sustainability

Article
Consumer Participation in CSR: Spending Money versus
Spending Time
Yaping Fang 1 , Feng Liu 2 , Sunmin Kim 3 and Minchan Pyo 3, *

1 Economics and Management School, Hefei University, Hefei 230601, China

2 Business School, Shandong University, Weihai 264209, China
3 Business School, University of Seoul, Seoul 02504, Republic of Korea
* Correspondence: [email protected]

Abstract: Consumer participation plays a more active role in corporate social responsibility (CSR)
than ever before. However, a framework describing how participation approaches generate cognitive
and behavior responses in consumers is still lacking. The purpose of this study is to investigate the
different effects among consumers’ participation approaches (i.e., spending money versus spending
time) on inspiring consumers to engage in CSR. Additionally, we explore consumers’ cognitive
mechanisms by identifying the key mediating role of perceived value. A total of 429 participants were
recruited using an inter-group between-subjects design, and hypotheses were tested by a structural
equation model, including path analysis and bootstrapping procedure method. The results show that
consumers tend to have a more positive perception of CSR and greater intention to participate when
they spend time rather than money to engage in CSR activities. We also confirmed the importance of
perceived value in CSR, as the link between consumer participation type and behavioral intention is
fully mediated by perceived value. These findings shed a light on the importance of the participation
approach in CSR, contributing to CSR and consumer participation research. Our study also provides
meaningful implications for companies to encourage consumers to use their time to participate in
CSR activities.

Keywords: CSR; consumer participation; time; money; perceived value; participation intention

Citation: Fang, Y.; Liu, F.; Kim, S.;

Pyo, M. Consumer Participation in 1. Introduction
CSR: Spending Money versus
Corporate social responsibility (CSR) has become a critical business strategy for gain-
Spending Time. Sustainability 2023,
ing a competitive advantage. Considering the important role of consumers’ involvement
15, 5786. https://doi.org/10.3390/
or engagement in CSR activities, more and more businesses are tending to interact or
su15075786
co-create with consumers in the implementation process, which is referred to as consumer
Academic Editor: Wen-Hsien Tsai participation in CSR. For example, the Ant Forest program is a mini-application embedded
Received: 9 February 2023
in Alipay that focuses on tree-planting with consumer participation. According to publicly
Revised: 16 March 2023
available information, 613 million consumers use Alipay every day to participate in the Ant
Accepted: 19 March 2023
Forest mini-program, resulting in the reforestation of 264,680 hectares and the plating of
Published: 27 March 2023 326 million trees. Due to its contribution to protecting the environment, this program won
the “Champion of the Earth for Inspiration and Action” award from the United Nations
Environment Programme (UNEP). As a result, the Ant Forest program not only enhances
corporate reputation, but it also greatly improves the customer retention and usage rates
Copyright: © 2023 by the authors. of Alipay, effectively countering the challenge posed by Tencent, one of the toughest com-
Licensee MDPI, Basel, Switzerland. petitors in the mobile payment market. The success of the Ant Forest program reaffirms
This article is an open access article
that CSR with consumer participation can be an effective strategy for increasing consumer
distributed under the terms and
loyalty and shaping their awareness of CSR, which in turn gives companies a competitive
conditions of the Creative Commons
advantage [1].
Attribution (CC BY) license (https://
Corporate social responsibility (CSR) involving consumer participation has gained
creativecommons.org/licenses/by/
widespread attention and is actively implemented in practice. However, academic interest
4.0/).
Consumer engagement

Sustainability 2023, 15, 5786. https://doi.org/10.3390/su15075786 https://www.mdpi.com/journal/sustainability

Sustainability 2023, 15, 5786 2 of 17

in this issue remains limited [2]. While consumers can participate in CSR in various ways,
determining which type of participation is most suitable for successful CSR is challenging.
Previous research shows that consumers participating directly in CSR can result in positive
marketing outcomes such as increased consumer trust and satisfaction [3], participation
and purchase intentions [4,5], CSR associations, and credibility [6]. Additionally, CSR
characteristic factors such as CSR participation effort [2,7], CSR domain (type) [8], message
appeal and service type of CSR [9], CSR communication approach [10], and contribution
type [11] are the antecedent variables that influence different consumer responses. More-
over, certain studies have examined the implementation region as another significant factor
affecting the consumer’s response towards CSR [12,13]. CSR participation type, as a CSR
characteristic factor, may also affect consumer support and participation intention. How-
ever, current studies have not explored this issue in-depth. Previous studies mainly focus
on the overall effectiveness of participatory CSR and the different dimensions of consumer
cognition (relatively positive or negative), without empirically examining which types of
participation are most suitable for inspiring consumers to engage in CSR. The underlying
mechanism for how consumers decide whether or not to participate in a certain type of
CSR also remains unclear. As a result, previous research does not provide clear guidelines
for companies to explore effective participation approaches in CSR.
This study aims to provide a better understanding of the effectiveness of appropriate
participation approaches in relation to consumers’ intention to participate in CSR through
empirical exploration. Individuals rely on two parallel and interacting information process-
ing systems known as dual-process theory [14], which provides a theoretical framework
for understanding the psychological mechanisms underlying consumers’ decision-making.
Previous research suggests that the activation of different modes in consumers during
decision-making can be influenced by various factors including the concept of time and
money; the concept of time tends to activate the emotional, holistic, and heuristic process-
ing mode, while the concept of money activates the analytical and value maximization
processing mode [14–18]. Research indicates that when compared to the concept of money,
the activation of the concept of time would increase individuals’ willingness to do good
and donate more [15,19,20]. Furthermore, the inherent ambiguity of the theory of time,
proposed by Okada and Hoch, highlights the intrinsic differences between money and
time [21]. Consumers tend to perceive resources invested in terms of time as more flex-
ible and ambiguous than those invested in terms of money, particularly with regards to
opportunity cost assessment and perception of budget constraints [22–24]. This difference
leads to varied perceptions and behavior towards CSR [21,24]. In this study, we divide
CSR participation into two categories, spending money and spending time, to explore the
impact of CSR participation on consumers’ cognition and behavior in detail. Based on the
aforementioned research findings of prior research, we suggest that consumers are more
likely to have a positive perception of CSR and higher intention to participate when asked
to invest time rather than money in CSR activities.
This study also examines the mediating variable that impacts consumers’ decision
about whether or not to participate in CSR. Schwartz identified several values that indi-
viduals universally pursued across the cultures [25,26]. Previous research demonstrates
that perceived value directly influences consumer decision-making and behavior (i.e., [27]).
Therefore, we identify personal values as a core element of the consumer participation
mechanism in CSR. Specifically, we expect that the relationship between consumers’ partic-
ipation approach and their behavioral intention depends on how they perceive the value in
CSR. In addition, we include consumers’ perception of CSR as a dependent variable along
with their participation intention. This is because CSR perception reflects the change in
consumers’ attitudes and opinions, while participation intention directly reflects the level
of consumers’ support for CSR. In summary, the purpose of this study is to explore the
different effects of spending money and time on CSR activities and to identify the consumer
cognitive pathway by exploring the key mediating role of perceived value between CSR
type and participation intention.
Sustainability 2023, 15, 5786 3 of 17

To investigate the objectives of the study, an experiment using an inter-group design

was conducted. Firstly, a pretest was conducted with 97 respondents to ensure that the
study was appropriately designed. After the pretest, a paper-and-pencil questionnaire was
used in the experimental study. The participants were recruited from libraries in China, and
a total of 429 respondents participated in the survey. Descriptive statistics were obtained
using SPSS 18.0, and a structural equation model was tested using AMOS 22.0 to assess
the hypotheses.
This study proposes the following contributions. Firstly, few studies have recognized
the significant role of consumers in CSR and identified the effective ways to implement
CSR activities. Thus, we adopt the inherent ambiguity theory of time as a framework to
categorize the CSR activities with consumer participation into two types: spending money
and spending time. We apply the dual-process theory as a lens to explore the differen-
tial influence caused by CSR participation type, providing further theoretical evidence
to understand the influence of consumers’ participation in CSR. Secondly, we consider
five perceived values (stimulation, security, hedonism, achievement, and universalism)
simultaneously, following the suggestions of Green and Peloza [28]. They proposed that
multiple values can be perceived simultaneously in CSR activities. This broader application
of Schwartz’s value classification aims to minimize the gap with previous research, which
mainly focused on universalism or hedonism (i.e., [29–31], etc.). Finally, we suggest to
practitioners that CSR activities with consumers’ participation, especially those where
consumers take time to participate, are an effective CSR strategy. Such activities can help
establish a win–win cooperation partnership with consumers, cultivate company–consumer
identification, and promote CSR co-creation behaviors [6].
In the following sections, we will review the related theoretical background, including
CSR, consumer perceived value, and participation intention. Based on the literature, we
will further develop our research hypotheses and conceptual models. Section 3 will present
the study’s research design, followed by an experimental study conducted in Shanghai,
China, and the empirical results presented in Section 4. Finally, we discuss our findings
and suggest implications, limitations, directions for future research, and conclusion.

2. Literature Review and Hypothesis Development

2.1. The Classification of Consumer Participation in CSR and Its Influence
Since the publication of Bowens’ “Social Responsibilities of the Businessman” in 1953,
Corporate Social Responsibility (CSR) has become a prominent topic in business, manage-
ment, and marketing. CSR refers to the idea that companies should not only fulfill their
corporate roles in society but also make efforts to address social issues that the government
cannot solve [32]. Carroll and Buchholtz [33] believed that CSR is a less-imitable corporate
strategy that can bring about favorable social outcomes, and it does not just imply the level
of obligations for society or stakeholders. By implementing CSR, companies can strengthen
their relationships with stakeholders [34], build corporate reputation [10], and improve
financial and non-financial performance.
Consumer participation involves the discretionary expression of informational, emo-
tional, physical, and behavioral contribution of consumer in the corporate service pro-
cess [35]. In CSR, consumer participation is critical in supporting the company’s CSR
efforts associated with social issues (e.g., [1,2,7]). Consumer participation in CSR has been
reported as an effective way to improve consumer trust and purchase intention and in
turn gain a competitive advantage (e.g., [1,3,4]). Generally, consumers can participate
in CSR activities by sharing CSR-related information with other consumers, answering
their questions [3], or co-creating CSR with companies, such as planting trees together [1],
which requires consumers to spend a certain amount of time. Additionally, consumers can
express their support for a certain CSR by making monetary contributions (e.g., donating
money directly).
This study distinguishes between two types of consumer participation in CSR: spend-
ing money and spending time. Spending money for CSR participation has been widely
Sustainability 2023, 15, 5786 4 of 17

studied and includes various forms, such as CRM (cause-related marketing) and charity
donations (e.g., [33,36,37]). Spending time, on the other hand, involves completing certain
missions that the company pledges to make donations or provide CSR support in return.
For instance, in the Ant Forest mini-program, consumers must walk 100 days (10,000 steps
per day) to plant a tree.
It is important to differentiate between the resources (i.e., time-to-money) invested
by consumers in CSR because of their intrinsic differences in opportunity cost and budget
constraints. This concept is known as the theory of inherent ambiguity of time [21,24].
While the opportunity cost of spending money is explicit and assessable because money
can be easily converted and stored in the marketplace, time is non-transferable and cannot
be saved for future use. Consequently, the opportunity cost of spending time is ambiguous.
Additionally, while consumers have a fixed amount of disposable income during a specific
period, budgetary constraints are often a reality. Nevertheless, time use is discretionary,
and consumers can manage how they spend their time, even though everyone has the
same 24 h in a day. These fundamental differences suggest that classifying participation
types based on the resources invested by consumers in CSR, such as money and time, is
reasonable. Furthermore, the different types of participation may have varying impacts on
CSR-related perceptions and behaviors, which requires further investigation.
Research has shown that consumers perceive the time or money required to participate
in CSR as both imposing costs and providing benefits [2,7]. The perceived costs are related
to the monetary and/or non-monetary losses required for CSR participation. According
to the theory of inherent ambiguity of time [21], these losses associated with spending
time may be less significant than spending money. In fact, consumers may not realize
the losses incurred by spending their time and may even enjoy it as leisure because both
the opportunity cost and budgetary constraints of spending time are unclear. On the
other hand, the perceived benefits of CSR participation include happiness and altruistic
emotions related to positive value perception. Researchers have found that compared to
spending money, consumers may derive more happiness (i.e., value perception), better
CSR perception, and be more likely to increase social interaction and establish social
connections from spending time [38,39]. Therefore, we believe that different types of
participation in CSR may have varying effects and suggest that spending time has a more
ambiguous perception of costs and a higher perception of benefits than spending money.
The ambiguous perceptions of time costs may allow consumers to have better benefit
perceptions, such as more value cognition and better CSR perception.
Moreover, this study suggests that spending time may elicit more positive behaviors
from consumers than money. The dual-process theory suggests that individuals have
two parallel and interacting systems (i.e., rational and experience system), and different
information processing modes are activated when they make decisions in different situ-
ations [14]. Research has found that the experiential system is primed when consumers
spend time, and the rational system is primed when spending money [14,40]. The rational
system is based on the high level of consciousness, characterized by purposive, analytical,
and describable traits. Individuals who rely on this system tend to make decisions based
on cognitive processing. On the other hand, the experiential system is characterized by
automation, integrity, association, and inexpressiveness. Individuals who rely on this
system tend to make decisions based on intuition, emotion, and other irrational factors [41].
As mentioned earlier, time has the characteristics of ambiguity, difficulty in calculation
and explanation, irreplaceability, and invisibility, which make consumers rely more on the
experiential, emotional, and heuristic systems to process temporal information [14,15,18].
CSR as a good deed would trigger various positive emotions in consumers, such as hap-
piness and a sense of responsibility [42]. Consequently, the willingness of consumers to
participate in CSR would increase when the participation type involves spending time.
However, money is more specific, easy to analyze, substitutable, and tangible, which makes
consumers rely more on rational and analytic systems to process information related to
money. It means that consumers would weigh the benefits against the costs of participating
Sustainability 2023, 15, 5786 5 of 17

in CSR through their cognitive process. When the outcome of the trade-off is negative, the
willingness to participate may decrease or even disappear. Additionally, scholars have
found that compared with money, activating consumers’ concept of time can effectively
improve individuals’ participation intentions, such as willingness to donate to charity
and increase the amount of donations [15,19,20]. Overall, spending time may elicit more
positive value perception, and participation intentions from consumers than money. Hence,
we propose the following hypothesis:
H1. When the participation type is spending time, consumers’ (a) perceived value, (b) perceived
CSR, and (c) participation intention are relatively higher than when spending money.

2.2. Consumer Perceived Value in CSR

In CSR, values are beliefs about what is important and desirable in an individual’s
life, which can be generated for all stakeholders including consumers [43,44]. Value is the
basis of an individual’s thoughts and behaviors [26], and each individual has their own
unique set of values [25]. Consumer perceived value is generated from the interaction
between consumers and products or companies [45], and it can be defined as “the overall
assessment of the utility of a product based on the perceptions of what is received and
what is given” [46]. When consumers are asked to participate in CSR, the assessment of the
effectiveness of their participation will bring perceived value. Consumer perceived values
in CSR are a multidimensional concept, such as utilitarian dimension (e.g., a high-quality
product), emotional dimension (e.g., feeling good and happiness), or social dimension
(e.g., obtaining social acceptance and self-esteem) [27]. Importantly, these values are not
mutually exclusive; instead, they can be simultaneously perceived through a single CSR
activity [28]. Therefore, comprehensively exploring value is crucial for understanding the
role of each value in a particular CSR activity.
This study utilizes Schwartz’s value theory [25,26] to examine the impact of consumer
perceived value. Schwartz has identified values that are universally pursued across cul-
tures, and these values can be classified into two dimensions: Self-Enhancement versus
Self-Transcendence and Openness to Change versus Conservation. Self-Transcendence
reflects concern for others’ benefits or common welfare, which includes universalism and
benevolence. Self-Enhancement, on the other hand, emphasizes an individual’s personal
success and power over others, which includes achievement and power. Openness to
Change prioritizes an individual’s independent thoughts and actions with an open mind,
such as self-direction and stimulation, while conservation involves adhering to traditional
practices and protecting stability, such as conformity, tradition, and security [26]. Hedonism
is a special value which belongs to both Openness to Change and Self-Enhancement.
Previous research has confirmed the relevance of Schwartz’s value theory in the
CSR area, but these studies have only employed a few dimensions, such as universalism
or hedonism (i.e., [29–31], etc.). In this study, all bipolar value dimensions are used to
comprehensively investigate the impact of perceived value on CSR. Specifically, this study
examines five values, including universalism, achievement, stimulation, security, and
hedonism as the second-order variable to gain a broader understating of the relationship
between consumers’ participation type and their participation intention.
Given its significant influences on consumers’ decisions and behaviors, the role of
consumer perceived value in CSR has been widely studied [47]. Previous research has
shown a positive correlation between consumer perceived value and perceived CSR. Specif-
ically, consumers with high perceived value hold high expectations of CSR, including
economic responsibility and ethical-philanthropic responsibility, and this perception can
positively impact their perceived importance of CSR [48]. Moreover, consumer perceived
values, such as hedonism, stimulus, achievement, security, and universalism, which are
the focus of this paper, are critical for shaping CSR-relevant beliefs, preferences, and ac-
tions [30]. Additionally, a positive link between various benefits and consumer value
perceptions (i.e., achievement, domination, change, growth, belonging, power, pleasure,
Sustainability 2023, 15, 5786 6 of 17

uniqueness) and their intention to participate has been confirmed [31,49]. Zasuwa [31] also
claimed that perceived value is positively associated with behavior intention. Therefore,
we propose that the perceived value has a positive impact on both perceived CSR and
participation intention.
In addition to the direct effects mentioned above, perceived value may also mediate
the relationship between consumer participation type and CSR perception and partic-
ipation intention. However, previous research has not explored the mediating impact
of perceived value in the relationship between CSR participation type and consumers’
willingness to participate. This research gap needs to be addressed since perceived value
is widely acknowledged as a key factor in CSR research [28,30,47–49]. Previous studies
have suggested that CSR activities can generate various positive values (e.g., happiness,
excitement) and lead to positive marketing outcomes, such as increased purchase intention,
consumer support, and word of mouth [28,42,50]. Chen and Lin [51] also confirmed the
mediating role of perceived value in increasing consumer satisfaction and participation
intention in the context of social media marketing. Given the important role of consumers
in both CSR with consumer participation and social media marketing, we believe that these
arguments are equally applicable to our study and suggest that perceived value is a key
mediator in participation type and consumers’ positive responses. As previously noted,
compared to spending money, spending time has a higher perception of benefits and a
more ambiguous perception of costs. Therefore, we hypothesize that perceived value will
have a higher mediating role between CSR and consumer responses (perceived CSR and
participation intention) when consumers spend time (vs. money) to participate in CSR.
H2. When the participation type is spending time, the mediating role of perceived value is higher in
the process of influencing (a) perceived CSR and (b) participation intention than spending money.

2.3. Perceived CSR and Participation Intention

Perceived CSR refers to the consumer’s attitude or cognitive evaluation of a firm’s CSR
activity. Although CSR activities and perceived CSR are often used interchangeably, the
former refers to the company’s actual CSR initiatives, such as charity giving, while the latter
is related to customers’ awareness of the company’s commitment to social responsibility and
its associated activities [52]. Instead of “CSR activities”, we will focus on “perceived CSR” in
this study, because consumers’ responses and behaviors are significantly influenced by how
they perceive CSR [42]. For example, customers’ CSR perceptions positively influence their
purchase and loyalty intentions, which can give a company a competitive advantage [1,42].
Generally, CSR actions not only have a direct and primary impact on the focal company
(e.g., consumer support and loyalty, resilience against negative information of company,
and attribution of CSR motivation, etc.), but also have other outcomes for stakeholders
(e.g., good partnerships with communities or non-profit organizations, reducing the stress
caused by social issue). Consumers respond to certain CSR activities through various
channels and approaches, and the aforementioned marketing returns depend on how
consumers perceive CSR [42]. According to Ruiz de Maya [1], participatory CSR campaigns
increase consumers’ perceptions of CSR, leading to more positive outcomes.
Additionally, the relationship between consumer perceived CSR and participation in-
tention has been studied extensively, with findings suggesting positive correlation between
them. Hur et al. [4] found that consumer perceptions of CSR activities lead to greater CSR
participation through the mediation of customer–company identification. Folse et al. [53]
also verified the relationship between perceived CSR and participation intention through
three studies, showing that consumers’ CSR perception positively affects their participation
intention in cause-related marketing. Similarly, Lee et al. [6], focused on the CSR communi-
cation leading to CSR participation and found similar results. Therefore, we expect that
consumers’ CSR perceptions can increase their intention to participate in CSR activities.
H3. Perceived CSR positively affects consumers’ participation intention.
 cused on the CSR communication leading to CSR participation and found similar results
Therefore, we expect that consumers’ CSR perceptions can increase their intention to par
ticipate in CSR activities.

Sustainability 2023, 15, 5786 H3. Perceived CSR positively affects consumers’ participation intention. 7 of 17

In summary, consumer participation type is related to consumer perceived value

perceived CSR, and
In summary, participation
consumer intention
participation type in
is CSR. When
related the participation
to consumer perceived type
value,is spend
perceived CSR, and participation intention in CSR. When the participation type is spending inten
ing time, consumer perceived value (H1a), perceived CSR (H1b), and participation
tion (H1c)
time, are perceived
consumer higher compared with
value (H1a), when spending
perceived CSR (H1b),money. Perceivedintention
and participation value mediate
(H1c) are higher compared
the relationship between with when spending
participation money.
type and Perceived
perceived CSRvalue mediates
(H2a) the
and participation
relationship between participation type and perceived CSR (H2a) and participation inten-
intention (H2b). Furthermore, perceived CSR has a positive impact on participation inten
tion
tion(H2b).
(H3). Furthermore, perceived
Thus, we propose theCSR has a positive
following impact
structural on participation
equation intention
model (SEM) to demon
(H3). Thus, we propose the following structural equation model (SEM) to demonstrate our
strate our hypothesis (Figure 1).
hypothesis (Figure 1).

Figure1.1.The
Figure Theproposed
proposed conceptual model.
conceptual Notes:
model. Participation
Notes: type (spending
Participation money vs.
type (spending spending
money vs. spending
time)
time)ininCSR
CSRis an observational
is an independent
observational variable,
independent while perceived
variable, CSR and participation
while perceived inten-
CSR and participation in
tion are two
tention aredependent
two dependentvariables. PerceivedPerceived
variables. value is considered a first-order potential
value is considered variable
a first-order and is variabl
potential
and is composed
composed of five second-order
of five second-order potential stimulation,
potential variables: variables: stimulation, security,
security, hedonism, hedonism, achieve
achievement,
ment, and universalism values. Attitude is included as a control variable in this model.
and universalism values. Attitude is included as a control variable in this model. All the All the meas
measured
ured are
items items are provided
provided in Supplementary
in Supplementary material S2.material
The solidS2.
lineThe solid line
represents represents
the direct effect, the
and direct
the effect
and the
dotted dotted
line line represents
represents the indirect the indirect effect.
effect.

3. Data and Methodology

3. Data and Methodology
3.1. Experiment Design and Stimulus Development
3.1. Experiment Design and
This study employed anStimulus Development
inter-group design to compare and analyze the impact of
This participation
consumer study employed an inter-group
type (spending moneydesign to compare
vs. spending time) and analyze value,
on perceived the impact o
perceived CSR, and participation intention in CSR activity. We developed
consumer participation type (spending money vs. spending time) on perceived value, per an experiment
stimulus,
ceived CSR,which andincluded a brief corporate
participation intentionintroduction and two
in CSR activity. Wepromotional
developed posters
an experimen
about an ongoing CSR activity that asked for consumer participation. The content of the
stimulus, which included a brief corporate introduction and two promotional poster
two posters was identical except for the consumer participation type (spending money
about an ongoing CSR activity that asked for consumer participation. The content of th
vs. spending time). In the experiment, respondents were randomly shown one of the two
two posters
posters, was
and the identical
influence ofexcept for the consumer
the participation type wasparticipation type
explored by the (spending
score money vs
difference
spending
between thetime). In the experiment, respondents were randomly shown one of the two
two groups.
posters, andtothe
In order influence
control of the participation
the consumer’s type was explored
pre-existing preferences by the score
for real companies difference
and to
between the results,
generalize two groups.
we created a fictious company for the study. To ensure the consistency
between the experience
In order to control group, we chose to focus
the consumer’s on the same
pre-existing CSR activity—protection
preferences for real companies of and to
the environment—as different CSR activities can elicit different cognitive
generalize the results, we created a fictious company for the study. To ensure the con response from
consumers (e.g., [54]).
sistency between theToexperience
enhance thegroup,
immersion in the to
we chose experiment, we presented
focus on the same CSR the CSR
activity—pro
activity as an ongoing environmental protection effort actually taking place in China. The
tection of the environment—as different CSR activities can elicit different cognitive re
stimulus for the two groups differed, with one group being encouraging consumers to
sponse
walk from consumers
(spending time type),(e.g., [54]).
and the To groups
other enhance the encouraged
being immersion to in make
the experiment,
a purchase we pre
sented the
(spending CSRtype).
money activity as an
Except ongoing
for the environmental
manipulation protection
of experiment effort
variables, actually taking
the contents
of both CSR activities were constructed equally. To enhance the realism of the poster, virtual
logos, QR codes, and website addresses were also included. The details of the stimuli are
provided in Supplementary material S1.
Sustainability 2023, 15, 5786 8 of 17

3.2. Pretest and Manipulation Check

To confirm that participants correctly identified the participation type shown in the
poster, a pretest was conducted prior to the main experiment using the online survey
platform Wenjuanxing (www.wjx.cn, accessed on 26 July 2022). The data were collected
through snowball sampling and included 97 respondents (49 males and 48 females) aged
18 to 55 years (M = 28, SD = 6.65). Respondents were asked to select whether it takes
1 money or 2 time to participate in the CSR activity mentioned in the poster. The results
confirmed that the manipulation was successful, with more respondents selecting “money”
in the spending money stimulus and vice versa. Both groups were also familiar with
each participation type asked about, and there was no statistically significant difference in
familiarity between the two groups.

3.3. Sample and Data Collection Procedure

The experimental study used a paper-and-pencil questionnaire and was conducted
under the approval of the Institutional Review Boards (IRBs) at the University of Seoul.
To ensure semantic equivalence, we employed the back-translation technique for Chinese
translation of the original questionnaires [55]. Additionally, face-to-face interviews with
focus groups of Chinese graduate and PhD students were conducted to verify the com-
prehensibility of the questionnaire including scenarios and variable measures. During the
survey process, we randomly distributed one of the two scenarios (see Supplementary ma-
terial S1) to participants after confirming their willingness to participate in the experiment.
Participants were asked to complete the questionnaire after reading the scenario.
Participants were recruited from libraries (i.e., Shanghai Municipal Library, Pudong
Library, Xuhui Campus Library of Shanghai Jiao Tong University, Shanghai University of
Science and Technology Central library) considering the convenience in data collection. A
total of 429 respondents participated in the survey, with data from 411 respondents being
used in the analysis after excluding 18 inadequate responses. The gender distribution
was almost even (49.9% were women; n = 205). The average age of the respondents was
28 years, and more than 80% of the sample held four-year college degrees. Office workers
accounted for 38.4% (n = 158) of the sample, followed by students (24.8%).

3.4. Measurement of Variables and Analysis Method

In this study, the consumer participation type in CSR was measured using a dichoto-
mous variable, with a value of 0 indicating spending money and 1 indicating spending
time. Except for the consumer participation type, all the other variables were measured
using a 7-point Likert scale ranging from strongly disagree (1) to strongly agree (7).
The perceived value was measured through five dimensions: stimulation, security,
hedonism, achievement, and universalism values, each consisting of three to four items
based on [5,25,26,56]. For example, the concept of stimulation value is related with having
interest, novelty, and challenging lifestyle, which was measured using three items (novelty,
new, and exciting), while the hedonism which refers to personal happiness and sensory
satisfaction was measured using three items (fun, pleasure, and enjoyment of life). Achieve-
ment value indicates an individual’s perception of his or her own success in line with
social standards, which was measured by four items (capable, influential, self-respect, and
support). The security value is linked to the safety, harmony, and relationship stability,
and three items (social order, health, and sense of belonging) were used to measure it. The
universalism value is related to understanding, gratitude, and tolerance for nature and the
environment, which was measured by three items (protecting the environment, a world of
beauty, and unity with nature).
Perceived CSR refers to consumers’ awareness of companies that fulfil commitments
related to social obligations and activities [52]. The study included measurement items
from [8,57–59], which were modified to fit the research context. Participation intention,
which reflects the degree of consumers’ willingness to engage or participate in CSR activi-
ties, was measured through five items adapted from the previous studies of [37,53].
Sustainability 2023, 15, 5786 9 of 17

Moreover, the method for delivering messages may affect the experimental results [9].
Hence, this study included attitude towards posters as a control variable in the survey
to remove the bias from different expressions and sentence lengths in the two poster
types. Four dimensions of attitude (dislike/like, negative/positive, bad/good, and unfa-
vorable/favorable) [53] were measured.
For the analysis method, this study utilized structural equation modeling (SEM) to test
our hypothesis as it provides a flexible framework for inferring cause-effect relationships
among variables. Additionally, SEM enables the exploration of direct and indirect effects
simultaneously. The path analysis and bootstrapping procedure method of SEM were
focused on using AMOS 22.0. Furthermore, manipulation checks and descriptive statistics
analysis were performed using SPSS 18.0.

4. Results
4.1. Manipulation Check and Descriptive Statistics
The results of the manipulation check showed that the two different types of CSR
participation (spending money vs. spending time) led to significantly different perceptions
among consumers. Participants who were assigned to the spending money condition
perceived that more money was needed to participate in CSR activities; whereas those
assigned to the spending time condition recognized the need for more time to participate.
These differences in perception between the two groups, as measured by mean scores,
were statistically significant, which was shown in Table 1. This demonstrates that the
manipulation was successful. Additionally, the mean values of all variables were over
four, indicating a positive attitude toward CSR with consumer participation. The collected
data were found to be normally distributed based on skewness and kurtosis test results
presented in Table 2.

Table 1. Manipulation Check.

Question Participation Types Mean SD t-Value

Money is needed Spending money poster 4.75 1.79 7.54 ***
Spending time poster 3.48 1.64
Time is needed Spending money poster 4.76 1.75 −4.66 ***
Spending time poster 5.51 1.51
*** p < 0.001.

Table 2. Descriptive Statistics.

Construct Mean SD Skewness Kurtosis

Stim 4.94 1.55 −0.798 0.130
Secu 4.97 1.40 −0.564 0.005
Hedo 5.01 1.38 −0.635 0.284
Achi 5.10 1.39 −0.930 0.964
Univ 5.66 1.35 −1.240 1.712
PI 4.68 1.36 −0.527 −0.218
CSR 4.99 1.15 −0.623 1.320
AT 5.30 1.36 −0.772 0.444
Notes: Stim stimulation, Secu security, Hedo hedonism, Achi achievement, Univ universalism, CSR perceived CSR,
PI participation intention, AT attitude.

4.2. Common Method Bias and Validation of Measures

Harman’s single-factor test was used to check for common method bias (CMB), and
the proportion of the first principal component in the unrotated factor matrix was 45.94%,
indicating that the CMB risk was low in the dataset. In addition, confirmatory factor
analysis (CFA) was used to identify inappropriate items and enhance the operationalization
of instruments, including the assessment of convergent and discriminant validity. The
model fit appears to be acceptable with x2 = 372.203, df = 138, x2 /df = 2.697, GFI = 0.916,
Sustainability 2023, 15, 5786 10 of 17

RMSEA = 0.064, NFI = 0.936, CFI = 0.959, TLI = 0.949. Convergent validity refers to the
level of consistency between the potential and observation variables when measuring
potential using them. As shown in Table 3, all factor loadings were higher than 0.7, average
variance extracted (AVE) was higher than 0.67, and composite reliability was higher than
0.81, indicating convergent validity. In addition, the value of Cronbach’s α was higher than
0.8, revealing satisfactory reliability. The analysis results showed that the square roots of
the AVE were higher than the correlations between the latent variables, which confirmed
discriminant validity (Table 4). Overall, these results suggest that our model is suitable for
assessing this study’s four hypotheses.

Table 3. Reliabilities and Convergent Validities.

Construct Factor Loading Cronbach’s α C.R. AVE

Stim1 0.941
Stim 0.891 0.894 0.808
Stim2 0.855
Secu2 0.889
Secu 0.865 0.865 0.762
Secu3 0.857
Hedo2 0.879
Hedo 0.923 0.926 0.863
Hedo3 0.976
Achi1 0.858
Achi 0.814 0.816 0.689
Achi3 0.801
Univ2 0.889
Univ 0.912 0.894 0.808
Univ3 0.909
Stim 0.796
Secu 0.762
PV Hedo 0.833 0.924 0.911 0.672
Achi 0.911
Univ 0.788
CSR1 0.887
CSR CSR2 0.934 0.899 0.902 0.755
CSR3 0.778
PI1 0.779
PI 0.831 0.837 0.721
PI2 0.914
AT1 0.823
AT AT2 0.847 0.883 0.884 0.718
AT3 0.871
Notes: Stimu stimulation, Secu security, Hedo hedonism, Achi achievement, Univ universalism, PV perceived value,
CSR perceived CSR, PI participation intention, AT attitude.

Table 4. Discriminant Validities and Correlations.

Construct PA PV CSR PI AT
PA -
PV 0.135 ** 0.820
CSR 0.051 0.713 *** 0.869
PI 0.012 0.695 *** 0.472 *** 0.849
AT −0.033 0.650 *** 0.500 *** 0.562 *** 0.847
Note: PA participation approaches, PV perceived value, CSR perceived CSR, PI participation intention, AT attitude.
The bold numbers are the square root of AVE, ** p < 0.01 *** p < 0.001.

4.3. Structural Equation Model and Hypothesis Tests

Before testing the hypotheses, the SEM’s overall fit was assessed, and the goodness-of-
fit indices in Table 5 revealed a satisfactory model fit: x2 = 372.203, df = 138, x2 /df = 2.697,
GFI = 0.916, RMSEA = 0.064, NFI = 0.936, CFI = 0.959, TLI = 0.949. The direct effects
of consumer participation type on perceived value, perceived CSR, and participation
intention were observed through a path analysis. As illustrated in Table 5, consumers’
perceived value is higher in the case of spending time participating in CSR than in the case
of spending money (β = 0.157, p < 0.001), verifying H1a. However, consumer participation
type does not directly influence perceived CSR (β = −0.040, p > 0.05) or participation
Sustainability 2023, 15, 5786 11 of 17

intention (β = −0.064, p > 0.05), which rejects H1b and H1c. Additionally, perceived
value directly affected perceived CSR (β = 0.682, p < 0.001) and participation intention
(β = 0.634, p < 0.001), providing evidence to testing H2. Contrary to expectations, the effect
of perceived CSR on participation intention was not statistically significant (β = −0.067,
p > 0.05), thus rejecting H3.

Table 5. Standardized Parameter Estimates in the Structural Equation Model.

Model Paths Estimates S.E. t-Values p-Values Results

H1a PA -> PV 0.157 0.116 3.656 <0.001 Accepted
H1b PA -> CSR −0.040 0.094 −0.984 0.325 Rejected
H1c PA -> PI −0.064 0.115 −1.501 0.133 Rejected
H3 CSR -> PI −0.067 0.078 −0.991 0.321 Rejected
PV -> CSR 0.682 0.060 9.719 <0.001 Providing
PV -> PI 0.634 0.093 6.735 <0.001 evidence
AT -> PV 0.655 0.057 11.423 <0.001 for H2
AT -> CSR 0.056 0.051 0.917 0.359
AT -> PI 0.182 0.063 2.820 0.005
Goodness-of-fit indexes
x2 (138) x2 /df GFI RMSEA NFI CFI TLI
372.203 2.697 0.916 0.064 0.936 0.959 0.949
Notes: PA participation approaches, PV perceived value, CSR perceived CSR, PI participation intention, AT attitude.

The bootstrapping procedure method was used to verify the mediating effect of
perceived value by confirming whether the bootstrapped confidence intervals (CIs) were
different from zero. We performed bootstrapping by setting 5000 bootstrap samples at a
level of 0.05. The analyses revealed evidence of mediation (Table 6). The direct effects, H1b
and H1c, were rejected; therefore, the bootstrapping results explained that perceived value
played a complete mediating role in the process of influencing consumers’ perception of
CSR (β = 0.107, 95% CI [0.048, 0.178]) and their participation intention (β = 0.095, 95% CI
[0.041, 0.164]), showing that H2a and H2b are supported.

Table 6. Mediation Effects of Perceived Value.

95% Bias-Corrected
Path β S.E. p Bootstrap CI Results
Lower Upper
H2a PT -> PV -> CSR 0.107 0.032 <0.001 0.048 0.178 Accepted
H2b PT -> PV -> PI 0.095 0.031 <0.001 0.041 0.164 Accepted
Notes: PT participation types, PV perceived value, CSR perceived CSR, PI participation intention.

5. Discussion
5.1. Main Findings
This study investigates the impact of two types of consumer participation (i.e., spend-
ing money and spending time) on consumers’ cognitive and behavioral responses, and the
results verified that spending time is the more effective strategy to encourage consumers to
participate in CSR directly. Firstly, we found that when consumers participate by spending
time, their perceived value is higher compared to spending money. Specifically, investing
time in CSR evokes positive feelings (e.g., sense of belong, which is security value) and
emotions (e.g., happiness and existing, which are hedonism value and stimulus value),
and enhance the sense of personal achievement (i.e., achievement value) and environment
protection awareness (i.e., universalism value) more than investing money. Secondly, the
study found that the relationship between consumer participation type and participation
intention is fully mediated by perceived value. Through the mediating role of perceived
value, when consumers participate by spending time, they tend to have a more positive
Sustainability 2023, 15, 5786 12 of 17

perception of CSR and are more likely to participate in CSR. These findings reinforce the
importance of value in CSR. Interestingly, we also found that a positive CSR perception may
not always lead to positive behavioral intentions, contrary to previous studies that found a
positive relationship between consumers’ perceived CSR and participation intention [53].
This phenomenon is known as the CSR dilemma or paradox in the CSR communication
literature [10], where the more companies fulfill their CSR, the more consumers doubt their
intentions and hesitate to participate in CSR activities.

5.2. Theoretical Contributions and Implications

This study offers valuable theoretical contribution and implication for academics.
Firstly, while many businesses engage consumers in their social activities, academic research
in this area is still limited. Our study fills this gap by examining the different effects of
consumer participation types (spending money vs. spending time) on cognitive and
behavioral responses to CSR. Our findings reveal that when consumers participate through
spending time, their perceived value and participation intention are higher compared to
when they participate through spending money. This supports Howie et al.’s [2] suggestion
that different types of participation lead to varying cognitive and behavior responses.
However, our study expands on this by directly examining which types of participation are
more effective in inspiring consumers to engage in CSR and revealing the mediating role of
perceived value in this relationship.
Secondly, we contributed to CSR literature by extending the application of two impor-
tant theories: the inherent ambiguity theory of time and dual-process theory. We categorize
consumer participation in CSR based on the inherent ambiguity theory of time, providing
meaningful insights for expanding previous studies on CSR classification. Furthermore,
previous research [11,54] has interpreted similar findings to ours as consumer psychological
biases, where non-monetary contributions are perceived as purer, involve greater effort,
and elicit more emotionality than monetary contributions. Our study provides a theoretical
framework to support these findings by suggesting that these psychological biases are
caused by the inherent ambiguity of time. Additionally, we apply dual-process theory to
explore the differential influence of CSR participation type. To our knowledge, this is the
first study to apply dual-process theory in CSR literature, promoting the development of
CSR research at the individual level. In summary, this study provides theoretical evidence
to understand the CSR participation types of consumers and explores the application of
the inherent ambiguity theory of time and dual-process theory in CSR literature. The
implications of our study can assist businesses in developing more effective CSR strategies
and can guide policymakers in promoting socially responsible behavior among consumers.
Thirdly, we have confirmed the mediating effect of perceived value, building upon pre-
vious studies that have highlighted its existence in CSR [27–29]. Our research goes further,
establishing perceived value as a key driver that influence both consumers’ perceptions and
behavioral intentions in CSR. Factors such as happiness, uniqueness, sense of belonging,
achievement, and environmental conscientiousness not only enhance consumers’ positive
impressions of the focal company but also directly impact their participation intention in
the activity itself. To determine how participation approach can be linked to participation
intention, we applied Schwartz’s value classification [25] extensively. Unlike prior research,
which focused on specific values such as universalism [30,31] or hedonism [29], our empir-
ical results indicate that consumers can perceive multiple values simultaneously in CSR
activities, confirming Green and Peloza’s previous argument [28].
Finally, this study provides some insight for Ahn and Lee [7], who claimed that con-
sumers’ participation in CSR serves two roles: providing the “warm glow” and imposing
perceived costs. First, the theories applied in this study, such as Schwartz’s value theory
and the theory of inherent ambiguity of time, provide the theoretical framework for their
findings. Specifically, the role of providing “warm glow” could be measured based on
Schwartz’s value theory [25,26], and the role of imposing perceived costs may come from
the theory of inherent ambiguity of time [21]. “Warm glow” refers to the moral satisfac-
Sustainability 2023, 15, 5786 13 of 17

tion or perceived benefits obtained from pro-social behaviors, and consumers perceive
CSR participation as providing various benefits, such as happiness and social connections,
which are related to perceived value [2,7]. Schwartz identified 10 universally pursued
values across the cultures, providing an empirical measurement scale for “warm glow”.
The process of evaluating these monetary and/or non-monetary losses required in CSR
participation may need the help of the theory of inherent ambiguity of time [3]. The un-
certainty of time makes consumers more flexible and ambiguous in assessing the cost of
spending time. Once consumers take time to participate in CSR activities, they may not
realize the losses caused by spending time. Consumers will unconsciously lower their
expectations about CSR, and therefore, they may feel higher satisfaction with the outcomes
of participation. In addition, the results of this study provide empirical support for their
statement. We found that all the scores of values are over 4.9 (Table 2), which means that
consumers have positive value perceptions of CSR no matter what the participation type is.
This is the role of providing the “warm glow” in CSR caused by consumer participation.
We also found that when the participation type is spending time, the effectiveness of CSR
is better than spending money. This reflects the difference in the imposed cost perception
by the different information processing modes primed by time and money.

5.3. Managerial Implications

This study offers several managerial implications for practitioners. First, companies
and managers should pay more attention to consumer participation approaches when
designing the CSR activities involving consumer participation. Consumers may respond
differently to different participation approaches. Our results indicate that spending time is
a better option than spending money to encourage consumer participation in CSR activities.
This provides companies with an opportunity to identify appropriate CSR activities to
implement. Compared to monetary contribution, consumers’ time investment in CSR
activities could elicit positive feelings and emotions, enhance personal self-achievement and
self-expression, and consequently result in more positive CSR perception and behavioral
intention. Practitioners need to focus on the consumer participation approach in CSR
activities and avoid relying solely on asking consumers to donate money or purchase
corporate products. Instead, companies should encourage consumers to take some time
to participate in CSR activities. By doing so, the motivation for CSR would be purely
recognized, the CSR would be considered more valuable, and participation intention would
be significantly increased.
Furthermore, to enhance consumers participation in CSR activities, companies should
aim to optimize the perceived value of such activities; this involves designing strategies
that cater to customers’ intrinsic needs (such as feeling good and happy) and extrinsic
aspirations (such as staying fit, saving money, and protecting the environment). Consumers
typically adopt a “utilitarian” perspective when it comes to participating in CSR activities,
prioritizing the expected value and rewards they stand to receive. To encourage greater
consumer engagement, companies should focus on maximizing the perceived value and
benefits of CSR activities while minimizing perceptions of cost. One effective strategy to
achieve this is for companies to consider what consumers stand to gain from participating
in CSR activities. In comparison with other marketing variables associated with CSR
activities, perceived value is generally easier to measure.
A cautious approach should be taken towards companies that use CSR as a corpo-
rate strategy. Our findings suggest that massive donations or other contributions by the
company may not always positively encourage consumers to participate in CSR. Instead,
advocating or publicizing a company’s charitable behavior may activate consumers’ per-
suasion knowledge and be recognized as a marketing tactic for profit. This is known as
the CSR paradox in the field of communication which refers to the phenomenon that the
more CSR is performed, the more skeptical consumers become about its motivation and
effects, discouraging them from participating in CSR activities. By combining our findings
with prior research, companies can use diverse strategies to enhance their CSR campaigns.
Sustainability 2023, 15, 5786 14 of 17

For instance, they can utilize the Social Networking Services to optimize their interactive
capabilities and entice consumers to engage in CSR activities by leveraging “likes” or
recommendations from other consumers. Another approach is to “gamify” CSR activities
to stimulate consumer participation.

5.4. Limitations and Future Research

Although this study provides important insights into CSR, there are several limita-
tions that should be discussed in future research. Firstly, the experiment used a fictitious
beverage corporation. In future research, it is necessary to replicate this study using an
authentic company to enhance the external validity. Additionally, future research should
explore this empirical method in other regions and counties to identify differences across
cultural backgrounds. Furthermore, this study only examined the environmental context.
Therefore, it would be valuable to conduct various studies in different CSR activities, such
as supporting low-income individuals, preserving cultural relics, and protecting animals, to
generalize our findings. Besides, it is important to consider how the frequency of requests
for consumer time investment affects consumers’ cognition or willingness to participate in
CSR activities.

6. Conclusions
Consumer participation is crucial in CSR, and this study aimed to investigate the
impact of spending money versus time and the underlying mechanism of consumers’ par-
ticipation in CSR. Our findings suggest that spending time is a better solution than spending
money due to the mediating role of consumer perceived value. Consumers’ time investment
in CSR could result in a positive value perception such as happiness, uniqueness, sense
of belonging, achievement, and environmental conscientiousness. This perception could
improve CSR perception and participation intention. Therefore, companies should consider
consumers’ participation approaches and perceived value as significant determinants of
their participation behaviors in CSR.

Supplementary Materials: The following supporting information can be downloaded at: https:
//www.mdpi.com/article/10.3390/su15075786/s1.
Author Contributions: Conceptualization, investigation, methodology, writing—original draft prepa-
ration, project administration, Y.F.; writing—review and editing, Y.F., M.P., F.L., S.K.; supervision,
M.P. All authors have read and agreed to the published version of the manuscript.
Funding: This work was supported by 2022 University Science Research Project of Anhui Provincial
Department of Education (Grant Nos. 2022AH051769) and the Talent Research Fund Project of Hefei
University (Grant Nos. 20RC65).
Institutional Review Board Statement: This study was approved by University of Seoul Institutional
Review Board (IRB).
Informed Consent Statement: Informed consent was obtained from all subjects involved in the study.
Data Availability Statement: The datasets used and analyzed during the current study are available
from the corresponding author on reasonable request.
Conflicts of Interest: The author declares no conflict of interest. The funders had no role in the design
of the study, in the collection, analyses, or interpretation of data, in the writing of the manuscript, or
in the decision to publish the results.

Abbreviations
Achi achievement
AT attitude
CRM Caused-related marketing
CSR perceived CSR
Hedo hedonism
PA participation approaches
Sustainability 2023, 15, 5786 15 of 17

PI participation intention
PV perceived value
Secu security
Stimu stimulation
Univ universalism

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