Abstract
This paper tries to empirically support, in a cross-country and cross-industry analysis, the instrumental role of stakeholder management by adopting a disaggregated approach to the CSP measurement. It aims at contributing to the debate on CSP-CFP link by verifying preliminarily and tentatively some empirical implications deriving from Marom’s (2006) unified theory. The main findings are: i) the firm is not socially responsible towards all stakeholders but invests more in key-stakeholders, those who are (perceived as) more influential on its business and therefore who have a more valuable impact on its financial performance; i) null or weak significance of the CSP-CFP relationship in the whole sample could hide strongly significant opposite relationships in two separate sub-samples: the sign of the CSP-CFP link cannot be expected to be univocal because the marginal reward-cost equilibrium of social investment is firm-specific. Methodological suggestions for future research could be derived.
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