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CSR and firm profitability: Evidence from a meta‐regression analysis

Author

Listed:
  • Stefan Hirsch
  • Thies Petersen
  • Maximilian Koppenberg
  • Monika Hartmann

Abstract

We analyze the literature on the relationship between corporate social performance (CSP) and corporate financial performance (CFP) by applying meta‐regression analysis (MRA) to 7800 results of 512 empirical studies. Our findings reveal a small positive link between CSP and CFP as well as the presence of publication bias that favors statistically significant CSP–CFP regression coefficients. We also evaluate the impact of the underlying research design on the heterogeneity in published effects using Bayesian and frequentist model‐averaging (FMA). We consider 42 contextual characteristics and our results show that reported CSP–CFP effects are smaller in cases where a binary index is used to measure CSP or when CSP is used as the dependent variable. In contrast, firms in industrial sectors or operating in China rather than the United States exhibit stronger effects. Finally, the CSP–CFP effect is driven by the choice of the econometric estimator and the inclusion of firm size as control variable.

Suggested Citation

  • Stefan Hirsch & Thies Petersen & Maximilian Koppenberg & Monika Hartmann, 2023. "CSR and firm profitability: Evidence from a meta‐regression analysis," Journal of Economic Surveys, Wiley Blackwell, vol. 37(3), pages 993-1032, July.
    • Handle: RePEc:bla:jecsur:v:37:y:2023:i:3:p:993-1032
    DOI: 10.1111/joes.12523
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    Cited by:

    1. Nina Gorovaia & Dildar Hussain, 2025. "From Strategy to Storefront: CSR and Brand Competitiveness in Franchise Networks," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(4), pages 5420-5429, July.
    2. Francesco Gangi & Nicola Varrone & Lucia Michela Daniele & Eugenio D'Angelo & Maria Coscia, 2025. "Does It Pay for Family Firms to Go Green? The Moderating Role of Familiness," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(4), pages 5490-5520, July.
    3. Aseer AL‐Akheli & HongTao Tan & Saddam A. Hazaea & Barakat ELfarra & Ammar Al‐Zubairi, 2025. "Mapping the Literature Trends of Corporate Social Responsibility and Cost of Capital: A Systematic Literature Review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 32(3), pages 3383-3407, May.
    4. Aveed Raha & Josef Windsperger, 2026. "Sustainability and performance in networks: the role of dual compliance in franchising," International Entrepreneurship and Management Journal, Springer, vol. 22(2), pages 1-20, June.
    5. Llach, Josep & Palau-Pinyana, Erola & Sánchez-Famoso, Valeriano, 2025. "How ESG configurations are linked to family firm performance: Winning combinations and what to avoid—Evidence from Spain," Business Horizons, Elsevier, vol. 68(6), pages 729-742.
    6. Samuel B. Bonsall IV & Babak Mammadov & Blerina Bela Zykaj, 2025. "Institutional Investors with Disciplinary History and CSR Behavior of Investee Firms," Journal of Business Ethics, Springer, vol. 200(4), pages 813-840, September.

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