MODEL DEVELOPMENT
Srivastava et al8 developed a conceptual framework that makes explicit the contribution of marketing to shareholder value. In addition, they advanced the notion of market-based assets as a principal bridge between marketing and shareholder value and provided rationale and justification logic for marketing's contribution to financial performance improvement. Potential measures of financial performance created by marketing are offered for future empirical study. Srinivasan and Hanssens9 proposed that marketing can create shareholder value by including the impact of brand equity, customer equity, customer satisfaction, R&D and product equity, and specific marketing-mix actions on forms value.
As mentioned, CSR has been considered to have positive impact on a firm's performance. According to Business for Social Responsibility, CSR is defined as ‘achieving commercial success in ways that honor ethical values and respect people, communities, and the natural environment’. In addition, CSR can be defined as ‘actions that appear to further some social good, beyond the interest of the firm and that which is required by law’, indicating that CSR goes beyond just following the law.10 Given that a socially responsible corporation should take a step forward and adopt policies and business practices that go beyond the minimum legal requirements and contribute to the welfare of its key stakeholders, CSR can be described as ‘an action by a firm, which the firm chooses to take, that substantially affects an identifiable social stakeholder's welfare’. Figure 1 displays research framework that makes it possible to address the relationship between CSR and a firm's financial performance on a long-term basis.