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Deconstructing the Relationship Between Corporate Social and Financial Performance

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Abstract

For four decades, research on the role and responsibilities of business in society has centered on the business case for corporate social responsibility (CSR) and an increasing number of studies on the corporate social performance (CSP)—corporate financial performance (CFP) link emerged leading to controversial results. Heeding the call for a deeper understanding of the mechanisms linking certain CSR efforts to certain performance outcomes, this study provides a stakeholder-based organizing framework rooted in an extensive review of existing literature on the link between CSP and CFP. In so doing, we aim at guiding research and practice toward less simplistic understandings of the CSP–CFP connection, thus advancing the debate over the consequences of voluntary integrating CSR into business operations and into relationships with stakeholders. By disentangling specific drivers and outcomes of the CSP–CFP link, we underline the importance of setting clear boundaries and specifying levels of analysis to generate comparable results.

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Acknowledgments

First of all, we express our gratitude to the two Editors and the three anonymous Reviewers for their insightful comments. We are also grateful to the Team of the Sustainable Value EABIS Research Project, led by David Grayson, Cranfield School of Management. Finally, we thank Paolo Nazzaro, Telecom Italia, and John Swannick, EABIS, who encouraged and supported us in the realization of this study.

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  1. CReSV—Center for Research on Sustainability and Value, Department of Management & Technology, Università Bocconi and CSR Unit, SDA Bocconi School of Management, Via Röntgen, 1, 20136, Milan, Italy

    Francesco Perrini, Antonio Tencati & Clodia Vurro

  2. Department of Management, LUM University, S.S. 100 km 18, 70010, Casamassima (BA), Italy

    Angeloantonio Russo

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  1. Francesco Perrini
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  2. Angeloantonio Russo
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  4. Clodia Vurro
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Correspondence to Antonio Tencati.

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The authors contributed equally to this work and are listed in alphabetical order.

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Perrini, F., Russo, A., Tencati, A. et al. Deconstructing the Relationship Between Corporate Social and Financial Performance. J Bus Ethics 102 (Suppl 1), 59–76 (2011). https://doi.org/10.1007/s10551-011-1194-1

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