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Corporate social responsibility and Brazilian firms' financial performance

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  • Lilian Marques Freguete
  • Valcemiro Nossa
  • Bruno Funchal

Abstract

Literature on Corporate Social Responsibility points out some long-term benefits. However, the literature doesn't say much on its potential short-term benefits, such as how socially responsible firms react in a Financial-Economic Crisis, a well-known short-term phenomenon. This paper aims to analyze the relationship between Corporate Social Responsibility and firms' financial performance under a crisis scenario. Using a difference-in-difference regression model with panel data and companies listed on the Brazilian stock exchange (ISE-BOVESPA) as a proxy for Brazilian firms that implement Corporate Social Responsibility, we find that during the 2008 crisis, socially responsible firms didn't have significant differences in financial performance compared to non-ISE firms. Such results are not aligned with theories that argue in favor of Corporate Social Responsibility in order to boost financial performance.

Suggested Citation

  • Lilian Marques Freguete & Valcemiro Nossa & Bruno Funchal, 2015. "Corporate social responsibility and Brazilian firms' financial performance," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 19(2), pages 232-248.
    • Handle: RePEc:abg:anprac:v:19:y:2015:i:2:1102
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