作者使用了一项事件研究,以2005年至2017年间在《财富》杂志“最受尊敬的全明星”名单上出现的公司为样本,研究了与因果相关的营销公告对股东价值的影响。研究结果表明这些举措导致股东价值的重大损失。与只提供实物捐助的公司相比,这些损失对于仅以货币形式捐助的公司最为明显。此外,对于声誉较高,资源闲置较大,且行业更活跃的公司而言,负面影响得到缓解。此外,低信誉和低懈怠的公司从实物捐助中受益最大。

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