Today, information users are interested in disclosing non-financial information regarding activities carried out within the scope of corporate social responsibility (CSR). In this context, the reflection of CSR activities, which can increase company reputation and stakeholder interest, on financial performance is important. The research aims to determine the relationship of cash flows with firm value at optimal and extreme CSR levels. The research uses data on companies with ESG scores in Turkey to determine the impact of CSR activities on firm value. The research applies panel data analysis to determine the impact of optimal and extreme CSR activities on firm value. The research points out that optimal CSR levels have a negative effect on firm value, while extreme CSR levels have a positive and significant effect. Additionally, the results reveal that cash flows positively moderate the relationship between extreme CSR levels and firm value. The research findings support that cash flows positively moderate the relationship between firm value and CSR at extreme levels. The research emphasizes the mediating role of cash flows by distinguishing between extreme and optimal CSR activities, in line with the literature on the relationship between CSR levels and firm value.