Corporate social responsibility and Brazilian firms' financial performance

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Lilian Marques Freguete
Valcemiro Nossa
Bruno Funchal


Literature on Corporate Social Responsibility points out some long-term benefits. However, the literature doesn't say much on its potential short-term benefits, such as how socially responsible firms react in a Financial-Economic Crisis, a well-known short-term phenomenon. This paper aims to analyze the relationship between Corporate Social Responsibility and firms' financial performance under a crisis scenario. Using a difference-in-difference regression model with panel data and companies listed on the Brazilian stock exchange (ISE-BOVESPA) as a proxy for Brazilian firms that implement Corporate Social Responsibility, we find that during the 2008 crisis, socially responsible firms didn't have significant differences in financial performance compared to non-ISE firms. Such results are not aligned with theories that argue in favor of Corporate Social Responsibility in order to boost financial performance.


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Freguete, L. M., Nossa, V., & Funchal, B. (2015). Corporate social responsibility and Brazilian firms’ financial performance. Journal of Contemporary Administration, 19(2), 232-248.