Academic research has shed light on the empirical relationships among a firm’s corporate social responsibility (CSR), corporate social irresponsibility (CSiR) and firm performance and on the firm’s customer satisfaction–firm performance relationship in different markets. However, little notice has been taken of whether the coexistence of corporate social responsibility, corporate social irresponsibility and customer satisfaction has an interactive effect on firm performance. This study aims to examine the effects of their interaction on firm performance from an investment perspective. Using unbalanced panel regression to test a sample of publicly traded firms from the United States, this study finds that, in general, firms with higher customer satisfaction earn positive changes in abnormal stock returns. For firms that engage in CSR, CSR positively affects corporate performance, whereas firms’ social irresponsibility activities reduce firms’ financial performance. All else equal, a positive interactive effect of CSiR and customer satisfaction on stock return was observed. The results reveal that high customer satisfaction can alleviate the negative effect of corporate social irresponsibility on firms’ financial performance. Our findings will help management executives and investors to understand that the negative effect of a firm’s unforeseen events on firm performance can be weakened by increasing customer satisfaction.

Purpose: – This study aims to investigate whether and how different sentiments affect the stock market’s reaction to the American Customer Satisfaction Index (ACSI) information.Design/methodology/approach: – The portfolio approach, with time-varying risk factor loadings and the asset-pricing models, is borrowed from the finance literature to investigate the ACSI-performance relationship. A direct sentiment index is used to examine how investors’ optimistic, neutral and pessimistic sentiments affect the aforementioned relation.Findings: – This paper finds that customer satisfaction is a valuable intangible asset that generates positive abnormal returns. On average, investing in the Strong-ACSI Portfolio is superior to investing in the market index. Even when the stock market holds pessimistic beliefs, investors can beat the market by investing in firms that score well on customer satisfaction. The out-performance of our zero-cost, long–short ACSI strategy also confirms the mispricing of ACSI information in pessimistic periods.Research limitations/implications: – Findings are limited to firms covered by the ACSI data.Practical implications: – Finance research has further documented evidence of the stock market under-reacting to intangible information. For example, firms with higher research and development expenditures, advertising, patent citations and employee satisfaction all earn superior returns. Literature also proves that investors efficiently react to tangible information, whereas they undervalue intangible information. In summary, combining our results and those reported in the literature, customer satisfaction is value-relevant for both investors and firm management, particularly in pessimistic periods.Originality/value: – This study is the first to investigate how sentiment affects the positive ACSI-performance relationship, while considering the time-varying property of risk factors. This study is also the first to show that ACSI plays a more important role during pessimistic periods. This study contributes to the growing literature on the marketing–finance interface by providing better understanding of how investor emotional states affect their perceptions and valuations of customer satisfaction.

The tourism industry experienced a positive increase after COVID-19 and is the largest segment in the foreign exchange contribution in developing countries, especially in Vietnam, where China has begun reopening its borders and lifted the pandemic limitation on foreign travel. This research proposes a hybrid algorithm, combined convolution neural network (CNN) and long short-term memory (LSTM), to accurately predict the tourism demand in Vietnam and some provinces. The number of new COVID-19 cases worldwide and in Vietnam is considered a promising feature in predicting algorithms, which is novel in this research. The Pearson matrix, which evaluates the correlation between selected features and target variables, is computed to select the most appropriate input parameters. The architecture of the hybrid CNN–LSTM is optimized by utilizing hyperparameter fine-tuning, which improves the prediction accuracy and efficiency of the proposed algorithm. Moreover, the proposed CNN–LSTM outperformed other traditional approaches, including the backpropagation neural network (BPNN), CNN, recurrent neural network (RNN), gated recurrent unit (GRU), and LSTM algorithms, by deploying the K-fold cross-validation methodology. The developed algorithm could be utilized as the baseline strategy for resource planning, which could efficiently maximize and deeply utilize the available resource in Vietnam.

Corporate social responsibility refers to the voluntary promises made by an enterprise to achieve sustainable development. When enterprises conduct prosocial activities, they must consider the feelings of their employees including employees’ sense of identification and well-being. However, most existing corporate social responsibility studies have focused on the financial performance of enterprises; the effects of corporate social responsibility on employees have seldom been examined. Accordingly, this study conducted an empirical study examining the effects of employee perception of enterprise corporate social responsibility, employee well-being, and organizational identification on employee innovative behavior. A total of 431 valid questionnaires were retrieved. A structural equation modeling analysis revealed that a positive relationship exists between employee perception of enterprise execution of corporate social responsibility and employee innovative behavior. Furthermore, both employee well-being and organizational identification play mediating roles between the two variables. When conducting social responsibility activities, enterprises are suggested to inform their employees or even encourage their participation in their efforts to fulfill their social responsibility. Through interaction between internal and external stakeholders, substantial innovative behavior, beneficial for the subsequent development of enterprises, can be stimulated.