Corporate Social Responsibility (CSR) has been shown to impact the organization’s financial and non-financial performance in terms of Return on Assets (ROA), Return on Equity (ROE), Market Value (MV), and profitability; workplace relations; working conditions; workplace health and safety; organization effectiveness; and customer satisfaction, among other benefits.
Following are empirical studies showing the effect of Corporate Social Responsibility (CSR) on organizational performance from various parts of the globe.
The Impact of Perceived Corporate Social Responsibility (CSR) Efforts on Financial Performance: Empirical Evidence from Vietnamese Firms
This study investigated the relationship between perceived CSR efforts and financial performance of Vietnamese companies. The target population included 71 Vietnamese firms listed on the Hanoi Stock Exchange (HNX) and Ho Chi Minh Stock Exchange (HOSE). 387 managers and employees were selected from the 71 firms operating in multiple industry sectors and stakeholder groups. Data collection was done using questionnaires. Data analysis was done using Structural Equation Modelling (SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA) (Nguyen, 2024).
Perceived CSR efforts of a firm were measured using survey items that assess stakeholders’ perceptions of the firm’s corporate social responsibility in various domains, including environmental protection, ethical behavior, and community involvement. Stakeholder support was measured using a scale that was developed by Sen et al. (2006). The financial performance of the target firms was measured by checking their return on assets (ROA) and returns on equity (ROE) values as recorded in their financial reports. The findings of the study were presented in relevant tables as required (Nguyen, 2024).
Generally, perceived CSR efforts were reported to significantly affect the financial performance of the target firms, with corporate reputation and stakeholder support playing the moderating role. Specifically, perceived CSR efforts were shown to have a positive and significant effect on corporate reputation and stakeholder support. This suggests that a stakeholder’s perception of an organization’s CSR efforts plays an important role in shaping its reputation and extent of support it receives from various stakeholders. The findings also revealed that the size of the firm had a positive and significant effect on corporate reputation and stakeholder support. The age of the firm showed a moderate but significant effect on both corporate reputation and stakeholder support. Financial leverage was shown to have a negative but significant effect on corporate reputation and stakeholder support (Nguyen, 2024).
Impact of CSR on firm performance: the moderating role of family ownership in individualistic and collectivistic countries
This study explored how family ownership affects the relationship between Corporate Social Responsibility (CSR) and firm performance. It also investigated the effect of family ownership on the relationship between CSR and financial performance in collectivistic countries vis-à-vis individualistic ones. The target population included 439 firms spread across 35 countries. The study made use of yearly data of publicly traded firms across the globe from financial year 2013 to financial year 2022. CSR was measured using the Environmental, Social, and Governance (ESG) Combined Score. In order to determine family ownership status, the Refinitiv Database was used by cross-referencing it with Bloomberg (Bloomberg.com) and the Global Family Business Index. Before carrying out regression analysis, the collected data was first checked for the linear regression assumptions of linearity, normality, heteroscedasticity, and multicollinearity. To establish the relationship between CSR and financial performance, the study employed panel data regression analysis (Singh, 2024).
The findings revealed that family ownership had a positive effect on the relationship between CSR and financial performance of target firms. This effect of the degree of ownership on the relationship between CSR and financial performance was shown to be stronger in collectivistic countries than in individualistic ones. The results also indicated that the Environment, Social, and Governance (ESG) scores had a positive but insignificant effect on revenue. Revenue was also positively moderated in cases where the firm had a CSR board or committee in place. This ensured that there was governance that led to a stronger fit for CSR strategies (Singh, 2024).
The impact of corporate social responsibility on organizational performance: a case study of Unity Cement Company, Aden
The study examined the impact of CSR dimensions (environmental, legal, philanthropic, and economic responsibility) on the performance of staff members (financial performance, customer perspective, internal processes, and learning & growth) of Unity Cement Company, Aden. The target population included 35 staff members at the company, including employees and department managers. Data collection was done using questionnaires. Data analysis was accomplished using descriptive statistics and regression analysis. The findings were presented in relevant tables as deemed fit (Sattar et al., 2024).
The results revealed a positive and significant relationship between three CSR dimensions (environmental, philanthropic, and legal responsibility) and performance at the Unity Cement Company. On the other hand, the results showed a positive but insignificant relationship between the CSR dimension of economic responsibility and organizational performance (Sattar et al., 2024).
Corporate Social Responsibility (CSR) and firm performance: case of Kazakhstan
This study explored the influence of Corporate Social Responsibility (CSR) practices on financial performance (return on assets, return on equity, net profit margin, and market value) of companies listed on the Kazakhstan stock exchange market. The target population included 8 largest corporations in the Republic of Kazakhstan. These firms were drawn from various industries, including the mobile network service industry, financial and credit provision industry, commercial banking sector, oil transit sector, energy sector, telecommunications sector, and atomic energy sector. The study utilized secondary data from the firms’ annual audited reports that were prepared between January 2010 and December 2020. The data were sourced from credible sources, specifically Bloomberg and the Kazakhstan Stock Exchange (Katenova & Qudrat-llah, 2023).
The study quantified CSR activities using Moskowitz’s tripartite ratings. This rating categorizes a firm’s CSR as either ‘outstanding,’ ‘honorable,’ or ‘worst.’ The collected data was analyzed using the least squares technique. This technique included the selected firm’s previous financial performance in terms of ROA and ROE. Descriptive statistics parameters (that is, mean, median, standard deviation, and interquartile range for ROA, ROE, and NPM) for all the variables under investigation were presented using relevant tables. Correlation analysis, unit root test, and regression analysis were also employed during data analysis (Katenova & Qudrat-llah, 2023).
The findings revealed that CSR practices in Kazakhstani firms had a significant effect on net profit margin. On the other hand, the results indicated no significant association between CSR activities and the return on assets, return on equity, and market value in the target companies (Katenova & Qudrat-llah, 2023).
Firm Performance, Corporate Social Responsibility (CSR), and the Impact of Earnings Management during Covid-19: Evidence from the Middle East and North Africa (MENA) Region
This study investigated the influence of Corporate Social Responsibility (CSR) on the performance of selected companies in the MENA region. Specifically, the study examined the effect of CSR on business performance, the effect of Earnings Management (EM) on firms’ performance, the impact of the Covid-19 pandemic on the relationship between CSR and Earnings Management, and the moderating effect of Earnings Management on the relationship between CSR and firm performance with reference to the MENA Region (Aqabna et al., 2023).
The target population included firms operating in countries found in the MENA region as defined by the International Monetary Fund (IMF). The study utilized the accounting and market data to measure a firm’s financial success. Consequently, the financial success of a company was quantified using the following variables: return on assets (ROA), returns on equity (ROE), and Tobin’s Q (Aqabna et al., 2023).
CSR was measured using the Environmental, Social, and Governance (ESG) score index. The ESG score is a multidimensional index that is created from the results of disclosures about the environment, governance, and social issues. The overall ESG score from the Thomson Reuters database was used to measure the impact of corporate social responsibility on organizational performance (Aqabna et al., 2023).
Earnings management was measured using the modified Jones model that was proposed by Dechow et al. (1996) as a proxy for accrual-based EM (Aqabna et al., 2023).
The control variables incorporated in the study included the firm’s age, firm size, board size, board independence, financial leverage, Covid-19, inflation, and GDP growth (Aqabna et al., 2023).
The descriptive statistics of the dependent, independent, and control variables explored in the study were presented in relevant tables. Pearson correlation was used to check for multicollinearity problems. The Random Effect Estimation (RE) regression model was used to examine the influence of ESG and EM on a company’s ROA, ROE, and Tobin’s Q accordingly. The findings of the study were presented in relevant tables (Aqabna et al., 2023).
According to the results, Environment, Social, and Governance (ESG) was shown to have a positive impact on the return on assets (ROA) of the target firms. It was also reported that Earnings Management (EM) had a positive effect on firms’ return on assets (ROA). The findings also showed that the influence of Environment, Social, and Governance (ESG) and Earning Management (EM) on return on assets (ROA) is the same before and during the Covid-19 period (Aqabna et al., 2023). The findings further revealed that Environment, Social, and Governance (ESG) does not affect the return on equity (ROE) of target firms. This means the corporate social responsibility has no effect on the ROE of firms operating in the MENA region. In addition, it was reported that Earnings Management (EM) had no effect on the relationship between Environment, Social, and Governance (ESG) and the financial performance of the firm (Aqabna et al., 2023).
A Perceptual Approach to the Impact of Corporate Social Responsibility (CSR) on Organizational Financial Performance
This study explored the impact of CSR on organizational financial performance in firms operating in Romania. The target population included 431 employees from large Romanian organizations. Data collection was done using questionnaires. CSR was measured using employee attraction or employee retention and client attraction or client loyalty. Perceptual financial performance was measured using net profit and turnover. Structural Equation Modeling (SEM) was used to process and interpret the collected data. The results were presented using relevant tables (Cazacu et al., 2023).
The findings revealed that Corporate Social Responsibility (CSR) exerts a medium direct positive influence on the firm’s financial performance. It was also reported that CSR exerts a positive and significant influence on employee attraction and retention. Also, the results showed that CSR has a positive and significant effect on client attraction and loyalty. The findings further indicated that CSR enhances the ability of the firm to access capital. Lastly, it was reported that CSR practices lead to improved organizational reputation in the target firms (Cazacu et al., 2023).
The impact of Corporate Social Responsibility (CSR) on organizational performance in the state of Kuwait: moderating role of human resources management (HRM)
The study sought to establish the impact of CSR activities (environmental, social, governance, economic, and philanthropic) on the performance of Islamic banks in Kuwait. It also explored the moderating role of HRM on the relationship between CSR and firm performance. The target population included Islamic banks operating in the state of Kuwait. A sample size of 208 participants was selected for the study. The data collection tool was a questionnaire. Descriptive statistics (frequencies, percentages, mean, and standard deviation) were used in data analysis. Multiple regression and hierarchy Regressions were used to examine the relationship between study variables. The results were posted in relevant tables as required (Alabduljader, 2023).
The findings showed a positive and significant relationship between CSR and long-term organizational performance. It was also reported that HRM plays a moderating role in the relationship between CSR and firm performance. Lastly, the results indicated a positive and significant relationship between all the CSR activities (environmental, social, governance, economic, and philanthropic) and the performance of Islamic banks in Kuwait (Alabduljader, 2023).
Impact of Corporate Social Responsibility (CSR) on an organization’s financial performance: evidence from Maldives public limited companies
This study investigated the effect of CSR on the financial performance of companies listed on the Maldives Stock Exchange. Specifically, the study sought to determine whether CSR activities (including community, diversity, environment, and workplace) affect the financial performance of the company using the variable return on assets (ROA). Secondly, the study sought to establish the effect of CSR activities on companies’ financial performance using the variable return on equity (ROE). Thirdly, the study sought to find out the effect of CSR activities on a company’s financial performance using earnings per share (EPS). The moderating variable was the size of the company (Sameer, 2021).
The target population included 8 companies listed on the Maldives Stock Exchange. However, 2 of them did not fit the criteria for inclusion in the study because the study period for this research was from 2014 to 2018. So 6 companies were chosen for the study. The researcher employed non-probability sampling and judgmental sampling to achieve study objectives (Sameer, 2021).
In this study, the researcher adopted the CSR standard proposed by Maqbool et al. (2009). Consequently, four components were included in the assessment of a company’s CSR, that is, community, environment, workplace, and diversity. The companies’ ROA, ROE, and EPS values were obtained by examining the companies’ annual reports. Thus, the researcher employed the content analysis technique and coding procedure to develop the CSR index for target companies. The researcher used firm size as the control variable in the study. This variable was determined by using the natural logarithm of total assets and was calculated using the formula: Total assets (Natural Logarithm) = LN (Total Assets). The researcher then used panel data to assess the relationship between CSR and firm performance (Sameer, 2021).
The findings revealed a strong negative but significant relationship between diversity and ROA. The results also showed a positive but insignificant relationship between community, environment, workplace, and ROA. Firm size was shown to have a negative but significant relationship with ROA. The findings also revealed a negative but insignificant relationship between diversity, environment, firm size, and ROE. However, the relationship between community and ROE was positive but insignificant. The panel analysis technique was used to establish the relationship between CSR activities and financial performance. The results showed a strong negative and significant relationship between diversity and EPS. On the other hand, the results revealed a positive but insignificant relationship between community, environment, workplace, and EPS. In addition, the findings indicated a positive but insignificant relationship between firm size and EPS. In conclusion, the study found no significant relationship between CSR (community) and financial performance in terms of ROE, ROA, and EPS (Sameer, 2021).
Corporate Social Responsibility (CSR) and organizational performance: a study of a local council in Malaysia
This study explored the relationship between CSR practices and the performance of a local council in Malaysia. Specifically, the study examined the effect of philanthropic, ethical, legal, and economic responsibilities on organizational performance in the local council. The target population included 75 staff members employed in the local council. Data collection was done using a questionnaire. CSR was measured using Carroll’s pyramid of CSR model. Perceived organizational performance was measured using two dimensions: responsiveness and effectiveness. Data analysis was done using descriptive statistics (frequencies, percentages, and mean) and the statistical test correlation model. The findings were presented using relevant tables (Singh, 2021).
The findings revealed a positive and significant relationship between philanthropic responsibility, ethical responsibility, legal responsibility, and economic responsibility activities and organizational performance in the local council (Singh, 2021).
Influence of Corporate Social Responsibility (CSR) on a firm’s performance during Covid-19: evidence of the emerging markets
This study examined the influence of Corporate Social Responsibility (CSR) on the performance of Indian firms during the Covid-19 pandemic. Firstly, the study sought to establish the effect of CSR activities performed towards employees on the financial and non-financial performance of the organization. Secondly, the study sought to determine the effect of CSR activities performed towards customers on the financial and non-financial performance of the organization. Thirdly, the study sought to establish the effect of CSR activities performed on investors on the financial and non-financial performance of the organization. Lastly, the study sought to determine the effect of CSR activities performed towards the community on the financial and non-financial performance of the organization (Aggarwal & Joshi, 2021).
The target population included 500 firms operating in Gujarati, India. Questionnaires were mailed to the selected participants, including employees, interns, and top managers in the target firms. Descriptive statistics were used to analyze the collected data. In addition, a stepwise backward regression approach was used to analyze the impact of CSR activities on the financial and non-financial performance of the organization. The findings were presented in relevant tables (Aggarwal & Joshi, 2021).
The findings revealed that CSR activities towards employees had a negative but significant impact on the firm’s financial performance. On the other hand, CSR activities towards employees had a positive and significant impact on the firm’s non-financial performance. The results also indicated that CSR activities towards customers had a positive and significant effect on the firm’s financial performance. On the other hand, CSR activities towards customers had a positive but insignificant effect on the firm’s non-financial performance (Aggarwal & Joshi, 2021).
It was also established that CSR activities towards investors had a positive and significant impact on both the firm’s financial and non-financial performance. In addition, it was revealed that CSR activities towards the community had a positive but insignificant effect on both the firm’s financial and non-financial performance (Aggarwal & Joshi, 2021).
The findings also showed that CSR activities towards the environment had a positive but insignificant impact on both the firm’s financial and non-financial performance. Finally, the findings revealed that CSR activities towards suppliers had both a positive and significant effect on both the firm’s financial and non-financial performance (Aggarwal & Joshi, 2021).
The effect of authentic Corporate Social Responsibility (CSR) intent and substantiveness on firm performance
This study explored the impact of authentic CSR intent and substantiveness on the performance of firms featured in Corporate Responsibility (CR) Magazine’s list of the 100 Best Corporate Citizens (between 2011 and 2015). Specifically, the study set out to determine the relationship between the authenticity of organizations’ CSR reports and firms’ financial performance. It also sought to establish the relationship between the authenticity of organizations’ CSR reports and firms’ Corporate Social Performance (CSP). The study also investigated the extent to which CSP mediates the relationship between CSR and firm performance. Lastly, the study examined the extent to which substantive CSR mediates the relationship between CSP and firm performance (Vendette, 2021).
Data to be used in the study was collected from the CR Magazine’s corporate citizenship database. The report authenticity measure was arrived at through a qualitative analysis of the firm’s annual corporate citizenship reports. Content analysis of the firms’ annual citizenship reports was done using the Linguistic Inquiry and Word Count Engine (LICW). CSR reports with authentic intent were assumed to be those associated with a more honest, personal, and disclosing text. On the other hand, CSR reports with a lower intent score were assumed to be those associated with a guarded, distanced form of disclosure. The scores of corporate social performance were collected from CRWE’s world’s best corporate citizen report. Substantive CSR was obtained by calculating the DICTION (a software) score by Kinder, Lyndenberg, and Domini, otherwise known as KLD ratings. Firms’ performance was arrived at by calculating the firm’s Return on Investment (ROI). The control variable, firm size, was measured using the natural logarithm of net sales. Descriptive statistics and a correlation matrix were employed in data analysis (Vendette, 2021).
The findings revealed a positive and significant relationship between CSR intent and firm performance. Also, the results demonstrated a positive and significant relationship between authentic CSR intent and CSP. Furthermore, a positive and significant relationship was reported between CSP and firm performance. Also, a positive and significant relationship was established between CSR substantiveness and firm performance (Vendette, 2021). The findings also revealed a positive and significant relationship between CSR intent and performance of the firm. Finally, the results showed that CSR substantiveness fully mediates the relationship between authentic CSR intent and performance of the firm (Vendette, 2021).
Assessment of the impact of Corporate Social Responsibility (CSR) on the firm performance of manufacturing companies in Nigeria
This study sought to establish the effect of corporate social responsibility on the performance of manufacturing firms in Nigeria. Secondary data was used in this study. The data were sourced from the annual financial reports of the target firms from 1994 to 2020. Firm performance was measured in terms of Price Earnings Ratio (PER), Dividend Yielding (DY), Earnings Per Share (EPS), and Return on Investment (ROI). Descriptive statistics (mean, median, maximum, deviation) were used to analyze the collected data. Correlation analysis was used to determine the relationship between corporate social responsibility (independent variable) and performance (dependent variable). The results were presented using appropriate tables (Oshatimi & Tuoyo, 2020).
The results showed that corporate social responsibility had a positive and significant impact on the Price Earnings Ratio (PER), Dividend Yielding (DIY), Earnings Per Share (EPS), and Return on Investment (ROI) of the target manufacturing companies in the study area (Oshatimi & Tuoyo, 2020).
Evaluate the relationship between corporate social responsibility and organizational effectiveness in breweries.
This study sought to evaluate the relationship between CSR and organizational effectiveness in breweries in the Delta State, Nigeria. Specifically, the study examined the impact of educational support and community welfare on organizational effectiveness. The study also explored the relationship between corporate reputation and CSR. The target population included 6 breweries operating in the Delta State, Nigeria. A sample size of 226 staff members from the target firms constituted the respondents for the study. Data collection was done using questionnaires. Data analysis was done using descriptive statistics (frequencies, percentages, mean, and standard deviation). Inferential statistics, specifically Pearson correlation and regression analysis, were employed to establish the relationship between variables under investigation. The findings were presented using relevant tables as needed (Okonji, 2017).
The findings revealed that there is a positive and significant relationship between educational support and organizational effectiveness. The results also showed a positive and significant relationship between community welfare and organizational effectiveness. In addition, it was shown that a positive and significant relationship exists between CSR and organizational effectiveness. Lastly, the findings revealed a positive and significant relationship between corporate reputation and CSR (Okonji, 2017).
The impact of corporate social responsibility on organizational performance: a case study of Vodafone Ghana Limited
This study explored the impact of Corporate Social Responsibility (CSR) on the performance of Vodafone Ghana Limited. Specifically, the researcher sought to establish Vodafone’s understanding of the concept of CSR. The study also sought to identify the various CSR activities provided by the company. In addition, the study set out to determine problems associated with the practice of CSR. The target population included management and staff of Vodafone Ghana Limited. 20 participants were selected using a simple random sampling technique. Primary data for the study was collected using questionnaires. Secondary data for the study was collected from online journals, experts’ literature, and published books and reports. The collected data was analyzed using quantitative and qualitative analysis methods. The results were presented in tables, charts, and graphs (Boafo & Kokuma, 2016).
According to the findings, the company’s CSR activities were majorly focused on health, safety, and education. It was reported that the company does not involve stakeholders when it comes to identifying which CSR activities should be undertaken. The findings also revealed that both the company and the community benefited from the CSR activities so far rolled out. While the community benefited by receiving aid in areas like education, the company benefited by receiving more customers, thus increasing their market share. The findings also indicated that when a company engages in CSR activities, it is bound to benefit in terms of enhanced image, employee commitment, brand differentiation, improved reputation, and enhanced financial performance (Boafo & Kokuma, 2016).
The impact of corporate social responsibility on firm financial performance in Bangladesh
The study examined the impact of CSR on the financial performance of firms in Bangladesh. Specifically, the researcher set out to establish the relationship between CSR practice and corporate image & trust; CSR practice and customer satisfaction; and CSR practice and competitive advantage. The study also assessed the relationship between corporate image & trust and the financial performance of the firm. It also sought to determine the influence of competitive advantage on the financial performance of the firm (Uddin & Rahman, 2015).
The target population included Bangladeshi firms operating in the manufacturing, distributing, wholesaling, retailing, and service industries. Data collection was done using questionnaires. 207 out of the targeted 300 respondents, including supply chain managers, management accountants, corporate relationship officers, and finance and control departmental staff, participated in the study. Data analysis was done using principal component analysis (PCA) and confirmatory factor analysis (CFA), as well as structural path analysis. The results were presented in relevant tables as required (Uddin & Rahman, 2015).
The results indicated a positive and significant relationship between CSR practice and corporate image & trust; CSR practice and customer satisfaction; and CSR practice and competitive advantage. The findings also revealed a positive and significant relationship between corporate image & trust and the financial performance of the firm. Lastly, the findings indicated a positive and significant relationship between competitive advantage and the financial performance of the firm. In conclusion, the study established that CSR has a positive and significant influence on the financial performance of Bangladeshi firms (Uddin & Rahman, 2015).
The impact of corporate social responsibility on firm performance: evidence from a MENA country
This study sought to establish the effect of CSR dimensions (economic, legal, ethical, and discretionary) on the performance of non-financial companies in Egypt. It also sought to determine the relationship between firm size, firm age, industry type, and firm performance. The target population included 400 non-financial companies obtained from the Kompass Egypt database. Questionnaires were used as the main tool of data collection from the selected respondents. Data analysis was done using descriptive statistics (frequencies, percentages, mean, and deviation). Correlation analysis and a two-independent samples t-test were used to test the hypotheses of the study. The findings were presented using relevant tables as required (Basuony et al. 2014).
The results revealed a positive and significant relationship between financial performance measures (ROA, ROS, ROE, competitive position, and sales growth) and CSR. In addition, the results indicated a positive and significant relationship between all the financial performance measures and all the CSR dimensions (economic, legal, ethical, and discretionary). The results also indicated that SMEs do not significantly differ from large firms in using the CSR. The findings also indicated that manufacturing firms do not significantly differ from large companies when it comes to using CSR. In addition, the findings revealed that new companies do not significantly differ from old firms when it comes to adoption of CSR. Lastly, the results indicated that no significant relationship exists between size of the firm, type of industry, age of the firm, and CSR (Basuony et al. 2014).
Corporate Social Responsibility (CSR) and its effect on organizational innovation and firm performance: an empirical study in Spanish SMEs
This study focused on the measurement of four main dimensions of corporate social responsibility (including customers, suppliers, employees, and the local community) and how it affects organizational innovation and performance. That target population included 2558 employees of SMEs operating in the manufacturing, commercial, service, and construction sectors in Spain. Out of these, 552 were selected to participate in the study. Personal interviews targeting CEOs of the firms were done. Data analysis was done using structural equation modeling, the Sobel test, the Aroian test, and the Goodman test. The findings were presented in relevant tables (Isabel et al., 2014).
The findings revealed that all the dimensions of corporate social responsibility (that is, customers, suppliers, employees, and the local community dimensions) had a positive and significant effect on innovation and social performance (Isabel et al., 2014).
Citation
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