Strategic CSR: A Concept Building Meta-Analysis

Pushpika Vishwanathan (), Hans J. van Oosterhout, Pursey P. M. A. R. Heugens, Patricio Duran and Marc van Essen ()
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Pushpika Vishwanathan: UvA - Universiteit van Amsterdam = University of Amsterdam
Hans J. van Oosterhout: Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR
Pursey P. M. A. R. Heugens: Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR
Patricio Duran: Universidad Adolfo Ibáñez = University Adolfo Ibañez [Santiago]
Marc van Essen: University of South Carolina [Columbia]

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Abstract: This study develops the concept of Strategic Corporate Social Responsibility (Strategic CSR) by meta-analyzing the available empirical evidence on the relationship between CSR and corporate financial performance (CFP). Using meta-analytic structural equation modeling on effect size data from 344 primary studies, our study documents four empirical mechanisms explaining how CSR positively affects CFP: by 1) enhancing firm reputation, 2) increasing stakeholder reciprocation, 3) mitigating firm risk, and 4) strengthening innovation capacity. We propose these four mechanisms to identify four causally relevant attributes that allow us to conceptually distinguish Strategic CSR from CSR more generally. Our findings indicate that the four mechanisms combined explain 20 per cent of the CSR-CFP relationship, suggesting that considerable room remains for future empirical research. The development of an empirically informed, causal conceptualization of Strategic CSR responds to a long-heard call for better-specified concepts in empirical CSR research.

Keywords: concept formation; corporate social responsibility; financial performance; meta-analysis; strategy (search for similar items in EconPapers)
Date: 2020-03-01
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Published in Journal of Management Studies, 2020, 57 (2), pp.314 - 350. ⟨10.1111/joms.12514⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05656781

DOI: 10.1111/joms.12514

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