Although prior research had addressed the influences of CSR, R&D and advertising on brand value, none of them decided to test them simultaneously. This study develops and tests a conceptual framework which tests (1) CSP, R&D and advertising impact on brand value, (2) then brand value impact on stock return, abnormal return, systematic risk and idiosyncratic risk. Based on a secondary data set, the results show support for some relationships of this framework. Notably, the findings are an increase in CSP ratings lower brand value, whereas an increase in R&D and advertising spending increase brand value. Finally, higher brand value lower idiosyncratic risk.

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