Exploring the Nexus Between Corporate Social Responsibility and Financial Performance: A Meta-Analytical Review of the Literature

Soraya Hajar El Maaroufi () and Si Mohamed Bouaziz ()
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Soraya Hajar El Maaroufi: Ibn Zohr University, PhD Student-Researcher associated with the LAREFMO, Research Laboratory in Entrepreneurship, Finance, and Management of Organizations, Faculty of Legal, Economic, and Social Sciences(FSJES)
Si Mohamed Bouaziz: Ibn Zohr University, Permanent Researcher associated with the LAREFMO, Research Laboratory in Entrepreneurship, Finance, and Management of Organizations, Faculty of Legal, Economic, and Social Sciences(FSJES)

A chapter in Proceedings of the International Conference on Multidisciplinary Research in Management and Economics (ICMRME 2025), 2025, pp 481-498 from Springer

Abstract: Abstract The relationship between Corporate Social Responsibility (CSR) and financial performance has been the focus of extensive empirical research, yet findings remain inconsistent. This meta-analysis quantitatively synthesizes empirical studies conducted between 1996 and 2025 to examine the overall effect of CSR on financial performance across diverse industries and geographical contexts. Grounded in stakeholder theory, the resource-based view, and legitimacy theory, this study explores the mechanisms through which CSR initiatives may enhance or hinder firm performance. While aggregated results reveal a generally positive correlation often linked to reputational gains, customer loyalty, and improved operational efficiency effect sizes vary significantly across contexts. In some cases, particularly when CSR efforts lack strategic alignment, the relationship is neutral or negative. Moderating variables such as firm size, industry sector, and regional characteristics are found to influence the strength and direction of the CSR performance link. Furthermore, the analysis highlights persistent challenges, including heterogeneity in measurement approaches and a paucity of longitudinal data. This meta-analysis not only consolidates the current state of knowledge but also identifies key research gaps, underscoring the need for sector-specific analyses, deeper investigation into consumer behavior as a mediating factor, and the role of digital transformation in shaping CSR outcomes.

Keywords: Corporate Social Responsibility; Financial Performance; Stakeholder Theory; Sustainability; Literature Review; Competitive Advantage (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-892-9_27

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DOI: 10.2991/978-94-6463-892-9_27

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