Based on the findings, customer satisfaction does not seem
to mediate the relationship between positive (negative) CSR
activities and firm value for both hotels and restaurants.
However, for hotels, positive CSR activities appear to make a
positive impact on both customer satisfaction and firm value. A
possible reason for this finding may be due to some other factors
beyond customer satisfaction that mediate such relationships,
for example, employee or community relationships. Therefore,
rejecting the stakeholder theory is premature. Moreover, this study has two major limitations: (1) small sample size with 32
hotel and 43 restaurant observations which causes relatively
weak statistical power and limited generalizability, and (2) no
control variables, such as service quality (because such data is
not available), in examining impacts of positive and negative CSR
activities on customer satisfaction. Thus, future research is
strongly encouraged to investigate the issue by accommodating
these limitations.
Based on the findings, customer satisfaction does not seem
to mediate the relationship between positive (negative) CSR
activities and firm value for both hotels and restaurants.
However, for hotels, positive CSR activities appear to make a
positive impact on both customer satisfaction and firm value. A
possible reason for this finding may be due to some other factors
beyond customer satisfaction that mediate such relationships,
for example, employee or community relationships. Therefore,
rejecting the stakeholder theory is premature. Moreover, this study has two major limitations: (1) small sample size with 32
hotel and 43 restaurant observations which causes relatively
weak statistical power and limited generalizability, and (2) no
control variables, such as service quality (because such data is
not available), in examining impacts of positive and negative CSR
activities on customer satisfaction. Thus, future research is
strongly encouraged to investigate the issue by accommodating
these limitations.
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