The Impact of Corporate Social Responsibility on Brand Value: An Empirical Study of Top 100 Global Brands
Yan Feng, Yeujun Yoon, Yingyi He

Abstract
As is previously discussed in CSR research, one important benefit from CSR activities is to build up strong brand reputation and favorable brand image and increase the brand value of the company. However, there is little empirical evidence to support this claimed benefit. In this paper, we empirically test whether and which type of CSR activities influence the brand value of multinational corporations (MNCs) by collecting data from Inter brand, Bloomberg, and Advertising Age. We find partial evidence that CSR activities help create brand value for the MNCs. However, not all CSR activities are effective. For example, all CSR activities in the governance domain show a significant effect while any activities in the environmental domain do not have a significant impact. On the other hand, substantive CSR activities effectively increase the brand value of the firm while perfunctory actions do not have significant impact.

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