Title Page
Contents
Abstract 8
1. Introduction 10
1.1. Research Background 10
1.2. Research Objectives 13
2. Theoretical Background 15
2.1. Definition of Corporate Social Responsibility (CSR) 15
2.2. The Effect of Corporate Social Responsibility (CSR) 16
2.2.1. Theoretical Debate: Agency Theory and Stakeholder Theory 16
2.2.2. Empirical Debate: Positive or Negative? 19
2.3. Signaling Theory 21
2.3.1. Signaling Theory 21
2.3.2. Management and Marketing Research on Signaling Theory 22
2.3.3. Signaling Theory and CSR 24
3. Hypotheses Development 25
3.1. CSR and Firm Value 25
3.2. CSR Signaling Effort 27
3.2.1. Signaling Behavior of a firm 27
3.2.2. CSR Signaling Effort of a firm 28
3.2.3. CSR Signaling Effort and Firm value 30
4. Hypotheses Testing 32
4.1. Data and Measures 32
4.2. Analyses and Results 36
5. Discussion and Conclusion 43
5.1. Discussion 43
5.1.1. The Effect of CSR on Firm Value 43
5.1.2. CSR and Signaling Effort 45
5.2. General Conclusion and Limitation 46
Reference 50
Abstract 61
Table 1. Variables and Data Sources 34
Table 2. Descriptive Statistic 35
Table 3. Correlation Coefficients 35
Table 4. The Result of H1 Testing 36
Table 5. The Result of H2 Testing 37
Table 6. The Result of H3 Testing 39
Table 7. The estimate of SEM 41
Table 8. Regression Weights 41
Table 9. The Summary of Hypotheses Testing 47
Figure 1. Conceptual Framework 31
Figure 2. The result of structural equation model (SEM) analysis 42
Figure 3. The result of the research 47