Corporate Social Responsibility and Financial Performance: A Meta-Analysis

Abstract

This paper aims to examine the relationship between corporate social responsibility (CSR) and financial performance by conducting a meta-analysis of existing studies in this field. The analysis includes 50 empirical studies published between 2010 and 2022, with a total sample size of over 50,000 firms. The findings suggest that there is a positive relationship between CSR and financial performance, as measured by various financial indicators such as return on assets (ROA), return on equity (ROE), and stock price. However, the strength of the relationship varies depending on the context and measurement of CSR. The paper concludes by providing implications for both researchers and practitioners in the field of CSR and financial performance.