Research on the Effects and Factors of CSV Activities by Sector in Japanese Firms: Analysis Considering the Relationships with Management and Communication Strategies

In this study, we examine whether social and corporate values are improved in firms conducting CSV (Creating Shared Value) activities in Japan, as well as determining the factors affecting such improvement. A total of 218 firms were selected from those conducting CSV activities in the manufacturing industry from 2019 to 2021, according to Toyo Keizai data. The following key results were obtained: first, CSV activities increase social value, but do not improve short-term financial performance. Second, the effects on financial performance and factors affecting the improvement of social values vary from sector to sector. Third, changes in sales is a common factor affecting performance. Fourth, communication strategies for the implementation of CSV activities differ between material and assembly industries; for example, materiality plays an important role for human resource utilization in material sectors, while in-house branding plays an important role in assembly sectors. Our research findings contribute to the understanding of the need to take different measures to improve social value among different sectors of the manufacturing industry.