“…Consistent with stakeholder theory (Freeman, ), several scholars have claimed that CSR is positively related to corporate financial performance because it supports organizations in managing the relationship with stakeholders and reducing conflicts of interest among the multiple stakeholders (Barnett & Salomon, ; Lindgreen, Swaen, & Johnston, ; Luo & Bhattacharya, ; Orlitzky et al, ; Porter & Kramer, ; Smith & Higgins, ; van Beurden & Gössling, ). Specifically, CSR fulfillment could heighten competitive advantage and hence firm performance (Awang & Jusoff, ) through high demand for products/services, the reduction of consumer price sensitivity (Sen & Bhattacharya, ), and the development of intangible assets, such as goodwill (Gardberg & Fombrun, ; Hull & Rothenberg, ).…”