The concept of Creating Shared Values (CSV) has recently been receiving a heightened attention from the business community. CSV is one step advanced from the traditional CSR, and it is the idea that both corporate and the society can achieve sustainable growth through developing solutions to fundamental social problems together. In spite of the growing interest in CSV, there is little empirical research on CSV. This study examined the effect of consumers' perceptions of CSV activities on customer loyalty. We offer a dual mediation effect model of CSR trust on consumer loyalty to explain the psychological mechanism through which CSR trust (generated by consumer perceptions of CSV activities) works. The results suggest that CSR trust which is formed by CSV perceptions has a positive influence on customer loyalty through dual mediation of "corporate attitude" and "consumer-company identification." This study offers a theoretical framework to understand the structural cause-and-effect relationship among consumer perceptions of CSV activities, CSR trust, corporate attitude, consumer-corporate identification, and customer loyalty. Practical implications are also offered.