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The Robustness of the Corporate Social and Financial Performance Relation: A Second‐Order Meta‐Analysis
Open accessAbstract
For many decades, there has been a debate about the relation between corporate social/environmental performance (CSP) and corporate financial performance (CFP). Our study presents a review of academic research on this topic by applying a second‐order meta‐analysis. The data sample combines 25 previous meta‐analyses yielding a sample size of one million observations. Our results demonstrate a highly significant, positive, robust, and bilateral CSP‐CFP relation. The relation is positive regardless of whether firms focus on ecological or social aspects, though corporate reputation turns out to be a key CSP determinant. We find a particularly strong CSP‐CFP relation for operational CFP. Furthermore, we add a new perspective on potential biases resulting from the studies’ publishing source: social issues‐oriented journals and methodological weaker papers do not distort the positive CSP‐CFP relation. Our conclusion is: Based on the extant literature, the business case for being a good firm is undeniable. © 2018 The Authors. Corporate Social Responsibility and Environmental Management published by ERP Environment and John Wiley & Sons Ltd.
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“Several other meta-studies find a more robust positive relation between CSR performance or activities and financial performance (e.g., Orlitzky et al. 2003; Busch and Friede 2018; Atz et al. 2020).”
From Mandatory CSR and sustainability reporting: economic analysis and literature review (2021) · cites this paper as Busch and Friede 2018
In the citing paper
“Studies have shown that integrating sustainability aspects in the organisation is beneficial in terms of reputation, 47 productivity 48 and access to financial resources.49”
From Artificial Intelligence and Sustainable Decisions (2023) · cites this paper as Busch and Friede (2018)
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“In this respect, several studies have highlighted a positive relationship between a firm’s CSR performance and its financial performance [1,2,22,26,34,35].”
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Does sustainability generate better financial performance? review, meta-analysis, and propositions
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Artificial Intelligence and Sustainable Decisions
Zhao, J., & Gómez Fariñas, B. (2023) · European Business Organization Law Review · doi:10.1007/s40804-022-00262-2 · Cited by 197
“48 Busch and Friede (2018); Orlitzky et al. (2003). 49 Freudenreich et al. (2020); Muñoz et al. (2021), p 7. 50 Barnett (2007), p 795; Hou (2019), p 26. 51 Rangan et al. (2015). 52 The Sustainability Board (2021).”
Ting, I. W. K., Azizan, N. A., Kumar, R., & Sujit, K. S. (2019) · Sustainability · doi:10.3390/su12010026 · Cited by 219
“The study by [53] based on the replicative study of [46] indicated that CSP may not positively influence CFP. Busch and Friede [54] demonstrated a highly significant, positive and bilateral CSP–CFP relationship.”
BackgroundZahid, R. M. A., Khan, M. K., Anwar, W., & Maqsood, U. S. (2022) · Borsa Istanbul Review · doi:10.1016/j.bir.2022.08.011 · Cited by 181
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Friede, G. (2019) · Business Strategy and the Environment · doi:10.1002/bse.2346 · Cited by 148
Self-citationAbate, G., Basile, I., & Ferrari, P. (2021) · Corporate Social Responsibility and Environmental Management · doi:10.1002/csr.2175 · Cited by 118
Comparing the informativeness of sustainability disclosures versus ESG disclosure ratings
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“…and Tobin’s Q, respectively, points to the presence of complex dynamics between CSRD and CFP. Studies have reported the complexity of ascertaining the CSRD–CFP relationship due to the presence of intervening variables and the multidimensional nature of CSR (Busch & Friede, 2018; Wang et al., 2016).”
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ResultLahouel, B. B., Zaied, Y. B., Managi, S., & Taleb, L. (2021) · Journal of Business Research · doi:10.1016/j.jbusres.2021.11.019 · Cited by 96
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“Although in most cases, the previous research demonstrates a direct and positive link (Beck et al., 2018; Busch & Friede, 2018; Jang et al., 2019; Nyeadi et al., 2018; Partalidou et al., 2020; Úbeda-García et al., 2021).”
ResultAn integrated theory of the firm approach to environmental, social and governance performance
Huang, D. Z. (2021) · Accounting and Finance · doi:10.1111/acfi.12832 · Cited by 58
Martos‐Pedrero, A., Cortés‐García, F. J., & Castillo, D. J. (2019) · Sustainability · doi:10.3390/su11226390 · Cited by 52
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“…of corporate sustainable development influence corporate financial performance (Ait Sidhoum & Serra, 2018; Asif et al., 2013; Brogi & Lagasio, 2019; Busch & Friede, 2018; Choi et al., 2010; Herremans et al., 1993; Hou, Page 1 of 16 *Corresponding author: Basiem AlShattarat College of Business…”
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“On the other hand, the empirical studies also suggested the negative association between firm’s CSR and financial performance [56,57], since investment in social projects might undermine the primary objective of the company and results in additional costs, which can ultimately destroy shareholders’ value.”
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“Among the studies that conclude the bidirectionality between the variables, we highlight Orlitzky et al. [27], and in the recent work by Busch and Friede [31], 25 meta-analyses were examined with a total number of 1902 primary studies, where a positive, strong, and bidirectional relationship between CSR and CFP was wi…”
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“Previous reviews and meta-analyzes examining the CSR-fi rm performance relationship show consistent evidence of a modest positive link between CSR and market-based measures (Brooks and Oikonomou 2018; Grewatsch and Kleindienst 2017; Orlitzky, Schmidt, and Rynes 2003; Busch and Friede 2018).”
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“…into corporate strategic management [18], and particularly on the analysis of the links with economic value creation (including comprehensive reviews and meta-analysis [2,14,19–22]); however, the results regarding the relationship between CSR and financial performance remain inconclusive [17,23–25].”
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“…(ESG alpha) and underperformance (ESG risk premium), when incorporating ESG factors (Ashwin Kumar et al. 2016; Bolton and Kacperczyk, 2021; Busch and Friede 2018; Eccles, Verheyden, and Feiner 2016; Friede, Busch, and Bassen 2015; Luo and Balvers 2017; J. Margolis, Elfenbein, and Walsh…”
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Positive Leadership in Organizations
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Environmental, Social, and Governance (ESG) Outcomes and Municipal Credit Risk
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“Fourth, we contribute to research on ESG and financial performance, a mainstay of business and society research for close to 50 years (Atz et al., 2023; Busch & Friede, 2018; Friede et al., 2015; Margolis & Walsh, 2003; Orlitzky et al., 2003).”
Rasheed, B., & Ahmad, M. (2022) · Journal of strategy and management · doi:10.1108/jsma-08-2021-0177 · Cited by 20
Climate Change and Corporate Governance
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Tsendsuren, C., Yadav, P. L., Han, S. H., & Mun, S. (2021) · Sustainable Development · doi:10.1002/sd.2189 · Cited by 20
The impact of a CSR committee on CSR performance
Kubo, K., & Sasaki, R. (2024) · Japan and the World Economy · doi:10.1016/j.japwor.2024.101269 · Cited by 19
Does size matter? Entrepreneurial orientation and performance in Spanish sports clubs
Escamilla-Fajardo, P., Pomar, J. M. N., & Moreno, F. C. (2021) · Sport in Society · doi:10.1080/17430437.2021.1882424 · Cited by 19
“Generally, performance can be approached from different perspectives, such as a social perspective and economic or financial perspective (Busch and Friede 2018).”
Metadata
- Authors
- Busch, T., & Friede, G.
- Affiliations
- Universität Hamburg (DE)
- Corresponding author
- Busch, Timo
- Venue
- Corporate Social Responsibility and Environmental Management
- Publisher
- Wiley
- Published
- 2018-03-30
- Volume
- 25
- Issue
- 4
- Pages
- 583-608
- ISSN
- 1535-3958 (ISSN-L)
- 1535-3966
- OpenAlex
- W2795278713
- Cited by
- 345
- References
- 166
- Citations by year
- 2026: 40 · 2025: 42 · 2024: 56 · 2023: 54 · 2022: 55 · 2021: 49 · 2020: 21 · 2019: 23 · 2018: 4
- FWCI
- 40.52
- Type
- journal article
- Language
- en
- Open access
- hybrid
- doi.org
- Licence
- Locations
- Corporate Social Responsibility and Environmental Management (publishedVersion, cc-by)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Social Responsibility Reporting
- Social Sciences › Business, Management and Accounting › Strategy and Management › Corporate Identity and Reputation
- Social Sciences › Business, Management and Accounting › Marketing › Environmental Sustainability in Business
- Keywords
- corporate social performance, corporate financial performance, corporate reputation, ecological performance, social performance, operational performance, publication bias
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