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Corporate social responsibility, firm value and financial performance in Brazil


Author Info

  • Vicente Lima Crisóstomo
  • Fátima de Souza Freire
  • Felipe Cortes de Vasconcellos


Purpose – The purpose of the paper is to examine the relationship between corporate social responsibility (CSR) and firm performance, taking into account firm value and financial accounting performance, in an emerging market – Brazil. Design/methodology/approach – Content analysis was conducted to extract data from two different sources, one relative to CSR data and another that provided financial data. CSR indexes and financial performance measures were calculated to allow the estimation of regression analysis conducted to examine the relationship between CSR and performance. Findings – The results indicate that CSR is value destroying in Brazil since a significant negative correlation between CSR and firm value was found. Additionally, a neutral relationship characterises the mutual effect between CSR and financial accounting performance. Originality/value – The study has examined the relationship between CSR and firm performance in a country where, as in most other non-developed markets, such a relationship has not been an object of research. Besides, the use of a three dimensional measure of CSR, mainly considering research undertaken in an emerging market, as a valuable contribution may be observed.

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Bibliographic Info

Article provided by Emerald Group Publishing in its journal Social Responsibility Journal.

Volume (Year): 7 (2011)
Issue (Month): 2 (July)
Pages: 295-309

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Handle: RePEc:eme:srjpps:v:6:y:2010:i:2:p:295-309

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Postal: Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK

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Keywords: Brazil; Corporate social responsibility; Emerging markets; Financial accounting performance; Firm value;


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  1. Abagail McWilliams & Donald S. Siegel & Patrick M. Wright, 2006. "Corporate Social Responsibility: Strategic Implications," Journal of Management Studies, Wiley Blackwell, vol. 43(1), pages 1-18, 01.
  2. Scholtens, Bert, 2008. "A note on the interaction between corporate social responsibility and financial performance," Ecological Economics, Elsevier, vol. 68(1-2), pages 46-55, December.
  3. Glen Dowell & Stuart Hart & Bernard Yeung, 2000. "Do Corporate Global Environmental Standards Create or Destroy Market Value?," Management Science, INFORMS, vol. 46(8), pages 1059-1074, August.
  4. Md Habib-Uz-Zaman Khan & Abdel K. Halabi & Martin Samy, 2009. "Corporate social responsibility (CSR) reporting: a study of selected banking companies in Bangladesh," Social Responsibility Journal, Emerald Group Publishing, vol. 5(3), pages 344-357, August.
  5. Belaid Rettab & Anis Brik & Kamel Mellahi, 2009. "A Study of Management Perceptions of the Impact of Corporate Social Responsibility on Organisational Performance in Emerging Economies: The Case of Dubai," Journal of Business Ethics, Springer, vol. 89(3), pages 371-390, October.
  6. Pablo Archel & Javier Husillos & Carlos Larrinaga & Crawford Spence, 2009. "Social disclosure, legitimacy theory and the role of the state," Accounting, Auditing & Accountability Journal, Emerald Group Publishing, vol. 22(8), pages 1284-1307, November.
  7. Baron, David P. & Harjoto, Maretno A. & Jo, Hoje, 2009. "The Economics and Politics of Corporate Social Performance," Research Papers 1993r, Stanford University, Graduate School of Business.
  8. Maria Cristina Trindade Terra, 2003. "Credit Constraints in Brazilian Firms: Evidence from Panel Data," Revista Brasileira de Economia, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil), vol. 57(2), pages 443-464, April.
  9. Maury, Benjamin & Pajuste, Anete, 2005. "Multiple large shareholders and firm value," Journal of Banking & Finance, Elsevier, vol. 29(7), pages 1813-1834, July.
  10. Cochran, Philip L., 2007. "The evolution of corporate social responsibility," Business Horizons, Elsevier, vol. 50(6), pages 449-454.
  11. Roshima Said & Yuserrie Hj Zainuddin & Hasnah Haron, 2009. "The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies," Social Responsibility Journal, Emerald Group Publishing, vol. 5(2), pages 212-226, June.
  12. Félix J. López Iturriaga & Vicente Lima Crisóstomo, 2010. "Do Leverage, Dividend Payout, and Ownership Concentration Influence Firms' Value Creation? An Analysis of Brazilian Firms," Emerging Markets Finance and Trade, M.E. Sharpe, Inc., vol. 46(3), pages 80-94, May.
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Cited by:
  1. Ron Bird & Francesco Momenté & Francesco Reggiani, 2012. "The market acceptance of corporate social responsibility: a comparison across six countries/regions," Australian Journal of Management, Australian School of Business, vol. 37(2), pages 153-168, August.
  2. Boriboon Pinprayong & Dr. Sununta Siengthai, 2012. "Restructuring For Organizational Efficiency In The Banking Sector In Thailand: A Case Study Of Siam Commercial Bank," Far East Journal of Psychology and Business, Far East Research Centre, vol. 8(2), pages 29-42, August.


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