“…Such awards serve to both reward and incentivize firms to become more dedicated to CSR (Fombrun, 2007; Yoo & Pae, 2016). Winning prestigious CSR awards represents external recognition of excellence in the social and/or environmental domain, which could immediately elevate the social reputation and status of the award-winning firms (Norman et al, 2009). More importantly, CSR awards can function as a signal of legitimacy, which influences what a firm’s key stakeholders, such as its investors (Hawn et al, 2018; Jones & Murrell, 2001), employees (Bernardi et al, 2006; Dineen & Allen, 2016), and customers (Gemser et al, 2008), deem as comparable, desirable, and appropriate in their evaluation of firms and their actions.…”