Does Social Responsibility Influence Organizational Performance?


  • José Felipe Ojeda-Hidalgo Universidad Politécnica de Guanajuato
  • Alejandra López-Salazar Universidad de Guanajuato, Campus Celaya-Salvatierra
  • Dolores Guadalupe Álvarez-Orozco Universidad Politécnica de Guanajuato


This research analyzes the impact of Corporate Social Responsibility (CSR) on business performance, specifically in the quality and image of products and services, customer satisfaction, market share, productivity, profitability and efficiency, and staff satisfaction. A sample of 671 companies of the State of Guanajuato, Mexico, was used to analyze the specific effects that the components of CSR have on financial and non-financial performance variables. The results show that efforts to respect and care for the environment, and ethical behavior with customers are key variables that positively influence the overall company performance. The implications for the business sector and future research are described.


Ccorporate social responsibility, financial and no financial performance, small and medium enterprises


Aguilera, R., Rupp, D., Williams, C. & Ganapathi, J. (2007). Putting the back in corporate social responsibility: a multilevel theory of social change in organizations. Academy of Management Review, 32(3), 836–863.

Alonso- Almeida, M., Rodríguez, M., Cortez, K. & Abreu, J. (2012). La responsabilidad social corporativa y el desempeño financiero: un análisis en empresas mexicanas que cotizan en bols. Contaduría y Administración, 57(1), 53-77.

Alexander, G. & Buchholz, R. (1978). Corporate social responsibility and stock market performance. The Academy of Management Journal, 21(3), 479–486.

Aupperle, K., Carroll, A. & Hatfield, J. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. The Academy of Management Journal, 28(2), 446–463.

Barnett, M. & Salomon, R. (2006). Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance. Strategic Management Journal, 27(11), 1101–1122.

Barnett, M. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. The Academy of Management Review, 32(3), 794–816.

Barney, J. (2002). Gaining and sustaining competitive advantage. New Jersey: Prentice Hall.

Becchetti, L., Di Giacomo, S. & Pinnacchio, D. (2005). Corporate social responsibility and corporate performance: evidence from panel of US listed companies. Working paper no. 78, CEIS.

Berle, A. (1931). Corporate powers as powers in trust. Harvard Law Review, 44 (7), 1049-1074.

Bolton, L.E. & Mattila, A.S. (2015). How does corporate social responsibility affect consumer response to service failure in buyer-seller relationships? Journal of Retailing, 91(1), 140-153.

Bowen, H. (1953). Social responsibility of the businessman. New York: Harper & Row.Bowman, E. & Haire, M. (1975). Strategic posture toward corporate social responsibility. California Management Review, 18(2), 49–58.

Bragdon, J. & Martin, J. (1972). ¿Is pollution profitable?. Risk Management, 18(2), 9–18.

Brammer, S., Brooks, C. & Pavelin, S. (2005). Corporate social performance and stock returns. Financial Management, 35(3), 97–116.

Branco, M. & Rodriguez, L. (2008). Corporate social responsibility and resource–based perspectives. Journal of Business Ethics, 69(2), 21–33.

Callan, S. & Thomas, J. (2009). Corporate financial performance and corporate social performance: An update and reinvestigation. Corporate social responsibility and environmental management, 16(2), 61–78.

Carnegie, A. (1889). The gospel of wealth. North America Review, 148(397), 653–665.Caroll, A. (2004). Managing ethically with global stakeholders: A present and future challenge. Academy of Management Executive, 18(2), 11-120.

Carroll, A. (1994). Social issues in management research. Business and Society, 33(1), 5–25.

Chand, A. (2006). The relationship between corporate social performance and corporate financial performance. Industry type as a boundary condition. Business Review, 5(1), 240–246.

Chapple, W., Morrison, P. & Harris, R. (2005). Manufacturing and corporate environmental responsibility: cost implications of voluntary waste minimization. Structural Change and Economic Dynamics, 26(3), 347–373.

Clark, J. (1916). The changing basis of economic responsibility. Journal of Political Economy, 24(3), 209-229.

Copeland, T., Murrin, J. & Koller, T. (1994). Valuation. New York: Wiley.

Cruz, J., Rositas, J., & García, J. (2013). Responsabilidad social empresarial: Investigación empírica-exploratoria sobre los conceptos de RSE y RSU. En XVIII Congreso Internacional de Contaduría, Administración e Informática. México, D.F., UNAM.

Curran, M. & Moran, D. (2007). Impact of the FTSE4Good index on firm price: an event study. Journal of Environmental Management, 82(4), 529–537.

Doh, J., Howton, S.D., Howton, S. W. & Siegel, D. (2010). Does the market respond to an endowment of social responsibility? The role for institutions, information and legitimacy. Journal of Management, 36(6),1461–1485.

Donaldson, T. & Preston, L. (1995). The stakeholders theory of the corporation: concepts, evidence and implications. Academy of Management Review, 20(1), 65–91.

Dowell, G., Hart, S. & Yeung, B. (2000). Do corporate global environmental standards create or destroy market value? Management Science, 46(8), 1059–1074.

Drucker, P. (1954). The practice of management. New York: Harper Business.

Fiori G., Donato, F. & Izzo, M. (2007). Corporate social responsibility and firms performance. An analysis on italian listed companies.

Fitch, H. (1976). Achieving corporate social responsibility. Academy of Management Review, 1(1), 38–46.

Freedman, M. & Stagliano, A. (1991). Differences is social–cost disclosures: a market test reactions. Accounting, auditing and accountability Journal, 4(1), 68–83.

Friedman, M. (1962). Capitalism and freedom. Chicago: University of Chicago Press.Friedman, M. (1971). The idea of right as a social and legal concept. Journal of Social Issues, 27(2), 189-198.

García, R., Ariño, M. & Canela, M. (2010). Does social performance really lead to financial performance?. accounting for endogeneity. Journal of Business Ethics, 92(1), 107–126.

Global Reporting Initiave (2002). Guía para la elaboración de Memorias de Sostenibilidad. GRI.

Godfrey, P. (2004). The relationship between corporate philanthropy and shareholder wealth: a risk management perspective. Academy of Management Review, 30(4), 777–798.

González, M. (1985). La pobreza en México. México: El Colegio de México.

Granderson, G. (1997). Parametric analysis of cost inefficiency and the decomposition of productivity growth for regulated firms. Journal Applied Economics, 29(3), 339–348.

Gray, W. & Shadbegian, R. (1993). Environmental regulation and manufacturing productivity at the plant level. Working Paper Series, 4321.

Griffin, J. & Mahon, J. (1997). The corporate social performance and corporate financial performance debate: twenty–five years of incomparable research. Business and Society, 36(2), 5 – 31.

Guédez, V. (2006). Ética y práctica de la responsabilidad social empresarial. El aporte de la empresa al capital social. Caracas: El Planeta.

Halme, M. & Niskanen, J. (2001). Does corporate environmental protection increase or decrease shareholder value? The case of environmental investments. Business Strategy and the Environment, 10(4), 200–214.

ISO26000 (2010). Guía de responsabilidad social.

Jang, J. & Choi, H. (2010). The relation between corporate social responsibility and financial performance. Korean Journal of Business Administration, 23(2), 633–648.

Jensen, M. & Meckling, W. (1976). Theory of the firm: managerial behavior, agency cost and capital structure. Journal of Financial Economics, 3(4), 305–360.

Kreps, T. (1940). Measurement of the social performance of business. Washington: US Printing Office.

Lee, S. & Heo, C.Y., (2009). Corporate social responsibility and customer satisfaction among US publicly traded hotels and restaurants. International Journal Hospitality Management, 28(4), 635-637.

López, M., García, A. & Rodríguez, L. (2007). Sustainable development and corporate performance: a study base on the Down Jones sustainability index. Journal of Business Ethics, 75(3), 285–300.

López, A. & Ojeda, J. (2016). Factors influencing the social responsibility of a public hospital. International Journal of Business Administration, 7(6), 42-56.

López, A., Ojeda, J. & Ríos, M. (2017). La responsabilidad social empresarial desde la percepción del capital humano. Un caso de studio. Spanish Accounting Review,20(1), 36-46.

Luce, R., Barber, A. & Hillman, A. (2001). Good deeds and misdeeds: a mediated model of the effect of corporate social performance on organizational attractiveness. Business and Society, 40(4), 397–415.

Mackey, A., Mackey, T., & Barney, J. (2007). Corporate social responsibility and firm performance: investor preferences and corporate strategies. Academy of Management Review, 32(3), 817–835.

Maldonado, G., Pinzón, S.& López, G. (2016). Corporate social responsibility and business performance: the role of mexican Smes. International Journal of Asian Social Science, 6(10), 568–579.

McWilliams, A. & Siegel, D. (2001). Corporate social responsibility: a theory of the firm perspective. The Academic of Management Journal, 26(1), 117–127.

Mishra, S. & Suar, D. (2010). ¿Does corporate social responsibility influence firm performance of Indian companies?. Journal of Business and Ethics, 95(1), 1–12.

Mitchell, R., Agle, B., & Wood, D. (1997). Toward a theory of stakeholder identification and salience: defining the principle of who and what really counts. The Academy of Management Review, 22(4), 853-886.

Mitofsky (2004). La imagen de marca, un fenómeno social. España: Paidós.

Morrison, C. & Sigel, D. (2006). Corporate social responsibility and economic performance. Rensselaer Working Papers in Economics 0605, Rensselaer Polytechnic Institute, Department of Economics.

Moskowitz, M. (1972). Choosing socially responsible stocks. Business & Society Review, 1, 71–75.

Muñoz, I. (2006). Responsabilidad social de los actores ecónomicos. Commenne, 173–191.

Oh, W. & Park,S. (2015). The relationship between corporate social responsibility and corporate financial performance in Korea. Markets Finance & Trade, 51(1), 85-94.

Orlitzky, M., Schmidt, F. & Rynes, S. (2003). Corporate social and financial performance: a meta–analysis. Organizational Studies, 24(3), 403–411.

Paine, L. (2002). Value shift. New York: Mc Graw Hill.Peloza, J. (2009). The Challenge of Measuring financial impacts from investments in Corporate Social Performance. Journal of Management, 35(6),1518-1541.

Pérez, A. & Bosque, I.R. (2015). Corporate social responsibility and customer loyalty: exploring the role of identification, satisfaction and type of company. Journal of Services Marketing, 29(1), 15-25.

Preston, L. & O ́Bannon, D. (1997). The corporate social–financial performance relationship: a typology and analysis. Business and Society, 36(4), 419-429.

Rolf, F., Grosskopf, S. & Pasurka, C. (2014). Potential gains from trading bad outputs: The case of US electric power plants. Resource and Energy Economics, 36(1), 99-112.

Rowley, T. & Berman, S. (2000). A brand new brand of corporate social performance. Business & Society, 39(4), 397-418.

Swanson, D. (1999). Towards an integrative theory of business and society. A research strategy for corporate social performance. Academy of Management Review, 24(3), 506-521.

Tkac, P. (2006). One proxy at a time: Pursuing social change through shareholder proposal. Economic Review, 91(3), 1-20.

Ullman, A. (1985). Data in search of a theory: a critical examination of the relationships among social performance, social disclosure, and economic performance of US firms’. Academy of Management Review, 10(3), 540-57.

Vitalino, D. & Stella, G. (2003). The thrift industry and the community reinvestment act: Assessing the cost of social responsibility. Rensselaer working papers in economics, 0312, Rensselaer Polytecnic Institute.

Waddock, S. (2004). Parallel universes: companies academics, and the progress of corporate citizenship. Business and Society Review, 109(1), 5-42.

Waddock, S.A. & Graves, S.B. (1997). The corporate social performance financial performance link. Strategic Management Journal, 18(4), 303-19.

Weber, M. (1904). La ética protestante en el espíritu del capitalismo, available at

Weber, O., Scholz, R. & Michalik, G. (2010). Incorporating sustainability criteria into credit risk, management. Business Strategic and the Enviroment, 19(1), 39-50.

Whetten, D., Rands, G. & Godfrey, P. (2001). What are the responsibilities of business society? En Pettigrew, A., Thomas, H. & Whittington, R. (Eds). Handbook of strategy and management. London: Sage Publications, 373 – 410.

Windsor, D. (2001). The future of corporate social responsibility. The International Journal of Organizational Analysis, 9(3), 225-256.

Wood, D. & Jones, R. (1995). Stakeholders mismatching: A theoretical problem in empirical research on corporate social performance. International Journal of Organizational Analysis, 3(3), 229-267.