Performance Outcomes of Investing Slack Resources in Corporate Social Responsibility

James E. Mattingly, Lori Olsen

Research output: Contribution to journalArticlepeer-review

11 Scopus citations


Our study examined relationships among slack resources, investment in corporate social responsibility (CSR) and firm performance, finding that accounting and market returns respond differently to investments of slack in CSR. Although accounting returns to both financial and organizational CSR investment were positive, equity markets reward organizational slack but punish financial slack investments. Moreover, distinguishing among forms of CSR indicates that both accounting and market returns respond much more positively to investment in stakeholder protection than to investment in stakeholder improvement. Finally, risk, strategy, and governance are mediating mechanisms partially explaining CSR effects but not to the extent we expected.

Original languageEnglish
Pages (from-to)481-498
Number of pages18
JournalJournal of Leadership and Organizational Studies
Issue number4
StatePublished - Nov 1 2018


  • corporate social responsibility
  • organization performance
  • slack resources
  • stakeholder theory


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