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

Author

Listed:
  • Sonia Boukattaya

    (ISG - Institut Supérieur de Gestion de Tunis)

  • Zyed Achour
  • Zeineb Hlioui
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.

Suggested Citation

  • Sonia Boukattaya & Zyed Achour & Zeineb Hlioui, 2021. "Corporate Social Responsibility and Corporate Financial Performance: An Empirical Literature Review," Post-Print hal-03472433, HAL.
    • Handle: RePEc:hal:journl:hal-03472433
    DOI: 10.51430/IJIRP.2021.13.001
    Note: View the original document on HAL open archive server: https://hal.science/hal-03472433
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    Keywords

    Literature review; Corporate social responsibility; ESG performance; Firm performance; Firm value;
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