<line> Centro Unv*rsitário Santo Agostinho </line>

<line> www*.fsanet.com.*r/revista </line>

<line> Rev. FSA, Tere*i*a, *. *8, n. 10, art. 2, p. 25-49, ou*. 2*21 </line>

<line> *SSN Impresso: 18*6-6356 ISS* Eletr*nico: 2317-2983 </line>

<line> http://dx.doi.org/10.12819/2021.*8.10.2 </line>

<line> Th* Impact of CSR, Credibility and Re*u*ation on C*rp*rate B**nd Equity: A Stu** with </line>

<line> Struct*ral Equatio* Mode*i*g </line>

<line> O Impact* da RSC, Credib**idad* e Reputaç*o no *alor d* M*rca Cor*orativa: Um Estudo </line>

<line> co* Mo*elagem de Equaç*** Estrutur*is </line>

<line> Paulo Henriq*e Cecilia*o </line>

<line> Mestrado e* Administração d* Em*resas na Univer*idade Est*ci* de Sá </line>

<line> Gra**ação em *ng*nharia de Pr*d**ão pela U*iversidade Está*i* de Sá </line>

<line> E-mai*: paulocecil*ano1980@gmail.com </line>

<line> *ntô*io Carlos Mag*lhã*s d* Silv* </line>

<line> Doutor em *ng*n*aria de Pr*duç*o pela UFRJ </line>

<line> Pro*essor da Universidade Estácio *e Sá / Universida*e *e*e*al *lumi*ens* </line>

<line> *-mail: amagal@uol.c*m.*r </line>

<line> Pau*o Roberto d* Costa Vi**r* </line>

<line> Doutor em Administraçã* pela U*i*ersidade **d*ral *o Rio de J*neiro </line>

<line> Prof**sor da Un*versid*de Estáci* de Sá *io de Jane*ro </line>

<line> E-mail: *vieir*2304@gmai*.*om </line>

<line> Endere*o: Paulo Henriq*e Ce*i*iano </line>

<line> Editor-Chefe: Dr. *o*ny Kerl*y de Ale**ar </line>

<line> Uni*ersidade Estácio de S*, R. Raul **mpéia, 231 - </line>

<line> Rodrigues </line>

<line> Copa*abana, Ri* de Janeiro - RJ, 22080-000. Br*sil. </line>

<line> En*e*eço: Antôn*o Carlos M*gal*ã*s da *ilva </line>

<line> Artigo r*cebido em 21/09/2021. Úl*ima </line>

<line> versã* </line>

<line> Uni*e*sidad* Estácio de Sá, R. Raul P*mpéia, 231 - </line>

<line> r*ce**da em 04/*0/2021. *prova*o *m 05/1*/2021. </line>

<line> Copacabana, R*o de *aneiro - RJ, 22080-*00. Brasil. </line>

<line> Endere*o: **ul* Roberto d* Costa Vieir* </line>

<line> Ava*iado pelo si*tema Tripl* Review: Desk Review a) </line>

<line> Univers*da*e E*tácio de Sá, R. Raul Pompéia, 231 - </line>

<line> *elo Ed*tor-*hefe; e b) Double Blind Revie* </line>

<line> Copacaban*, Rio *e Janeiro - *J, 22080-000. Brasil. </line>

<line> (avaliação c*ga por doi* *valiadores da área). </line>

<line> Revisão: Gr*m**ic*l, Normat**a e d* Fo*m**ação </line>

<line> P. H. Ce*ilian*, A. C. M. Silv*, P. R. C. Viana </line>

<line> 26 </line>

<line> *B*TRACT </line>

<line> T*e strengthening of </line>

<line> corpo*a*e *ocial respo*sibility (CSR) pl*y* * r*l**ant role in co*porate </line>

<line> marketing, *s a *trat*gic vari*ble that, w*en prop*rly managed, can enable growth of marke* </line>

<line> *hare. This study *nvestigates the various *a*sal rela*ions amon* C*R, *orporate brand </line>

<line> credibility (C*C), corpor*t* reputation (CR) and </line>

<line> co*porate *r*nd equity (CBE). The data </line>

<line> wer* </line>

<line> gat*ered from s*rv*y with a sel*-administe*ed stru*t*re* *ues*i*n**ire wit* fiv* a </line>

<line> **spo*ses, *c*red o* a Lik*rt scale. Th* s**ple was *ompos*d of 310 **s*omers of a l*rge </line>

<line> Brazilian oil and gas *ompany. The data were treated with s*ructural equation modelin*. The </line>

<line> results indicate that CSR exe*ts dir*ct and indirect effec*s on CBE. Th* pap*r sugg*s* that </line>

<line> *igher investment in so**al w*ll-being is *mportant str*tegically to increase the brand equit*. </line>

<line> *eywords: Corporat* Social Responsibil*ty. Cor*orate Brand Credi*ility. Corporate </line>

<line> Reputation. C*rporat* Bra*d Equity. Structural Eq*ation M*deling. </line>

<line> RES*MO </line>

<line> O fortal*cime*to da *espon*abilidade social corp*rativa (RSC) desempe*ha *m papel </line>

<line> relev*nte no marketing cor*orativo, com* uma variável e*tratégica que, *uando bem </line>

<line> administ**da, possibili*a o crescimen*o da participação no m*r*ado. Es*e *studo investiga as </line>

<line> vá*ias relaç*es causais entre R*C, cr*d**ilidade da marc* corpo*ativa, rep*tação c*rporativa e </line>

<line> valor da ma*ca *o*por*tiva. Os da*os foram coletad*s a </line>

<line> *arti* de uma pesqu*sa </line>

<line> *om </line>

<line> qu*stionár*o e*truturado auto**ministr**o com cinco res*o*tas, pontua*as e* </line>

<line> es**la Likert. </line>

<line> A amost*a *oi composta por 310 clien*es de uma gra*de empresa br*sileira *e óleo e gás. *s </line>

<line> d*dos *oram t*atados com mo*elage* de </line>

<line> equações estrut*rais. *s r*sul*ados indica* que </line>

<line> a </line>

<line> RS* exer*e *feitos dire*o* e i*d*reto* sobre o va*or da marc* corpor*tiva. O art*go sugere que </line>

<line> um maior i*vestiment* no bem-es*ar social é importante **trategicam*nte para *umentar o </line>

<line> valor da marca. </line>

<line> Palavras-ch*ve: Respons*bilid**e S*cial Corporat*va. Cred***lidad* da Marca *orporativa. </line>

<line> Reput*ção C*r*orativ*. V*lo* da M*rca C*r*orativa. Modelagem de Equações E*truturais. </line>

<line> Rev. **A, Teresina, v. 18, n.1*, art. 2, p. 25-49, o*t. 20*1 </line>

<line> www4.**a*et.com.br/re*ista </line>

<line> The I*pact of CSR, Cred*bi*ity and Reputation on Corp*rat* Brand E*uity: </line>

<line> 27 </line>

<line> 1 INT*ODUCTION </line>

<line> C**porate *ocial re*ponsi*ility (CSR) is crucial to achieve *ustai**ble economi* </line>

<line> growt*. C***a*i*s are *e*oting *ncreasing e*for*s t* *SR initiat*ves, for the purpose of </line>

<line> continua*ly *mp*oving their social, economic *nd environm*ntal performance, cre*t*ng </line>

<line> *ene*its for all *he*r st*k**olders, includ*n* the consumers of the*r products. </line>

<line> Companie* be*e*it from *nga*ement in C** ac*i*ities, beca*s* these allow them t* </line>

<line> con*****t posit*ve corporate image and *olid reputation over the long run (Bhat**charya & a </line>

<line> Se*, *0*4; Du, Bat*acharya, & *en, *010; *u*, *im, & Woo, </line>

<line> *0*4; Melo & G**rido- </line>

<line> Morga*o, 2012). CSR activities *ffect the b**in* d*cis*ons of consumers. S*veral stu*ies </line>

<line> h*ve shown tha* *ocial respo*sibility, ph*lanthropy *nd e*hi*s </line>

<line> *an *romote beliefs ** </line>

<line> c*stomers that t*e **mpany i* ques*ion *s conce*ned w**h *he well-bei** of soc**ty, resulting </line>

<line> in a pos*tive co*po*ate reput*tion </line>

<line> among cons*mers (Casta*do, Perrini, M*s*ni & *enc*ti, </line>

<line> 2009 ; P*rk, Le*, & Kim, 2014). </line>

<line> Inte**i**, satisf*ction, loyalty and *eputa*ion *eflect the *redis*o*it**n (pos*tive or </line>

<line> negative) of co*sum*rs in relation *o *urc*asin* *he product* and/or **rvic** offered *o *he* </line>

<line> (B*anchi, Bruno, & Sarabia-*anchez, 2019). CSR a**e*ts bu*in* int*nt*ons in funct*on *f t*e </line>

<line> moti*es t*** consume*s attribut* to t*ese initiatives (Ellen, Webb, & Mohr, 2006). </line>

<line> Among com*anie*\ intangible assets are credi*ility and reputation, *hich are hard to </line>

<line> imita*e (Rodríg*ez, 2002). These </line>

<line> inta*gi**e asset* a*e </line>

<line> effe*tive in *osterin* co*s*m*rs\ </line>

<line> bu*ing </line>

<line> inte*tio*s (*ksak, *erguson, & Duman, 20*6; Pirsch, Gupta, & *rau, 2**7). </line>

<line> Com**n*es i**est in C*R *o stren*then their intan*ib*e as*et* and c*ea*e positive moral </line>

<line> capital, which a*cor**n* to Godfrey (2005) *e*resents a **pe of insurance b* mitigating </line>

<line> *ossible damage* *aused b* ne*a*ive e*aluati*ns *f *takeho*ders. When consume*s perce**e </line>

<line> that C** init*atives are *i*cere, the* tend to tru*t the comp*ny, *elieving *t will co*tinu* t* </line>

<line> h*nor its p*omises (Bha*tach*rya, Devinney, & Pillutla, 1998). Tr*st is a funda*en*al a*set *n </line>

<line> any busi*ess, an* </line>

<line> the c*rporate social responsibility ac*i*ities </line>

<line> create * relationship of *rust </line>

<line> b**ween *irms and consum*rs (P*vato, M**ani, & Tencati, 2008; T*rre*, Bijmol*, *ribo, & </line>

<line> Verhoe*, 2012). </line>

<line> Corpo*ate brand cred*b*lity is base* on t*e **ust of co*sumers, which medi*tes the lin* </line>

<line> betw*en *erc*ption of CSR o* the **e ha*d and corporate *eputat*on an* brand *q**ty on the </line>

<line> other (Hur et al., </line>

<line> 2014). This study eval*ates the c*usal con*ecti*n between *h* soc*al </line>

<line> respon*ibilit* of * comp**y an* its corpora*e bra*d e**ity, in*l*ding cred*bi*ity and </line>

<line> reputation as mediating constructs. </line>

<line> R**. F*A, Teresin* P*, v. 18, n. *0, art. 2, p. 25-49, out. 202* www4.fsanet.c*m.br/r*v*sta </line>

<line> *. *. C*ciliano, A. C. M. Sil**, P. R. *. Viana </line>

<line> 28 </line>

<line> 2 **T*RA*U*E REVIEW </line>

<line> *his *e*tio* brie*ly discu*ses th* literature on the mai* constructs of *he hypot*etical </line>

<line> model *o be teste*, to estab*ish a fi** foundation for *he m*del\s hypot*eses. </line>

<line> 2.1 Corporat* social resp*nsibi**ty </line>

<line> CSR is defined as a corporate behavior that voluntar**y int*gra*es s*cial and </line>

<line> environmental conc*rns in*o business operations and strategi* ori*nt*tio*, int*racting *hese </line>

<line> guidelines **th st***holder* (Öberseder, Sc**eg*lmilch, & Murp*y, 2013). The fi*st study </line>

<line> that es*ablished the co*cept of CSR *as pr*sented by Bowe* (1953, p. 6), ac*ord*ng to whom </line>

<line> bu*inesses ha*e "the obligatio* to pursu* </line>

<line> pol*cies, decisions, or li*es of ac*io* *es*rable t* </line>

<line> ac*ieve the obje*tiv*s and values of our s**iety." </line>

<line> A widely accept*d c*ncept was proposed by Ca*roll (1*79), inclu*in* four CSR </line>

<line> dimen*io*s: economic, legal, ethical and dis*retio*ary. *i*cret**nary r*s*on*ibility ref**s to </line>

<line> the voluntary ini*ia*ives of firm related t* s*lutions of social pro**e*s. *he expres**ons a </line>

<line> "s*cial responsi*il*ty" and "le*ality" diff*r. CSR *s often understood as actions that go beyond </line>

<line> what the la* re*uire*. In its *r*adest se*se, *SR </line>

<line> denotes a </line>

<line> conce*n for th* </line>

<line> *eeds and </line>

<line> objecti*e* of soc*ety beyond me*ely econom*c cons*deratio*s </line>

<line> (Eells & Walton, 197*; Sim*, </line>

<line> 2*03). </line>

<line> *here are two *a*ic views *f CSR, classified as et*ical and instrumental (R*hb*k </line>

<line> Pe*er*en & Neergaa*d, 2009). The *thic*l view is the result of *he p*edominant social v*lu*s </line>

<line> and more* an* considers that companies *ust </line>

<line> ac* with social responsibility, even w*en </line>

<line> t hi s </line>

<line> can </line>

<line> res*l* in *nproductive exp*ns*s. On the ot*er *and, </line>

<line> the instru*enta* *i** considers the </line>

<line> existence </line>

<line> of * positive relat*onship between socially respo*si*le behav*or and financial </line>

<line> performance. Ac*ording *o th*s conce**ion, *SR initi*t*ves pro*ot* opp*rtunities, *uch as t*e </line>

<line> *os*ibi*ity of anticipat*ng restrictive *overnment regulations an* s*and*ng out f*om r*vals *hat </line>

<line> are l*ss socia*l* responsible (Barnett, 2007; Jones, *99*). A* pre*ent, with the cha*lenges of </line>

<line> imp*em*n*in* cor*ora** su*tainabil*ty i* organizations, sus*ainable development ha* *merged </line>

<line> in *onvergence wi*h CS* **tivitie*, wi*h the objective of m*eting </line>

<line> t*e needs of t*e </line>

<line> cu*ren* </line>

<line> ge*eratio* with*ut compromising t*e development of fut*re gene*ation* (Bianchi et al., 2019; </line>

<line> Bou*let, Joffre, & Simon, 2012). </line>

<line> CSR is e*olving an* is generally inte*preted as an a*pli*ati*n of *riple Bott** Line </line>

<line> (TBL) princ*ples, </line>

<line> idea of Elkington (1*98). Incorpo**tin* importa*t topics su*h a* </line>

<line> Rev. FSA, *eresin*, v. 18, n.10, art. 2, p. 25-49, ou*. 2021 </line>

<line> www4.fsane*.com.br/*e**st* </line>

<line> The *mpac* *f CSR, Credibilit* and **putation on Corporate Brand Equity: </line>

<line> 2* </line>

<line> environmental </line>

<line> pre*ervation, hu*an and labo* rights, consu*e* protecti*n and </line>

<line> **ghtin* </line>

<line> c*rrupt*on into the business (Bor*e*, A****on, Co*per Ordoñez, Quelha*, Santa-E*la*ia, & </line>

<line> Leal Filho, 2018). T*e ess*n*e of the TBL concept is thr*e p*llars wi*el* *ddr*ssed by CSR </line>

<line> social, envir*nmen*a* and economic - conside*ed to b* </line>

<line> cons*ituents of t*e *us**ess d*ali*gs </line>

<line> of companies (Nadanyiova & Gajanova, 2*20). </line>

<line> In *his study, we e*pande* the focus on ec**om*c result to inc*ude improvemen* of the </line>

<line> main business proces*es of **rms, defined as those whose ob*e*tiv* is to m*nimize </line>

<line> t he </line>

<line> negative con*equences *f business activit**s on develo*ment of the economic climate. These </line>

<line> pr*cesses include formulati*n of corporate codes of e*hics, provision of tran*paren* </line>

<line> information, *e*e***on o* cor*uption, p*otection of intellectual property, supply of hig*-qu*lity </line>

<line> products and serv*ce*, </line>

<line> innovation and sustainabil**y of pro****s, </line>

<line> *nd goo* r*lat*ons with </line>

<line> cust**ers and in*estors (*avlik, 2*10). </line>

<line> *he CSR activit*es are aimed at improvin* the re*at*onship between a *irm and i*s </line>

<line> *takeh*lders. Therefor*, CSR enhances financial performance, *n </line>

<line> bot* the c*st and </line>

<line> *eve*ue </line>

<line> sides, and *pens new *nv*stment opportuniti*s (Barnett, 2007; Lai, Chiu, Ya*g, & Pa*, *010). </line>

<line> Sociall* res*onsi*le *o*p*nie* s*and from thei* competitors **cause *hei* *ositive </line>

<line> att*tudes </line>

<line> are *eflected in the *uying i*tenti*ns of consumers (Pivato et al., *0**). </line>

<line> 2.2 Corpor*te cre*ibility </line>

<line> *he co*c*pt of corporate credibility *ef*** to the perceptions o* consumers and other </line>

<line> *t*keholde*s regar*ing th* a**io*s and int*ntions *f the firm (Gol*smit*, **fferty, & *ewell, </line>

<line> 2000). Consist* of the di*ensions of expe*tise a*d **liability, exper*ise re*e*s to the extent t* </line>

<line> which c*mpany is p*rceived as compet*nt, while reliability refer* to how a company is a </line>

<line> honest a*d true (Schulz-Kn*ppe, Koc*, & Becker*, 201*). Corporate cre*ibil*t* is assoc*ated </line>

<line> with the trust th*t *he firm *ill m*et *ts promises (Herb*g & Milewicz, 1995). A co*pany\s </line>

<line> *redibil*ty *s important for the suc*ess of it* bran* a*d market*ng str*teg*es. High </line>

<line> corporate </line>

<line> cred*b*li*y increas*s the *rand e*uity. On the other side of t*e c*in, lack </line>

<line> of cr*d*bili*y leads </line>

<line> *on*ume*s to doubt the </line>

<line> valid*ty or sincerity of *romises made, </line>

<line> n*gatively influe*cing </line>

<line> t he </line>

<line> likel*h*od that consume*s will buy a f*rm\s *roducts </line>

<line> or *ervi**s (Aaker & Joachimsthaler, </line>

<line> 2*00). </line>

<line> Therefo*e, the m**n cha*lenged faced b* companies in d*sclosing their CSR strategy is </line>

<line> to *ssure credibil*ty in relation to the information disclosed i* *hei* *eports (Gray, </line>

<line> 2000; </line>

<line> Martí*ez-**rrer*, Garcia-Sanchez, & Cuadrado-Ballesteros, 2013; Odriozola & Baraibar- </line>

<line> Rev. F*A, T*r*sin* PI, v. 18, n. 10, art. 2, *. 2*-49, out. 202* www*.fsanet.com.br/revista </line>

<line> P. H. Cecilian*, A. C. M. Silva, P. R. C. Viana </line>

<line> 30 </line>

<line> Diez, 201*). Posit*v* c*rporate cr*di*ility prompts cons*mers to form **sitive a*t*tudes abou* </line>

<line> the c**poration, strengthe*i*g their buying intention* (Laf*erty & Goldsmith, 1999). </line>

<line> Credi*le br*nds ind*cate th* positioning of a product, influencing consumers to </line>

<line> perceive less ris*, thus reducing thei* need to *at*er inf*r**ti*n in *aking their purchasing </line>

<line> decision* (Srin*vasan & Ratc*for*, 19*1). *redible CSR initiatives red*ce </line>

<line> i*f*rm*tion </line>

<line> **ym*etry and the n*ed fo* *onitor*ng, which *re *artic*larly important in the *a** of large </line>

<line> and </line>

<line> comp*ex o*ganizatio*s (Zajac & Westphal, 1994). The </line>

<line> *ed*ct*on of </line>

<line> information </line>

<line> asym*etry favo*s the reali*ation of significant investme*ts wi*h the </line>

<line> p *s s i *i l i t y </line>

<line> of addi** </line>

<line> value to *he c*mpany and thus *ncreasing thec*rporate bran* equity. *n this re**ect, Orlit*ky, </line>

<line> Schmidt and Rynes (*003) f*un* a *osit*ve *orrelation betwe*n CSR an* *inan*ial </line>

<line> per**rmance. </line>

<line> 2.3 Corpo*at* rep*ta*ion </line>

<line> C*rpo*ate *eputatio* is d*fined as an int*ngi*le asset that r*pr*sents a firm's pa*t </line>

<line> actions, </line>

<line> *his asset </line>

<line> all*w* the corporati*n to better manage e*pecta*ions and the </line>

<line> abi*ity </line>

<line> to </line>

<line> deliver valua**e resul*s </line>

<line> to v**ious stake*olde*s, </line>

<line> cr*ating *ifferenti*tio* fro* competitors </line>

<line> (Anani-B*s*man, *020). **ndam*nt*l in*angible re*our*es, suc* *s corp*rate reputa*ion, </line>

<line> cu*ture *n* *apability, contr***te to *mprove th* *inancial </line>

<line> p*rformance, especia*ly to t*e </line>

<line> e*t*nt they </line>

<line> *r* *carce </line>

<line> and *annot be i*itated or s*bstituted. In the vision </line>

<line> of th* resou*ce </line>

<line> based t**ory, th*se *ssets generate sus*aina*le co*petitive adv*nt*ges to companies t*at can </line>

<line> adroitly co**rol and manage them (*ranco & Ro*rigue*, 2006). </line>

<line> A fir*\s reputation ha* been widely rec**nized as one of *he ba*i* </line>

<line> *ill*r* o* </line>

<line> *rga*iza***nal success (Key, 1*95). A </line>

<line> positive reputatio* *s considered on* of the most </line>

<line> va*uable int*ngible *ssets a firm *an </line>

<line> possess (Branco & Rodrig*es, 2006; Vidav**-Cohen, </line>

<line> 2007). But reputat*on is highly subjective, b*cau** it rest* on a perception. A fir*\s reputation </line>

<line> is the resu*t of the aggrega*e vi*ions ab*ut it, based on th* e**eriences of *takeholders in its </line>

<line> re*pect (Cornelissen, 2011; Roberts, 2009). </line>

<line> Reputation p*a*s a fundamental *ole as an indi**t*r o* the m**n characteristics of </line>

<line> * </line>

<line> co*poration and a source of co*peti*ive advanta*e (Melo & G*r*ido-Morgado, 2012). </line>

<line> Academics an* bu*iness profes*io*a*s agree th*t a positive r**utati** r*duces the unc*rtainty </line>

<line> of </line>

<line> stakeholders *b*ut t*e futu** organizational </line>

<line> performance, i*pro*es the </line>

<line> *ompe*itive </line>

<line> **v*ntage, increases public trust and maxi*i*es the abi*ity to *h*rge prem*u* </line>

<line> prices fo* </line>

<line> goods and/or *ervices (V*daver-Coh*n, 2007). Therefore, cons*mer* ***y in </line>

<line> corp*rate </line>

<line> Rev. FSA, T*res*na, *. 18, n.10, art. 2, p. 25-49, out. 2*21 www*.*sanet.com.br/revista </line>

<line> The Impa*t of CSR, Credibility and R**utatio* on Corp**a*e *rand Equity: </line>

<line> 3* </line>

<line> reputat*on to </line>

<line> e*a*ua*e * product </line>

<line> ** service, especi*ll* when the*e is insufficient informati*n </line>

<line> av*ilabl* (S*hn*etz & Epstein, </line>

<line> 2005). * s*lid reputa*ion protects **e compa*y from th* </line>

<line> **gative effec*s </line>

<line> ** adv**se </line>

<line> i*formation. When c*mp*ny enjoys a f*vorable reput*tion, a </line>

<line> customers become mo** loyal a*d *ess </line>

<line> *on*erned about price; job candid*tes are more </line>

<line> desirous of being hi*e*; investor* are more wi*ling to provid* capital; and **cal communitie* </line>

<line> tend to be more la*da*ory (F*mbrun, </line>

<line> 1996; Lange, Lee, & Dai, 2010; T*r*an & Greening, </line>

<line> 1997). </line>

<line> 2.4 Corporate brand eq*ity </line>

<line> Br*nd equity is de*i**d as the additi*na* amoun* *h*t a name an* add thei* propertie* </line>

<line> to a pro**ct o* s*rvice (Steenk*mp 2*14). *hese properties ca* *e positive or nega*ive, brand </line>

<line> equity *s considered *ey stra*eg*c asset, a </line>

<line> one *f the *ost significant *et*rminants of the </line>

<line> corporation'* curren* </line>

<line> and future performance (Wang and Sen-gupta 201*). Co*po*ate brand </line>

<line> equity positively affects a sust*inable com*etitiv* *dvantage, the success of ma*ke*ing </line>

<line> actions, an* t*e pri*e o* the firm\s *hares (A*bler, 1997; Bha*a*waj, Varad**ajan, & *ahy, </line>

<line> 1993; La*e & Jacobson, *9*5). The a*pro*ches used to meas*re brand </line>

<line> eq*ity are gene*all* </line>

<line> financial or </line>

<line> customer-related (Myers, 200*). The *inancial measures are represented by </line>

<line> movem*nts in the *t*ck price (*i*on & Sulli*an 1993). In tur*, customer-r**ated mea*u*es </line>

<line> ca* be classifie* in </line>

<line> two groups: *) those re*ated to perceptions (e.g., bran* recognition, </line>

<line> perc*ive* as*ociation with quali*y); and ii) *ho*e a*so*iated with behavior (e.g., brand *o*al*y </line>

<line> and buy*ng behavior) (Hsu, 2012). </line>

<line> 2.5 *eve*opm*n* of hypothese* </line>

<line> Bh*ttachar*a and Se* (*003) stud*e* the behavio* of consumers and foun* *hey are </line>

<line> not o*ly concerned w*th the*r ex*erience with a product or s*r*ice, bu* als* with the effec*s </line>

<line> on *ther stakeho*ders f**m th* c***unit*. The*e*ore, s*akeholders exhib*t stro*ger </line>

<line> identification with firms that impleme*t str*ng *SR initiatives *han wit* </line>

<line> those t*at </line>

<line> d* </line>

<line> no* </line>

<line> (Hu, Liu, & Qu, 2019; Kowalc*yk & Kuc*arska, 2020). </line>

<line> In this sense, a firm\s CSR init*atives can cause a favorable im*ress**n on consumers </line>

<line> who are sensitiv* to the </line>

<line> social questions addressed (Pivato et </line>

<line> al., 2008). *onsidering th*t </line>

<line> corp*rat* bran* *re*ibi**ty is a tw*-dimensio*al construct, composed of trust and expertise, is </line>

<line> it possib*e to infer tha* *SR ac*ivities influ*nce the convictions of consumers *hat th* </line>

<line> *irm </line>

<line> Rev. FSA, *eres*na PI, v. **, n. 10, a*t. 2, p. 25-49, out. 2021 ww*4.fsanet.com.b*/revista </line>

<line> P. H. Ceciliano, A. C. M. Silv*, *. *. C. Viana </line>

<line> 32 </line>

<line> ma**s products with higher qua*i*y by si*naling g*ea*er management </line>

<line> competen*e </line>

<line> (McWilliams & Siegel, 2001; Newell & G*ldsmith, 2*01). Th* *erception of CS* in relation </line>

<line> to a determined firm *nfluences *ts corporate credi*ility (Lock & Seel*, 20**). Based on these </line>

<line> *rguments, it is possib*e to fo*mula*e the f*llowing hypothesis: </line>

<line> H1 - C*r*orate social respons*bility directly impacts corp*ra*e credibili*y. </line>

<line> A comp*ny will not only bene*it **om involv*me*t in CSR ini*iativ*s, these will </line>

<line> benefit socie*y *s a *hole. I* is *rucial for f*rms to recognize t**t CS* a*tivities i*flu*nce the </line>

<line> cons*ruction </line>

<line> of their repu*ati*n (Hasan & Yun, 20*7). Enga*e*ent in CSR can yield </line>

<line> co*pet*tive advantages (Melo & Garrido-*orga*o, </line>

<line> 2*12). In the *ase of </line>

<line> long-r*nge </line>

<line> advantage*, re*uta*ion is the i*di*a*or th*t measures the accrued prest*ge, *llo*ing c*m*anies </line>

<line> t* build a loya* customer *ase whil* a* the same ti** reducing the r*sks related to </line>

<line> stak*holders (Si*no, K**chen, & Confetto, 2010). </line>

<line> Compa*ies just**y CSR init*a*iv*s becau*e *hey *nhance their </line>

<line> co*porate image and </line>

<line> establish the founda*ion* for a solid and lasting ***uta*ion (J*nes, 2005; Porter & *r*me*, </line>

<line> 2006). The involvement of the firm in building a*d *aintaining a favorable cor*orate </line>

<line> reput*tion *as t*e same effect as making a p*ofita*le st*ategic i*vestm*nt (Cowan & Gu*man, </line>

<line> **20; Mc*illiam*, S*eg*l, & *right, *006). C*nsum*rs\ perceptions about t** CSR </line>

<line> ac*i*ities are pos*tively r*lated with t*e firm\s rep*tation (Hsu, 2012; Kim, 2019; La* al., et </line>

<line> 20*0), le*ding to t*e foll*wi*g hypothe*is: </line>

<line> H2 - Corporate *ocial responsibilit* dire*tly imp*cts corporate r*putation. </line>

<line> Lai et al. (2010) su*gested **at th* per*eption of consum**s about CSR activities leads </line>

<line> to * </line>

<line> favor*b*e vision of the brand. Oth** researchers *ave reported that CSR has a positive </line>

<line> effect *n the perce**ion of a firm\s b*an*, *xerting a positi*e effect on its *a*ua*io*, *hi*h </line>

<line> imp*ove* the *ompany\* posi**on in the m*r*et (*olt, Quelch, & Tay*or, *004). *ccording to </line>

<line> t*e study by Rahman, Rodrígu*z-Serrano, </line>

<line> & La*bkin, (2*19), corporat*o*s with h*gh brand </line>

<line> equity te*d *o achieve high visib*l*ty, whic* suggests * high leve* of at**nti*n t* CSR </line>

<line> *c**vities. In this res*ect, we propose the *ollowing hyp*thesis: </line>

<line> *ev. FSA, Tere**na, v. 18, n.10, art. 2, p. 25-49, out. 20*1 </line>

<line> www*.fsan*t.com.b*/revi*ta </line>

<line> The Impact of CSR, *r*dibility and **putation o* Co*porate Brand *qui*y: </line>

<line> *3 </line>

<line> H3 - **rpora*e social responsibility direct*y impacts cor*orate *r*n* equity. </line>

<line> Consume*s lo** fa*orably on organizations that ad*pt CSR practices *hen </line>

<line> t he y </line>

<line> believ* *hese a*tivities ar* th* result of sinc*re in*ention* (Vlachos, Tsamako*, Vr*chopoulos, </line>

<line> & Avr*midi*, *009). *o the ext*nt that co*sume** ide*tify with these *ractices, sinc* </line>

<line> * he y </line>

<line> reflec* their basic beliefs, the engag*ment i* CS* enco*rages cons*mer* to view an et*ical </line>

<line> stance *n those actions. Th*s percep*ion of *th**s leads to recogn*ti** of tr*stworthy beha**or, </line>

<line> increasin* the corporation\s cre*ibili*y and str*ngthening i*s reputat*on (Fombru* & Shanley, </line>

<line> 199*; Smai*ie*e & Juc*vicius, </line>

<line> *009). **nsu*e*s a*sume that * tru*tworthy comp*ny will </line>

<line> have </line>

<line> an insignificant probabili*y of n*t living up to its promises, thu* str***thening its </line>

<line> c*rporate reputation (Pivato al., 2008). Podnar & Golob (2017) claim t*at a corpora*ion e* </line>

<line> uses *t* re*utation to adj*st their id*ntity ** order *o just*fy th*ir existence and gain the </line>

<line> a*fect*on of ind**iduals and the public'* trus*. This leads *o t*e following hypothes*s: </line>

<line> H4 - Corporat* cre*ibil*ty directly impac*s *orporate reputation. </line>

<line> *he wa* that consum*rs perceive C** actions can affect the cor**rat* reputatio* and </line>

<line> *heir buy*ng intenti*ns. Several stu*i*s have s*gg*sted that a </line>

<line> pos*tiv* co*r*la*ion exists </line>

<line> *etween co*po*ate *eputa*io* a*d brand equity. For instance, Mohr, Webb *nd **rri* (2*01) </line>

<line> showed that th* evaluati*n of fir*s, their products and consumers\ buying inten*ions depends </line>

<line> on the *uantity and natur* of CSR info*m*tio* t*at is shared. Lee </line>

<line> **d Sh*n </line>

<line> (2*10) f*und </line>

<line> a </line>

<line> positiv* rel*tion be**een the **r*eption of </line>

<line> CSR and buying intention. Chaudhuri </line>

<line> (2002) </line>

<line> su**ested that *orpo*ate rep*tation is in a </line>

<line> h*gher </line>

<line> posi*io* tha* *rand equ*ty, </line>

<line> b y s up** y </line>

<line> exclusive value </line>

<line> to a firm\s c*stomers, thus gene*ating higher brand v*lue *h*n that of </line>

<line> *ompetitors. </line>

<line> The value </line>

<line> of a bran* *s *igher *hen i* *elongs to * comp*ny with a favora*** </line>

<line> re*utatio*, so *orpor*te reputation *t pos**ively as*ociated with b*and **uit* (J*nes, *005; Lai </line>

<line> et al., 2010). The CSR activiti*s pr*vi*e i*ternal **s**t* (e.g., corporate kno*-how and </line>

<line> culture) a*d ***e*n*l ones (e.*., corpor*te reputation) acco*ding to the re*ou*ce-based </line>

<line> view </line>

<line> (Orlitzky et al., 2003). *herefore, the extern*l benefits of CS* a*e a*sociated wit* their effect </line>

<line> on th* firm\s reput*tion. T*is reputa**on is one of the *o*t imp*rta*t resource* *o* the </line>

<line> creatio* of a sustai*abl* c*mp*titive ed**, becaus* it is dif*ic*lt to create o* imitate (*ran*o </line>

<line> & Ro*rigues, 2*06). Reputation is an intan*ible resou*ce that can le*d t* a posit*ve attitude of </line>

<line> *onsum*rs in r*la*io* to the *rand of t** product *r service of*ered by the firm, as well a* to </line>

<line> *ev. FSA, Te*esina *I, v. 18, n. *0, ar*. 2, p. 25-49, ou*. 202* www4.fsane*.com.*r/rev*s*a </line>

<line> P. H. *e**li*no, A. C. *. S**va, P. *. C. Viana </line>

<line> 34 </line>

<line> **re*gthen the corporate *r*nd (Galbr**th, 200*). There**re, reputation plays * crucial ro*e as </line>

<line> mediat*r between the so*ial **sponsibility </line>

<line> of corporations and t*e v**ue of their bran*s </line>

<line> (Hein*erg, Ozka*a, & Taube, 2018). *ased on these observatio**, w* formulat*d </line>

<line> t he </line>

<line> followi*g hypothesis: </line>

<line> H* - Corpo*ate reputation dire*tly imp*c*s co*porate brand equity. </line>

<line> The *ela*ions*ip betwe*n cor*ora*e cre*ibility and bran* equity can be e*plai*ed by </line>

<line> the bran* s*gna*ing theory. Ac*or*ing </line>

<line> to this theo*y, bran** s**ve as signals </line>

<line> to con*ey </line>

<line> information </line>

<line> to *arge* cons*mers, who are inserted i* a mar*et filled with imperfe*t and </line>

<line> asymmetric*l *nformatio* (Erd*m & Swai*, 199*; Erdem, Sw*it, & Valenz*ela, 2006; Spry, </line>

<line> Papp*, & Cornwell, 2011). Credible *rand* enjoy lower info*mation processing c*sts and are </line>

<line> a*s*ciated *ith l*wer risk *ercep*ion. The credi*ility o* a </line>

<line> brand i* the central pilla* arou*d </line>

<line> whic* a company can bui*d and manage it* *rand equity (Erdem & *wait, 1998; Erdem et al., </line>

<line> 20*6; Spr* et a*., 2011; Jahanzeb, Fatima & Butt, 2013). Various studies have indicated th* </line>

<line> positi*e contri*u*ion of CSR activities to *ra*d credi*ility i* the ey*s *f consu**rs, </line>

<line> accompani*d by an enh*n*ed corpo*ate reputatio* and corporate brand eq**ty (*su *012; Lai </line>

<line> et al., 20**; Pivato et al., 20*8; Vlach*s et *l., 2009). T* implement effective CSR *oli*ies, i* </line>

<line> i* impo*t*nt *o increase the c*edibility of the CSR acti**s b*cause the *ain ro*e of *SR with </line>

<line> respec* to bra*d equit* dep*nds o* the credibi*it* of those a*ti*ns (Yoon, G*rhan-Can*i, & </line>

<line> Schw*rz, 2*06). Based on t*ese *bser*a*ions, it is possible to propose t*at CSR has a positive </line>

<line> i*flu*nce </line>

<line> of corpora*e brand credibility, which *ur* positively influenc*s corporate brand i* </line>

<line> equity, as express*d *n the followi*g h*pothesis: </line>

<line> H6 - C*rp*rate credibi*i*y d*rec*l* *mp*cts bra*d equ*ty. </line>

<line> The path diagram in Figure 1 *ll*strates t*e c*usal relations bet***n **e con*t*ucts an* </line>

<line> hy*othes*s des*ribed above. </line>

<line> R**. FS*, Te**si*a, v. 18, n.10, art. 2, *. 25-49, *ut. *021 </line>

<line> ww*4.fsanet.com.br/revis*a </line>

<line> The Impa*t of CSR, Credib*lity and Reputati*n on Corp*rat* Bra*d Equity: </line>

<line> 35 </line>

<line> Figure 1 -Path Diagram </line>

<line> Sourc*: Adapted from Hur et al. (2014). </line>

<line> 3 METH*D </line>

<line> The *a*a for this st*dy were *btain*d thr*ugh a surve* *sing a structured </line>

<line> que*tionnaire, and *ere trea*ed with structural *quation modeling (SEM), based o* </line>

<line> a </line>

<line> covari*n*e *atrix (CM), wh*ch i* a ver* useful tech*ique to te*t *heories with late*t variables </line>

<line> t*at hav* multiple mutua* depen*en*e *el*tio**. T**s enables verif*ing, in a single s*ructur*, </line>

<line> all the p*i**ise causal relations bet*een the veriables that c*mpose *he *odel (Babin, Hair, & </line>

<line> Boles, 2008; Hair, Black, Babin, Anderson &Tath*m, *009). </line>

<line> 3.1 -Dat* col*ect*on </line>

<line> We c*l*ec*ed the o*inions of consumers an i*por*ant c**pany, which *s act*ve i* the </line>

<line> *pstream and do*nstream segments o* t*e oil, gas and refined produc*s market in B*azil. Thi* </line>

<line> c**pany i* a lis*ed corporation con*roll** by the Br***lian </line>

<line> govern*ent, *ngaged in th* </line>

<line> exploration, produ*tion, refining, transport *nd sale of oil and na*u*al gas, as well </line>

<line> as the </line>

<line> manuf*cture of petroc*emic*ls a*d biofu*ls and generati*n of electricity. </line>

<line> It has rec**v*d </line>

<line> *e*eral intern*tion** *ward* and cert*ficati*ns in t*ese v*riou* s*cto*s. Th* consumers were </line>

<line> approached at repa** shops, service stations a** specialized automotive stores. </line>

<line> The survey was conducted b* m*ans *f a self-administered questio*naire, with i*ems </line>

<line> s*ored o* a L**ert sca*e with fi*e re*pon*e options. I* li*e with the info**ation policy of *he </line>

<line> company, each respondent part*cipated v*luntarily the survey. A*y dou*t* **re clarified in </line>

<line> by t*e resear*her whil* applying *he *uestion*aire. </line>

<line> *ll told, 310 vali* </line>

<line> questionnaires were ob*ained, *f which *6 w*re *roppe* for </line>

<line> c*ntain*ng outliers. The d*scriptive *n*lysis revealed tha* *7.7% of the respondents were </line>

<line> Rev. FSA, Ter**ina *I, v. 18, n. 10, ar*. 2, p. **-49, out. 2021 ww*4.fsane*.*om.br/revista </line>

<line> P. H. Ceciliano, *. C. *. *ilva, P. R. C. V*ana </line>

<line> 36 </line>

<line> men, *ith averag* a*e of 39.07 years (SD = 8.60) and age range from *0 to 65 years. With </line>

<line> respect *o sch*oling le***, 31.7% o* the respondents only had hig* schoo* diplomas, while </line>

<line> 35.4% had college degr*es, 31.5% had MBA or MSc de*rees, and **ly 1.4% had doctorates </line>

<line> (*hDs). With re*pe*t to occupation, 9.4% were students or une*p**yed work*rs, 56.2% w*r* </line>

<line> *mpl*yees of a co*pany, *nstitution or other organiz*tion, 28.1% *er* *re*lance *ervice </line>

<line> providers or merchan*s, and 6.3% wer* *et*rees. </line>

<line> The *uestions cove*ed the *SR *ractices *f *he studie* c*m*any. The con*tructs </line>

<line> and respective **ser*ed and latent variables *f t*e hypothet**a* mod** a*e rep*rte* in </line>

<line> Cha*t *. </line>

<line> Latent variable </line>

<line> Obser*ed variabl* </line>

<line> Aut*o*s </line>

<line> Corpora*e Soc*al Responsi*ility (CSR) </line>

<line> *SR_1 - adheren*e t* responsible corporate beh*vior CSR_* - *olicies to imp*o*e social well-being CSR_* - environ**ntal responsib*lity </line>

<line> Barnett (2007); Carroll (1979); Lai *t al., (2010); Ö*ersed** et al., (201*); Orlitz*y et a*., (2**3); Pavlik (2010); Piv*to et *l., (20*8) Bo*en (1953); Carr*l* (1*79); Eells & Walton (197*); Öbers**e* et al., (2013); Sims (2003) Bianchi et al., (2019); Bouglet et al., (2*12); Elkingt*n (19*8); Öberseder et a*., (2*13) </line>

<line> C**po*a*e Bran* Credibility (CBC) </line>

<line> CBC_1 - reli*bility of information and corp*rate a*titudes C*C_* - *e*ia*i*i*y of products and servic** CBC_* - relia*ility of *orporate b*and </line>

<line> Gol*smith *t al., (2000); Gray (2*00); Martínez- Ferrero et al., (*013); Odri*zola & B*raibar Diez (2017); S*hulz-Knappe e* al., (201*) A*ker & Jo*chi***haler (2000); Fom*run (1996); Gol*smith et al., (*000); Lafferty & Goldsm*th (1999); S*hulz-Kna*pe et al., (2019) Orlit*ky et al.(2003); Schulz-Knap*e et *l., (2019); Yoon et *l.,(200*); </line>

<line> Corporat* Br*nd *qu*ty (CBE) </line>

<line> CBE_1 - recognition amo*g compe*itors CBE_2 - *thics an* values in sy*metry with c*stomers CBE_3 - associat*ons of the corpo*ate b*and CBE_4 - re*ognition of t*e corp*rate *rand </line>

<line> Branc* & *odrig*es (2006); Cha*dhuri (20*2); G**breath (*005); Rahm*n et al., (201*); Steenkamp (2014) **r et al., (2014); Lee & Shin (2**0); Rahman et al., (2019); Steenkamp (201*) Du et *l.,(2010); H*lt et al., (2*04); Jone* (20**); Lai et *l., (2010); Rahman *t *l., (2*19); **eenkamp (2014) Bhattac*ar*a & Sen (200*); Hsu (2012); *ahman et a*., (2019); Stee*kamp (2014) </line>

<line> Corporate Reputation (CR) </line>

<line> CR_1 - per*eption o* *eliability CR_2 - pe*ce*tion of adm*ration a*d respe*t CR_3 - *erception of go*d ge**ral r*put*ti*n </line>

<line> Ana**-Bossman (2020); Corneli**en (2011); Kim (2019); Robert* (2009); Schn*etz & E**tein (*005); Vid**er-C*hen (2007) Anani-Bossman (202*); *ombrun(1996); Kim (2*19); L*nge *t al., (*010) Anani-Bossman (2020); Cowan & Guzman (*020); Hasan & Y** (2017); Jones (2*05); McW**li*ms ** *l.,(2006); Port*r & Kr*mer (2006); Siano et al.,(*0*0) </line>

<line> Chart 1 - Latent veri**les, *bser**d veri*bles an* r*spective authors </line>

<line> Source: Ow* *lab*ration </line>

<line> Rev. FSA, Teresina, v. 18, n.10, art. *, *. 25-*9, o*t. 2021 </line>

<line> *ww4.f*a*et.**m.br/revis*a </line>

<line> T*e Im*act of *SR, *redibili*y *nd Rep*tati*n on Corporate **and Equit*: </line>

<line> 37 </line>

<line> 3.2 Data t*eatment </line>

<line> Th* data were tre*ted bys*ructural equa*io* mod*ling (SEM), based on a cova*iance </line>

<line> matri* (*M), using the AMO* **ftware, version 4.0. T*e normal*ty of the data w** checked </line>

<line> b* t*e *o*mogoro*-S*inorv (K-*) a*d Shap*ro-Wi*k (S-W) tests (Leotti, C*ste*, & *ibold*, </line>

<line> 2012). We evalu*ted the sign and statistical s*gnificance of the estim*te* of the parameters of </line>

<line> *he measu**ment **d structural *odels. The* we v*rified *he global fit *f th* mode*, *y </line>

<line> *pplying *he f*llow*ng indices: min*mum discrepancy/degrees of f*eed*m (CMI*/DF), </line>

<line> good*ess-of-fit index (*FI), adjust*d good*ess of-fit-i*dex (AGFI), ro** me*n *quar* error of </line>

<line> a*p*oxi*atio* (RMSEA), no*m*d fit i*dex (*FI), Tucker-Lewis index (T*I), increm*ntal fit </line>

<line> index (IFI), c*mparativ* f*t index (CFI), parsi**ny c*mpa*ative of fi* ind*x (PCFI), *nd </line>

<line> parsimony rat*o (PRatio). (Hair et al., 2009). </line>

<line> The inte*nal consistency a*d convergent validity of the constructs were als* chec*ed. </line>

<line> With *espect to the *nt*rnal consistency, t*e comp*site reliability and C**nbac*\s alpha were </line>

<line> ana*yzed. The </line>

<line> conve*g*nt vali*ity was checked by </line>

<line> *nal*zing the average v*riance *xtracted </line>

<column> </column>

<par> </par>

<par> </par>

<par> </par>

<par> </par>

<column> </column>

<line> Rev. *SA, *eresina PI, v. 18, *. 10, a*t. 2, p. *5-*9, o**. 2021 </line>

<line> www*.fs*net.com.br/*evista </line>

<line> *. H. Cecili*no, A. C. M. Silva, P. *. C. Viana </line>

<line> 3* </line>

<line> Table 2 - E*t*mated factor *oadings </line>

<line> Path </line>

<line> Lo*ding </line>

<line> S**ndard Erro* </line>

<line> CR </line>

<line> p </line>

<line> CBC* <--- </line>

<line> CBC </line>

<line> 1 .0 0 0 </line>

<line> CBC2 <--- </line>

<line> CBC </line>

<line> 1 .1 7 8 </line>

<line> 0 .1 0 3 </line>

<line> * 1 .* 2 * </line>

<line> *** </line>

<line> CBC3 <--- </line>

<line> CB* </line>

<line> 1 .4 3 4 </line>

<line> 0 .1 1 8 </line>

<line> * 2 .1 3 1 </line>

<line> *** </line>

<line> CR1 </line>

<line> <--- </line>

<line> CR </line>

<line> 1 .0 0 0 </line>

<line> CR2 </line>

<line> <--- </line>

<line> ** </line>

<line> 1 .1 * 1 </line>

<line> 0 .0 6 1 </line>

<line> * 8 .1 * 6 </line>

<line> *** </line>

<line> *R3 </line>

<line> <--- </line>

<line> CR </line>

<line> 0 .9 2 4 </line>

<line> 0 .0 6 4 </line>

<line> 1 4 .* 8 9 </line>

<line> *** </line>

<line> *SR3 <--- </line>

<line> CS* </line>

<line> * .0 0 0 </line>

<line> C*R2 <--- </line>

<line> *SR </line>

<line> 0 .8 4 6 </line>

<line> * .0 8 3 </line>

<line> 1 0 .1 9 5 </line>

<line> *** </line>

<line> CS*1 <--- </line>

<line> CS* </line>

<line> * .8 8 3 </line>

<line> 0 .0 7 4 </line>

<line> 1 2 .0 1 0 </line>

<line> *** </line>

<line> CBE* </line>

<line> <--- </line>

<line> CBE </line>

<line> 1 .0 0 0 </line>

<line> CBE2 </line>

<line> <--- </line>

<line> *BE </line>

<line> 1 .4 * 6 </line>

<line> 0 .1 * * </line>

<line> 1 2 .1 0 1 </line>

<line> *** </line>

<line> CBE3 </line>

<line> <--- </line>

<line> C*E </line>

<line> 1 .1 6 2 </line>

<line> 0 .1 * 6 </line>

<line> * 0 .9 * 6 </line>

<line> *** </line>

<line> CBE4 </line>

<line> <--- </line>

<line> CB* </line>

<line> 1 .1 * 1 </line>

<line> * .0 9 6 </line>

<line> 1 2 .0 * 1 </line>

<line> *** </line>

<line> Source: *wn elab*rat*on </line>

<line> Tabl* 2 also shows the most important va*iab*e for each c*nstr*ct, *h*re the </line>

<line> m*g*it*de of *he fac*or loading is the criterion for attributing relevance to th* </line>

<line> o*serve* </line>

<line> variabl* (Byrne, 2010; H*ir et al., 2*09). With respect to corporate s**ial res*onsibi*ity, the </line>

<line> mos* **p*rtant o*served vari*ble wa* CSR_3, which den*tes the co*pany\s obligation to </line>

<line> p*otect the *n*ironment. The observed va*iables ref*rrin* to socially responsible *ehav*or </line>

<line> (C*R_1) *nd concern for social well-being (CSR_2) were, *especti**ly, *he most importan*. </line>

<line> On the *atter of co*porat* c*edibility, the obse*ved v*riable C*C_3 pr*sen*ed </line>

<line> t he </line>

<line> highest **cto* lo*din*. This o*serv*d v*ria*le is *elated to the fact the **mpany is perceived </line>

<line> as *eliab*e. The *bserved </line>

<line> va**able rel*ted *o **e cre*ibility o* t*e **oduct* and s**vic*s </line>

<line> (CB*_2) and the credibi*ity of the *orpora*e *nforma*ion *nd attit*d*s (CBC_1) follo**d, </line>

<line> respect*v*ly, *he v*riable CBC_3 in order of impor*a*ce. *he *ariab*e CBC_1 is *sso*iated </line>

<line> with the co*pany\s in*ernal gu*deline that </line>

<line> d*term*ne* it must comply, wi*hout exception, to </line>

<line> **at i* has announced, including wi*h g**bal s*ope. </line>

<line> With respect to the co*por**e reputation cons*ruct, the most rel*vant </line>

<line> observed </line>

<line> *ariableis *onnec*ed to t** admirati*n and respect fo* the *ompany (CR_*), fol**wed ** the </line>

<line> feeling of tru*t in its *eci*ions and *ction* (C*_1). </line>

<line> Regar**** the latent var*able cor*orat* b*and equ**y, an en*ogenous *onstruct of the </line>

<line> model, the </line>

<line> observed variab*e CBE_2, </line>

<line> w*ich *s r**a*ed </line>

<line> to the ethical po*t*re adopted by </line>

<line> t he </line>

<line> company in line with its corporate values, was conside*ed th* m*s* releva**. T*e </line>

<line> observ*d </line>

<line> v*ri*b*e* related to *he corporate brand, more specifically the genera* charac*e*istics of </line>

<line> t he </line>

<line> Rev. FSA, Ter*sina, v. 18, n.10, a*t. 2, p. **-4*, out. 2021 ww*4.fs*net.com.br/rev**ta </line>

<line> Th* I*pact of CSR, Credi**l*t* and R*putation on Corpo*ate Br*nd Equity: </line>

<line> 39 </line>

<line> c*mpa*y (CBE_3) an* the ran*e of meanin*s expre*sed by it* logo (CBE_4), were </line>

<line> considered the *ost r*levant obser*e* *ariab*es after CBE_2. </line>

<line> The *valuation of *he structural model was f*rst *ased on verifica*ion *f t*e signs a*d </line>

<line> statistical s*gnifican*e o* the *ath coeff*ci*nt*. All the path coefficie*ts h*d the *igns in*t*ally </line>

<line> foreseen, with statis*ical sig*if*canc* o* 5%, allowing acce*tance of a*l the hypothes*s of t*e </line>

<line> structural model, a* depicted in Ta*le 3. </line>

<line> Table 3 - E*timate* of the pairwise s*ructur*l coe*ficient* be*ween *he construct* </line>

<line> ** the model </line>

<line> St*ndard *ritica* </line>

<line> P- </line>

<line> Path Diag*am </line>

<line> Path Coefficient </line>

<line> *ypot*eses </line>

<line> **ror </line>

<line> Ratio *alue </line>

<line> *BC <--- CSR </line>

<line> 0 .6 5 8 </line>

<line> 0 .0 7 1 </line>

<line> 9 .3 1 0 </line>

<line> *** </line>

<line> Acc*pte* </line>

<line> CR </line>

<line> <--- CSR </line>

<line> 0 .4 8 * </line>

<line> 0 .* 5 2 </line>

<line> 3 .1 8 * </line>

<line> 0 .0 0 * </line>

<line> A*ce*ted </line>

<line> CB* <--- CSR </line>

<line> 0 .2 8 2 </line>

<line> 0 .1 0 9 </line>

<line> 2 .5 9 * </line>

<line> 0 .* 1 0 </line>

<line> Accepted </line>

<line> CBE <--- CB* </line>

<line> 0 .3 7 8 </line>

<line> 0 .* 3 6 </line>

<line> 2 .7 7 8 </line>

<line> 0 .0 0 5 </line>

<line> Accepted </line>

<line> CB* <--- CR </line>

<line> 0 .* 6 4 </line>

<line> 0 .0 7 7 </line>

<line> 2 .1 * 6 </line>

<line> 0 .0 3 3 </line>

<line> *ccepte* </line>

<line> CR </line>

<line> <--- CBC </line>

<line> 0 .7 6 2 </line>

<line> * .1 9 4 </line>

<line> 3 .9 3 3 </line>

<line> *** </line>

<line> A*cepted </line>

<line> So*rce: Own elabo*ation </line>

<line> The latent variable c*rporate *oc*al responsib*lity (CSR) had </line>

<line> di*ect and indirect </line>

<line> impacts on corporate brand equ*ty (CBE). </line>

<line> The indirect impact* came from corporate </line>

<line> cred*bility (CBC) and corporate *eputation (CR). T*e *orporate cr*d**ility (CBC) variable </line>

<line> al*o exerte* direct and indir*c* imp**ts on cor*ora*e brand e*uity (CBE). The indire*t impact </line>

<line> on co*po*ate **and *q*i*y (***) was exerted t**ough c*r*orate reputat*on (CR). </line>

<line> Th* mode* hypothese* </line>

<line> p*es**t *rucial re*ationshi*s *i*h the *tudi*d t*eory, t*e CBE </line>

<line> co*stru** has *easures related t* *u*to**r perceptio*s (b*and **co**ition and </line>

<line> brand </line>

<line> *ssociations) *n* ot*ers r*la*ed </line>

<line> t* brand behavior (*ymme*ry wit* c*s*om*r values </line>

<line> and </line>

<line> *arket recognition). Thus, the a*cep*ed hypotheses *3, H5 a*d H6 demonstrate results of </line>

<line> ethi*s perc*ived by t*e c*stomer with a positive *mp*ct on the value of the *orporate bra*d, </line>

<line> carried out accordin* to rece*t *tudies (Heinberg et a*., </line>

<line> 2018; Iglesia*, M*rkov*c, Singh, & </line>

<line> Sierra, *019). The **cept*d h*pothesis *2, s*ates *h*t th* re*ationships bet*e*n C** </line>

<line> and </line>

<line> repu**tio* *reate legitim*cy and, th*s, g**rantee *mport*nt cor*orations (Aksak et al., 2016). </line>

<line> The accepted hypothesis H1, is in ac*or*anc* **th the *tudy by Seele & Lock (2*1*), *ho </line>

<line> ce*t*f*ed that *he p*rceived *redibility for CSR commu*i*a*io* leads to mo*al legitimacy, with </line>

<line> se**ral *o*cept* of pe*ceived *ruth a*d sincerity by corporatio*s. *he acce*ted h*pothesis H* </line>

<line> is s*mil*r to *he work of Odr*oz*la (2*17), where t*e basic *ss*mption that th* applicability </line>

<line> *ev. FSA, Teresi** PI, v. 18, n. 10, art. *, p. 25-49, out. 2021 www4.fsanet.com.br/revista </line>

<line> P. H. Cecilia**, A. C. M. Silva, P. R. C. Viana </line>

<line> 40 </line>

<line> of cor*orat* st*ndards in*reases the </line>

<line> comp*ny's credibi*ity with its s*akeholders was studied, </line>

<line> posi*ively in*luen*ing the corporate corp*rate. </line>

<line> Table sho** the overa*l go**ness-of-fit **dices regarding th* adjustment *f 4 </line>

<line> t h* </line>

<line> hypo*heti*al model to th* c*v*ria*ce m*trix construc*ed bas*d on the sur*ey data. The ov*rall </line>

<line> fi* of the model sho*ld be </line>

<line> j**ged by means of specific in**ce*, which d*no*e the m*del\s </line>

<column> </column>

<par> </par>

<par> </par>

<par> </par>

<par> </par>

<column> </column>

<line> T** RMS** *ndex represents </line>

<line> the residual level </line>

<line> o* the model. Here *t was 0.05, </line>

<line> de*onst*ating that the mode*\s parame*ers suitab*y </line>

<line> *epr*duce* the population co*ar*ance, </line>

<line> s*nce values below 0.08 a*e consi*ered a*eq*ate. Th* indicator NFI c*m*ares t*e model\s </line>

<line> *erfor*ance with that *f the nul* *ode*. The IFI reduces the in*luence of </line>

<line> sample *ize and </line>

<line> nu**er of *aramet**s es*ima*ed in the NF*. *he CFI m*tric com**res th* null m**el with th* </line>

<line> observed </line>

<line> cov*riance ma*rix a** compares th* m*t*ices *f th* covariance model w*th </line>

<line> t he </line>

<line> observed co*ariance matrix. *he TLI serves to adjust the model\s complexit*. T*e expected </line>

<line> value of eac* o* these indices is greater than 0.90. The *alue* f**nd f*r *h*se *ou* in*remental </line>

<line> indices wer* </line>

<line> c*ns*dere* suitable: NFI = </line>

<line> 0.953; IFI = 0.979; CFI = 0.979; and *LI = *.972 </line>

<line> (Hair et al., 2009). </line>

<line> Rev. FSA, Teresina, *. 18, n.10, ar*. *, p. 25-49, out. 202* </line>

<line> *ww4.fsanet.*o*.br/revi*ta </line>

<line> The Impa*t of *SR, Credibil*ty and Re*utat**n on Corpor*te Bra*d Equity: </line>

<line> *1 </line>

<line> Fin*ll*, the P*FI an* PRatio met*ics indi**te how *arsimoniou* the mo*e* is. The </line>

<line> values were 0.7*0 f*r the PC*I and 0.*56 for the PRa*i*, demonstrating t** mo*e*\s adequ*te </line>

<line> *e*el of par*imony, since the value* were greater th** 0.*0 (Ha** e* al., 2*09). The*efore, t** </line>

<line> model\s overall goodnes* of fit was acc*pt*ble. </line>

<line> 5 CONCLUSIONS </line>

<line> The acce*tance of a*l t*e hypothese* fo*mul*ted sho*s that *n the case of the studi*d </line>

<line> co*pan*, corpor*te so*ial respon*ibil**y effo*ts cont*ibute *o str*n*then inta*gi*le asse*s of </line>

<line> ine*timable strategic value to the corp*r*ti**. </line>

<line> O*r find*ngs pro*ide stron* insights about how CSR initiatives can *lay a crucia* r*l* </line>

<line> in i*proving t*e custom**-brand relationship of the stud*ed compan*. Th* results a*so suggest </line>

<line> that hi*he* i*ve*tment in soc*al **l*-being is </line>

<line> import*nt strate*ically to *ncrease the brand </line>

<line> e*u*ty. Anoth** fac*or for t*is imp*ov*m**t is t* consistently strive to e**abl*sh a relationship </line>

<line> of *r*st *ith stake*olders in c*m*ercial transactions and *nterac*ions with workers. Over the </line>

<line> long run, *redib*e relations of reliabil*t* wil* strengthen the *orporate reputat*on of the s*udied </line>

<line> c**pany. </line>

<line> More sp*cifi*al*y, the results of *he survey show that *h* socia* responsibility </line>

<line> practi*es, notably r*garding protect*o* o* the envi**nment, exert * statistically signi*icant </line>

<line> impact *n th* studie* company *redibili*y, re*uta*i*n and br*nd *quity. The*efore, more </line>

<line> tr*nsp*rent social *es*onsibil*t* ac*ions, accom*anied by di*c*osure of detailed </line>

<line> and </line>

<line> int*lligi*le a*coun*s, act to burnish its cre**b*lity. High credibili*y *he* ha* a </line>

<line> pos i t i ve </line>

<line> influenc* on r*putation, which in turn im*r*ves the brand eq*i*y and l*ads to a higher market </line>

<line> share and sales. </line>

<line> *ther st*die* have also shown positi** r**ul*s among with the variab**s stud*ed in *ur </line>

<line> mode*, CSR p*siti*ely m*derates t*e relationshi* between corporate brand e*u*ty and firm\s </line>

<line> perfor*ance (Rahman et al., 201*). CSR act*vitie* also *el* to impro*e t*e *onsumer's </line>

<line> p*rc*p*ion of the *i*m\* marketing performance, becau*e cons**ers tend *o perceive social** </line>

<line> r*sponsibl* *o*po*ation as more reliable *nd *o co*sider them a g*o* *e*utation (Fat**, </line>

<line> Rahman, & *h*n, 2015). A corporate cre*ibility is related to *SR *ar*icipati*n i*ten*ion </line>

<line> (Le*, Z*ang, & Abit*ol, 20*9), because the cust*mers' pos*ti*e perception* of * corpor*tion's </line>

<line> CSR *ctivit*es can p*sit*vely influence </line>

<line> their ow* attitude* and behavio*s, making them </line>

<line> par*icipan*s ** CSR pro*rams (Hur, Moon, & ***, 20*0). </line>

<line> R*v. FSA, Teresina *I, v. 1*, n. 1*, art. 2, p. 25-49, out. 2021 ww*4.fsanet.com.br/revis*a </line>

<line> P. H. Ceciliano, *. C. M. *ilva, P. R. C. Vi*na </line>

<line> 42 </line>

<line> But corp*rate social r*sp*nsibility doe* no* only co**r*bute to increase sale* revenue </line>

<line> *f th* s**died company, because there is * par*ll*l reductio* of costs. This resul* </line>

<line> is </line>

<line> psychological i* nature, since the </line>

<line> firms *ith a solid reputation *en* to h*ve more motivated </line>

<line> workers a*d thus greater productivity, *hile also attrac**ng more talente* **b applicants, in a </line>

<line> virtuous circle of r*sing pride. </line>

<line> Finally, the stronger brand *quity also facil*tates inroa*s i* the *nternationa* market, </line>

<line> which today i* increasingly **mpose* o* </line>

<line> *ustomers tha* *r* co**erned with corpor*te </line>

<line> behavior regar*i*g th* env*r*nmen*. The results of this s*u*y ind*ca*e th*t compani*s cannot </line>

<line> ign*re social r*sponsibility acti*iti*s. In manage*ent ter*s, there is als* an un*u*stionable </line>

<line> cont*ibut*on, notably regarding the st*a*egic management o* scarce and inesti*able in*angible </line>

<line> ****ts, *uch as **rpor*te cred*bility and r*putation. </line>

<line> Some l*mi*a*ions o* this *t*dy shou*d be men*i*ned. The *act it is *as*d on </line>

<line> a </line>

<line> *on*robabil*stic co*venience sa*ple prevent* *e*eral*zing the resul*s. F*r *his r*ason, w* </line>

<line> *ecommend f*ture stu*ie* with random s*m*li*g. *he samp*e was *ls* restrict*d to customer* </line>

<line> *n *** domes*ic marke*. W* **ggest conduct*ng new studies w*th inclusion o* cust*mers i* the </line>

<line> int*rnationa* m*r*et. F*r*her s**dies als* sho*ld be performe* *ith compa*ies in different </line>

<line> economic sectors, *uch as services, retailing and m*n*facturing. Finally, this *tu** </line>

<line> di d </line>

<line> not </line>

<line> consi*e* all the other dimensions of CSR economic, legal, ethical and p*ilanthropi* - t* </line>

<line> investigat* *f other *imen*i**s have similar or d*fferen* effects on c*r*ora*e brand e*ui*y. </line>

<line> Research limit*tio*s/**p*ica****s </line>

<line> Because of th* c*osen research ap*roach, the sample *as *estri*t*d to customers in *he </line>

<line> domestic m*rk**. This study is base* on a non-proba*ilistic conv*nience sample p*events </line>

<line> generali*ing the resul*s. The*e*ore, re*earchers r*commend future st*dies with rand** </line>

<line> sa*plin* and conducting n*w studies with inclusi** of custo*ers in t*e inter*ational market. </line>

<line> The paper s*ggest that *ig*er investment in *ocia* well-being is important st*a*eg***lly </line>

<line> to i*crea*e the brand equity. </line>

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<line> Como Referenciar este Artig*, conf*rme ABNT: </line>

<line> *ECILIANO, P. *; SILVA, A. C. M; VIA*A, P. R. C; The Impact o* CSR, **edibility and </line>

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<line> Teresin*, v.1*, *. 10, *rt. 2, p. 25-49, out. 2021. </line>

<line> C*n*ribuição dos Auto*es </line>

<line> P. H. Cecili*n* </line>

<line> A. C. M. Sil*a </line>

<line> P. R. C. Viana </line>

<line> 1) concepção e planejamento. </line>

<line> X </line>

<line> X </line>

<line> X </line>

<line> 2) aná*ise e interpr*tação *os d*dos. </line>

<line> X </line>

<line> X </line>

<line> * </line>

<line> 3) elaboração do rascun*o *u na r**i*ão crítica *o co*teúdo. </line>

<line> X </line>

<line> X </line>

<line> X </line>

<line> 4) participaçã* na aprovação da versão final do manus*rito. </line>

<line> X </line>

<line> X </line>

<line> X </line>

<line> Re*. FS*, Te*e*i*a PI, *. 18, n. 10, a*t. 2, *. 25-49, out. 2*21 </line>

<line> *ww4.*sanet.com.br/rev*sta </line>