The Angel-Halo Effect: How Increases in Corporate Social Responsibility and Irresponsibility Relate to Firm Performance

2016/08/03 0

The study finds that CSR significantly improves profitability, management efficiency, and market valuation. On the other hand, corporate irresponsibility has a marginal effect on damaging profitability only — and no significant effect on damaging management efficiency or market valuation. When a firm acts both responsibly and irresponsibly, the study confirms the “halo-effect” because the positive impact of CSR on financial performance outweighs the negative impact of acting irresponsibly.


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