Corporate Social Responsibility and Corporate Financial Performance: An Empirical Literature Review

Sonia Boukattaya, Zyed Achour and Zeineb Hlioui
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Sonia Boukattaya: ISG - Institut Supérieur de Gestion de Tunis

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Abstract: This study aims to present a literature review of recent studies on the relationship between environmental, social and governance (ESG) performance, corporate social responsibility (CSR) and corporate financial performance (CFP) and to provide a path for future researches. Using content analysis method, a total of 88 papers published in renowned journals, over the period 2015-2021, were selected in the review. Several findings have been made: first, the majority of researches have focused on the CSR's "social impact" hypothesis on CFP; the reverse relationship seems to have been overlooked. Second, the contested results are likely to be attributable both to differences in research contexts and CSR' laws but also to biases relating to the operationalization of CSR concept and CFP proxies retained. Finally, several arguments are advanced arguing for an indirect link between CSR and CFP. Future research should, therefore, pay attention to the different contingent variables that are likely to affect the studied relationship.

Keywords: Literature review; Corporate social responsibility; ESG performance; Firm performance; Firm value (search for similar items in EconPapers)
Date: 2021-11-30
New Economics Papers: this item is included in nep-cfn, nep-eff and nep-env
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Published in International Journal of Innovative Research and Publications, 2021, pp.1-32. ⟨10.51430/IJIRP.2021.13.001⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03472433

DOI: 10.51430/IJIRP.2021.13.001

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