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Media type:
E-Article
Title:
Signaling Corporate Social Responsibility: Third‐Party Certification versus Brands
Contributor:
Etilé, Fabrice;
Teyssier, Sabrina
Published:
Wiley, 2016
Published in:
The Scandinavian Journal of Economics, 118 (2016) 3, Seite 397-432
Language:
English
DOI:
10.1111/sjoe.12150
ISSN:
0347-0520;
1467-9442
Origination:
Footnote:
Description:
AbstractCorporate social responsibility (CSR) is a credence attribute of products, which can be signaled either through a label certified by a third party, or via unsubstantiated claims used as part of a brand‐building strategy. We use an experimental posted‐offer market with sellers and buyers to compare the impact of these signaling strategies on market efficiency. Only third‐party certification gives rise to a separating equilibrium and an increase in CSR investments. Unsubstantiated claims can generate a halo effect on consumers, whereby the latter are nudged into paying more for the same level of CSR investments by firms.