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<p>This study investigates how corporate social responsibility (CSR) performance, measured through environmental and social (E and S) dimensions, affects firm financial performance, and how this relationship is moderated by economic uncertainty. While prior studies have explored CSR–performance links, little attention has been given to cross-country differences under varying levels of economic stability. Using 8,062 firm-year observations from 894 firms across 15 countries (2002–2021), the results show that stronger CSR engagement enhances firm profitability measured by returns on assets and returns on equity, with the effect concentrated in developed economies. Importantly, higher economic uncertainty weakens the CSR–performance relationship. Robustness checks using alternative specifications and a GMM approach confirm these findings. By disentangling environmental and social dimensions and integrating economic uncertainty into the analysis, this paper contributes novel evidence to the international CSR literature and provides insights for managers and policymakers seeking to balance sustainability with resilience in uncertain contexts.</p>

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Corporate Social Responsibility and Firm Performance Under Economic Uncertainty: A Cross-Country Study

  • 期刊论文

  • 发表日期：

    2026年1月13日

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  • Anh-Tuan Doan,
  • Anh-Tuan Le,
  • Hac Pham

摘要

This study investigates how corporate social responsibility (CSR) performance, measured through environmental and social (E and S) dimensions, affects firm financial performance, and how this relationship is moderated by economic uncertainty. While prior studies have explored CSR–performance links, little attention has been given to cross-country differences under varying levels of economic stability. Using 8,062 firm-year observations from 894 firms across 15 countries (2002–2021), the results show that stronger CSR engagement enhances firm profitability measured by returns on assets and returns on equity, with the effect concentrated in developed economies. Importantly, higher economic uncertainty weakens the CSR–performance relationship. Robustness checks using alternative specifications and a GMM approach confirm these findings. By disentangling environmental and social dimensions and integrating economic uncertainty into the analysis, this paper contributes novel evidence to the international CSR literature and provides insights for managers and policymakers seeking to balance sustainability with resilience in uncertain contexts.