Does stakeholder pressure be the pressure or force driver for firms? Based on previous studies on stakeholder pressure and firm values, and using the paradigm of “external pressure-firm action-market response”, we explore the relationships between stakeholder pressure, corporate social responsibility (CSR), and firm value.

Stakeholder pressure stimulates the requirement of resources and legitimacy to firms, and fosters firm’s to proactively take CSR, and CSR will improve firm values as a result. Meanwhile, media attention will not only directly influence firm’s CSR activities, but also affect other stakeholders’ pressures and the moderate the relationship between CSR and firm values.