Some scholars argue that CSR may be viewed as a way in which firms accumulate social (or moral) capital over time (Antoni and Sacconi, 2011; Aoki, 2007; Godfrey, 2005; Peloza, 2006; Russo and Perrini, 2010).4 It works because, by participating in CSRrelated activities, firms strengthen and/or maintain a good relationship between (external and internal) stakeholders in the form
of credibility among customers and investors, trust among employees and suppliers, and a strong social image among communities and regulators.5