HEC Research Papers Series,
HEC Paris

Abstract: In this paper, we re-examine the notion that socially-responsible behavior by firms will lead to increased financial performance. By identifying the underlying processes, institutional settings and actors involved, we present a framework that is more attentive to the multiplicity and conditionality of the mechanisms operating in the often-tenuous connection between firms’ social behavior and financial performance. Building and expanding upon existing analyses of the CSP-CFP linkage, our model helps explain the mixed results from a wide range of empirical studies which examine this link. It also provides a novel theoretical account to help guide future research that is more attentive to conditionalities and contextual contingencies.

Keywords: Business Ethics; Corporate Social Performance; Corporate Financial Performance; Corporate Social Responsibility; Mechanisms

JEL-codes: M14

55 pages, First version: March 1, 2018. Revised: March 20, 2018.

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