Corporate Social Responsibility and Carbon Efficiency in the Airline Industry: Implications for Sustainability and Corporate Value

The airline industry faces increasing pressure to balance economic performance with social and environmental responsibilities. This study investigates the influence of corporate social responsibility (CSR) on corporate value, incorporating the moderating role of carbon performance and the mediating effect of customer perception. A comprehensive CSR assessment framework based on ISO 26000 is developed across six dimensions: organizational governance, labor practices, the environment, consumer issues, fair operating practices, and community involvement. Panel data from 20 global airlines over 2017–2024 are used to test the proposed relationships. The results indicate that higher CSR scores are positively associated with corporate value and that customer perception, measured through Skytrax ratings, provides partial mediation. In addition, lower unit carbon intensity strengthens the positive CSR–value relationship, highlighting the importance of verifiable carbon performance in improving the financial returns to CSR. These findings distinguish broad CSR engagement from operational carbon outcomes and reinforce the role of carbon efficiency in sustainable airline strategy.