Corporate social responsibility (CSR) has been an important research area for more than three decades, and has evolved from executives’ idiosyncratic philanthropic activities to widespread acceptance as a valuable component of stakeholder management and incorporation into strategic performance models (Liu et al. 2014). As such, this study refers to CSR performance as customer perceptions of a fi rm's efforts in fulfi lling its obligations toward a society and its stakeholders, rather than the actual CSR activities that a fi rm implements.