DECIPHERING THE HIDDEN LINKS BETWEEN CSR AND FINANCIAL PERFORMANCE: A CRITICAL APPROACH

Abstract

In recent years, Corporate Social Responsibility (CSR) has become a central topic in management literature, going beyond mere economic considerations to integrate social, societal and environmental objectives. From this perspective, CSR represents an application of sustainable development within companies, historically perceived as guided solely by the logic of profit. Among the many studies devoted to CSR, a major focus is on its impact on financial performance, although the debate remains open. Research findings to date remain heterogeneous, leaving room for ongoing discussion and justifying further study of this impact. The accumulation of knowledge has not yet led to the development of a unified theoretical framework, nor to a convergence of empirical findings. This article builds on existing theoretical work and explores, through critical analysis, the relationship between CSR, as measured by Corporate Social Performance (CSP), and Corporate Financial Performance (CFP).