研究成果：Corporate social responsibility and financial performance in a cross-country context: A meta-analysis
作者：李玥
发表期刊：Journal of Business Research
期刊级别：ABS3
发表时间：2025年3月
摘要：Corporate social responsibility (CSR) may be beneficial for enhancing firms’ value according to the instrumental stakeholder theory. Nevertheless, the empirical evidence is inconclusive. We conduct a meta-analysis to synthesize and clarify the heterogeneity of findings from the literature, using data manually gathered from 223studies in the USA, China, Europe and other regions from 1984 to 2023. We find that the relationship between CSR and corporate financial performance (CFP) is generally positive, which suggests that CSR does improve CFP but differs across the measurements of social and financial performance, which is the strongest when both are measured with surveys. These positive signaling impacts are more likely in China, Africa, and other developing economies. They are more prominent in countries with weaker financial markets, worse environmental performance, feminine culture, and voluntary CSR disclosure. Our inferences emphasize that signaling theory and the institutional-based perspective can jointly contribute to CSR premium research.