CSR and firm performance: new evidence from developing countries

Amini, Chiara and Dal Bianco, Silvia (2015) CSR and firm performance: new evidence from developing countries. In: Development-oriented corporate social responsibility. GREENLEAF. ISBN 9781783532452


We empirically explore whether Corporate Social Responsibility (CSR) might operate as an effective development tool as well as whether the goals of private enterprises can be aligned with the ones of sustainable development. In particular, we take advantage of the 2006 World Bank Enterprise Survey on Argentina, Bolivia, Chile, Colombia, Ecuador and Mexico and we analyse the CSR-revenues nexus in six Latin American economies. In order to tackle the likely endogeneity of CSR adoption, our empirical strategy relies on the two-step Maximum Likelihood Estimator. Our results show that firms that engage in social responsible projects do not underperform firms that do not adopt such practices. Thus, our study highlights that socially responsible have a twofold positive developmental impact. On the one hand, social and environmental practices are compatible with greater production and, on the other, CSR adopters engage in activities which are compatible with the notion of sustainable development.

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