Research on CSR has been conducted in many business disciplines. An important issue regarding the CSR is whether it should be considered as a simple expense or an investment that contributes to the firms’ value in the long run. In this research, we attempted to answer four important questions. First, can CSR activities increase firms' long term value? Second, do CSR activities have a long term effect on firm's long term value? Third, do other marketing related variables (e.g. R/D, AD, customer satisfaction) interact with CSR activities on their effects to firm's long term value? Fourth, how do the effects of CSR activities differ by industries?In this research, a hierarchical linear model (HLM) provides meaningful results. The results show that CSR activities indeed contribute to firm's long term value. Moreover, the long term effect of CSR activities is much stronger than the short term effect on the firm value. Firm's expenditure on advertisements and customer satisfaction positively reinforces the effect of CSR on firm's value, but R/D does not show such effect. CSR contributes to firm's value in all industry, but the magnitude of the effect differs by industries. This research shows that the effect of CSR on firm's value can be modified with other marketing related variables, which can trigger the necessity to study other significant moderators. Moreover, this research can provide managers in various industries with meaningful information that can support them in making more rational decisions beyond their intuition.