Effect of internationalization and corporate social responsibility on the value of restaurants

The purpose of this study is to investigate the effect of corporate social responsibility (CSR) and restaurant internationalization at the same time. This research selected publicly traded US restaurant as the study sample. This research attained the information of restaurant from various archival sources (e.g., Kinder, Lydenberg, and Domini [KLD], COMPUSTAT, and Annual 10K). The study period is 2000–2012. The number of restaurant companies is 33. A two-way fixed effect regression model was chosen for the purpose of estimation. The results indicated that implementation of CSR and internationalization together negatively affected the financial performance (Tobin’s Q) of a restaurant.