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Strategic CSR: A Concept Building Meta-Analysis

Author

Listed:
  • Pushpika Vishwanathan

    (UvA - Universiteit van Amsterdam = University of Amsterdam)

  • Hans J. van Oosterhout

    (Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR)

  • Pursey P. M. A. R. Heugens

    (Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR)

  • Patricio Duran

    (Universidad Adolfo Ibáñez = University Adolfo Ibañez [Santiago])

  • Marc van Essen

    (University of South Carolina [Columbia])

Abstract

This study develops the concept of Strategic Corporate Social Responsibility (Strategic CSR) by meta-analyzing the available empirical evidence on the relationship between CSR and corporate financial performance (CFP). Using meta-analytic structural equation modeling on effect size data from 344 primary studies, our study documents four empirical mechanisms explaining how CSR positively affects CFP: by 1) enhancing firm reputation, 2) increasing stakeholder reciprocation, 3) mitigating firm risk, and 4) strengthening innovation capacity. We propose these four mechanisms to identify four causally relevant attributes that allow us to conceptually distinguish Strategic CSR from CSR more generally. Our findings indicate that the four mechanisms combined explain 20 per cent of the CSR-CFP relationship, suggesting that considerable room remains for future empirical research. The development of an empirically informed, causal conceptualization of Strategic CSR responds to a long-heard call for better-specified concepts in empirical CSR research.

Suggested Citation

  • Pushpika Vishwanathan & Hans J. van Oosterhout & Pursey P. M. A. R. Heugens & Patricio Duran & Marc van Essen, 2020. "Strategic CSR: A Concept Building Meta-Analysis," Post-Print hal-05656781, HAL.
    • Handle: RePEc:hal:journl:hal-05656781
    DOI: 10.1111/joms.12514
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    Citations

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    Cited by:

    1. Magdalena Kapelko & Alfons Oude Lansink, 2022. "Measuring firms' dynamic inefficiency accounting for corporate social responsibility in the U.S. food and beverage manufacturing industry," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 44(4), pages 1702-1721, December.
    2. Marek Nagy & Katarina Valaskova & Pavol Durana, 2022. "The Effect of CSR Policy on Earnings Management Behavior: Evidence from Visegrad Publicly Listed Enterprises," Risks, MDPI, vol. 10(11), pages 1-14, October.
    3. Jonathan M. Karpoff, 2021. "On a stakeholder model of corporate governance," Financial Management, Financial Management Association International, vol. 50(2), pages 321-343, June.

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