Proceedings of the International Conference on Multidisciplinary Research in Management and Economics (ICMRME 2025)

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Exploring the Nexus Between Corporate Social Responsibility and Financial Performance: A Meta-Analytical Review of the Literature

Authors
Soraya Hajar El Maaroufi1, *, Si Mohamed Bouaziz2
1PhD Student-Researcher associated with the LAREFMO, Research Laboratory in Entrepreneurship, Finance, and Management of Organizations, Faculty of Legal, Economic, and Social Sciences(FSJES), Ibn Zohr University, Agadir, Morocco
2Permanent Researcher associated with the LAREFMO, Research Laboratory in Entrepreneurship, Finance, and Management of Organizations, Faculty of Legal, Economic, and Social Sciences(FSJES), Ibn Zohr University, Agadir, Morocco
*Corresponding author. Email: sorayahajar.elmaaroufi.22@edu.uiz.ac.ma
Corresponding Author
Soraya Hajar El Maaroufi
Available Online 17 November 2025.
DOI
10.2991/978-94-6463-892-9_27How to use a DOI?
Keywords
Corporate Social Responsibility; Financial Performance; Stakeholder Theory; Sustainability; Literature Review; Competitive Advantage
Abstract

The relationship between Corporate Social Responsibility (CSR) and financial performance has been the focus of extensive empirical research, yet findings remain inconsistent. This meta-analysis quantitatively synthesizes empirical studies conducted between 1996 and 2025 to examine the overall effect of CSR on financial performance across diverse industries and geographical contexts. Grounded in stakeholder theory, the resource-based view, and legitimacy theory, this study explores the mechanisms through which CSR initiatives may enhance or hinder firm performance. While aggregated results reveal a generally positive correlation often linked to reputational gains, customer loyalty, and improved operational efficiency effect sizes vary significantly across contexts. In some cases, particularly when CSR efforts lack strategic alignment, the relationship is neutral or negative. Moderating variables such as firm size, industry sector, and regional characteristics are found to influence the strength and direction of the CSR performance link. Furthermore, the analysis highlights persistent challenges, including heterogeneity in measurement approaches and a paucity of longitudinal data. This meta-analysis not only consolidates the current state of knowledge but also identifies key research gaps, underscoring the need for sector-specific analyses, deeper investigation into consumer behavior as a mediating factor, and the role of digital transformation in shaping CSR outcomes.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International Conference on Multidisciplinary Research in Management and Economics (ICMRME 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
17 November 2025
ISBN
978-94-6463-892-9
ISSN
2352-5428
DOI
10.2991/978-94-6463-892-9_27How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Soraya Hajar El Maaroufi
AU  - Si Mohamed Bouaziz
PY  - 2025
DA  - 2025/11/17
TI  - Exploring the Nexus Between Corporate Social Responsibility and Financial Performance: A Meta-Analytical Review of the Literature
BT  - Proceedings of the International Conference on Multidisciplinary Research in Management and Economics (ICMRME 2025)
PB  - Atlantis Press
SP  - 481
EP  - 498
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-892-9_27
DO  - 10.2991/978-94-6463-892-9_27
ID  - ElMaaroufi2025
ER  -