Knowledge Mapping of Corporate Financial Performance Research: A Visual Analysis Using Cite Space and Ucinet

Many studies have examined the relationship between corporate social responsibility (CSR) and a firm’s financial performance. These investigations have had mixed results. Some studies find a positive relationship, others find a negative relationship, and yet some studies find no significant relationship. This ambiguity highlights the complexity of the relationship between CSR initiatives and firm performance. The present study attempts to better understand this relationship. As such, it has two objectives. Since most of the previous studies have examined a linear relationship between CSR and a company's financial performance, the first objective of this study is to investigate whether there is any nonlinear relationship between CSR and firm’s financial performance. The second objective of this study is to examine the moderating effects of corporate governance factors, especially the board of directors’ characteristics such as board size, board independence, board gender diversity, and CEO duality on the relationship between CSR and a firm’s financial performance. The latter factors have not been fully considered in previous studies as the focus has been on the direct link between CSR and the firm’s financial performance. The study uses panel data from a sample of 82 firms from a large group of publicly traded American firms, which are listed on the U.S. stock exchange and are part of the S&P 500 index covering the years 2012-2021, and a nonlinear panel regression model to estimate the relationship between firm’s financial performance as measured by Return on Asset (ROA) and CSR disclosure index along with a control variable and four Corporate Governance indicators and their interactions with CSR disclosure index. The study finds a non-linear positive relationship between firm’s performance and CSR, suggesting a declining effect of CSR on firm’s performance at higher levels of CSR. It also finds that board gender diversity positively affects the relationship between CSR and a firm’s financial performance. We find no statistically significant interactions between CSR and the Governance indicators of board size, board independence and CEO duality.

Environmental, Social, and Governance (ESG) affects the financial aspects of the company in this case is closely related to the company's financial performance. This study aims to describe the status and trends in research on Environmental, Social, and Governance (ESG) with financial performance. Data collection uses journals published from 2020 to 2024. The sample of this study includes data from 822 journal documents obtained from the Scopus database by entering the keywords Environmental, Social, Governance, Financial and Performance. The analysis used is quantitative bibliometric analysis and Vos Viewer. This analysis evaluates research elements that have ESG and financial performance topics over time, the largest number of publications, productive such as authors, citations, countries, and themes. The results show that the number of publications on this topic increases every year and more than doubled in 2022 after the pandemic and the most in 2024. The most citations were found in 2024 as many as 9,768 citations and Buallay, A became the most productive author during that period with 9 studies. Firms and Social Responsibility: a Review of ESG and CSR Research in Corporate Finance is the most cited study with a total of 1,254 citations, written by Gillan, S.L. India is the country with the most publications with 102 documents, and the subject themes studied related to the concept of ESG and financial performance consist of 4 clusters using Vos Viewer. With this high increase in the number of publications, the world is expected to give greater consideration to the concept of ESG and financial performance. This study conducted a bibliometric analysis related to the development of Environmental, Social, Governance (ESG) and Financial Performance over time.

Revisiting knowledge on ESG/CSR and financial performance: A bibliometric and systematic review of moderating variables

The capital market has become an alternative funding avenue supporting companies in expanding their operational scale and enhancing profitability. The evolving financial position has become pivotal in assessing a company's performance. Financial reports serve as tools to evaluate a company's financial health, playing a crucial role in decision-making and reflecting the company's performance. Financial performance factors encompass efficiency, technological advancements, and distribution balance. Corporate Social Responsibility (CSR) disclosure and liquidity are primary considerations in assessing financial performance. This research employs an explanatory survey approach and descriptive-verification analysis. The sample involves manufacturing companies listed on the Indonesia Stock Exchange between 2012-2014. Secondary data collection methods involve content analysis of the companies' annual reports. Descriptive statistical analysis, correlation, multiple linear regression, and F and t-tests are utilized to analyze the data. Descriptive data show that the CSR variable has an average disclosure of 0.2667, average liquidity of 2.0895, and average financial performance of 0.2034. Correlation reveals that CSR has a moderate positive relationship with financial performance (0.444), while liquidity exhibits a moderately stronger positive relationship with financial performance (0.502). CSR contributes 19.71% to financial performance, whereas liquidity contributes 25.20%. Multiple linear regression analysis indicates that both independent factors, CSR and liquidity, significantly influence financial performance positively. Findings illustrate that CSR disclosure and liquidity hold a significant positive relationship with financial performance. CSR contributes 19.71% to financial performance, while liquidity contributes 25.20%. These results indicate the importance of CSR and liquidity as factors influencing the financial performance of manufacturing companies on the Indonesia Stock Exchange.

Purpose This study aims to investigate the relationship of corporate social responsibility (CSR) dimensions on the financial and nonfinancial performance of Finnish small and medium-sized enterprises (SMEs) amidst crises. Design/methodology/approach Survey data was collected from 204 SME owner-managers in Finland during the COVID-19 pandemic using a purposive sampling technique, focusing on SMEs in South Ostrobothnia representing Finnish SMEs. The study tests the direct and indirect effects of CSR dimensions on both financial and nonfinancial performance during challenging times using linear regression analysis and path analysis with SEM. Findings The analysis reveals that CSR systems thinking competence positively affects financial performance but does not significantly impact nonfinancial performance. On the other hand, community social responsibility and socially responsible human resource management positively influence nonfinancial performance and have an indirect effect on financial performance. Originality/value This research underscores the beneficial performance outcomes of SME engagement in CSR during challenging times, emphasizing the enduring value of investing in employees. It highlights that despite industry performance affecting financial outcomes, CSR systems thinking competence contributes to financial performance and community social responsibility and socially responsible human resource management maintain a positive association with nonfinancial performance. Furthermore, this study enriches the existing literature on the CSR-SME performance relationship by exploring its effects within the unique context of a Nordic welfare society facing a crisis.

The field of Corporate Social Responsibility (CSR) has been growing very exponentially over the past decade. There are continuous opposing views of the role of the firms in society and disagreements as to whether wealth maximization should be the sole goal of any corporations out there. With Insurance companies facing and fulfilling in the intense demand of diverse stakeholders, this study explores the impact of CSR disclosures on Financial Performance among the listed domestic-owned companies in Malaysian insurance sector. Although CSR is a hot topic in Malaysia and throughout various industries, no detailed study has been conducted to ascertain whether Malaysian insurance companies derive any benefits therefrom. The study examines the impact of CSR on financial performance using an extensive content analysis method on annual reports from 13 domestic-owned Malaysian insurance companies over the past 9 years (2008-2017). The content analysis data is further transformed into GRI CSR Disclosure Index table before matching the findings against the Financial Performance indicators (return on assets (ROA), return on equities (ROE) and earnings per share (EPS)). The relationship between CSR and ROA, ROE and EPS is tested using correlation analysis. The results indicate significant relationship between CSR disclosure and Financial Performance; designates CSR has significant impact on ROA; whereas relationship between CSR and ROE & EPS is found to be insignificant. The study suggests and indicates that insurance companies in Malaysia ought to carry out efforts continually in a bigger scale so that their CSR activities are more aligned with the reporting regulatory standards as well as to bring a positive impact in the current prospect. In addition, the remedial action proposed by Bursa Malaysia from year 2016 is expected to improve the findings of this study and bring a tremendous improvement to the exiting regulatory guidelines.

The study investigates the intricate relationship between Corporate Social Responsibility (CSR), market power, financial performance (Return on Assets, Return on Equity, Gross Profit Margin), and the mediating role of corporate governance (CG) in this complex nexus. Leveraging quantitative methods and drawing from annual reports of 38 firms in Ghana over a six-year period (2015-2021), the study scrutinizes the interplay among CSR CG, market power, and financial performance. Initial findings substantiate a direct positive association between CSR and both market power and financial performance. However, the examination of corporate governance as a mediator reveals a nuanced picture. While corporate governance significantly mediates the relationship between CSR and financial performance, it does not appear to exert a mediating effect on the CSR-market power relationship. This underscores the crucial role of robust corporate governance structures in optimizing the impact of CSR initiatives on financial outcomes. It also emphasizes the need for strategic alignment between corporate governance practices and CSR strategies. The results suggest that while governance plays a pivotal role in enhancing financial performance through CSR initiatives, other strategic pathways may influence market power independently. The study’s implications underscore the importance of tailored governance strategies to capitalize on the positive impact of CSR on financial performance, while also recognizing the need for diverse strategic approaches to bolster market power.

As the concerning about Corporate Social Responsibility(CSR) is increasing, corporate's expenditure about Corporate Social Responsibility is increasing year and year. As for this, we need the research about the effect of the expenditure about corporate social responsibility on financial performance. So, lot`s of empirical researches have been tested in order to prove the relations between Corporate Social Responsibility and Financial Performance. But their results of study different from those of researchers due to the reasons of different methodologies and varieties of variables measuring. Therefore, in this article, setting two hypotheses with sampling 600 corporate firms from 2003 to 2005,first we analyzed financial performance of corporate which is carrying execution into corporate social responsibility and which is not. Second, we analyzed corporate which is carrying execution into corporate social responsibility before and after. In results of this paper, carrying execution into corporate social responsibility affects financial performance badly in short term. That's why we need to study for further more long term periods such as after 5-years or so. And financial performance of corporate which is carrying execution into corporate social responsibility is higher than others ,accepting the second hypothesis just as this paper has set.Key Words : Corporate, Finance, CSR(corporate social responsibility). Financial performance

Climate-related concerns have drastically made companies realize the need for better environmental regulations and consolidate them in corporate business strategies such as Corporate Social Responsibility (CSR). CSR improves firm performance by valuing the stakeholders' interests and substantially achieving a competitive advantage over competitors. Recognising a firm's competitive advantage in the market indicates performance and might help the company perform better. The objective of this research is to provide concrete proof related to how CSR affects competitive advantage and its effects on company performance, especially financial performance in SMEs in Bali Province. This study uses primary data in the form of questionnaires distributed to SMEs both directly and online. The sample of this research is the manager / owner of SMEs in Bali Province. Data analysis tools using SmartPLS 4.0. The study's findings indicate that CSR has a direct impact on financial performance (SMEs) and CSR indirectly affects the financial performance (SMEs) through competitive advantage. Competitive advantage was found to partially mediate the impact of CSR and financial performance (SMEs). These findings will be used by SME managers in Bali Province in order to enhance the company's financial performance by considering the use of CSR strategies and strengthening competitive advantage. Implementing CSR can help a company become more competitive and separate itself from competitors by providing an innovative product or service. Finally, corporate social responsibility (CSR) can give a company a competitive advantage by strengthening its marketing abilities, which leads to improved performance.

This study aims to determine, test, and prove the effect of Corporate Social Responsibility, environmental performance, and financial performance on firm value by mediating investor trust. Corporate Social Responsibility, environmental performance, and financial performance are aspects that can be given by companies to be responded to by investors. All aspects carried out by the company are a form of effort to increase the value of the company. This type of research is explanatory research using a quantitative approach to test the hypothesized variables. Manufacturing companies listed on the Indonesia Stock Exchange in 2017-2021 became the population in this study and used a purposive sampling method to determine the research sample so that the results found 38 companies. The data that has been collected is then subjected to descriptive statistic testing, classic assumption testing, hypothesis testing, path analysis. The results of the tests that have been carried out show that Corporate Social Responsibility has an effect on investor trust, while environmental performance and financial performance have no effect on investor trust. Corporate Social Responsibility has no effect on firm value, while environmental performance, financial performance, and investor trust have an effect on firm value. Corporate Social Responsibility has an effect on firm value by mediating investor trust, while environmental performance and financial performance have no effect on firm value by mediating investor trust.

PurposeThe purpose of this paper is to examine the impact of earnings management on financial performance. In addition, the authors investigate whether corporate social responsibility has a moderating effect on the impact of earnings management on financial performance.Design/methodology/approachThe empirical study is based on a sample of French companies listed on the CAC-All-Tradable index over the period 2008–2018. Feasible generalized least square regression method is used to estimate the econometric models.FindingsBased on panel data of 3,003 French firm-year observations, the authors demonstrate that earnings management has a negative and significant impact on financial performance. Indeed, corporate social responsibility moderates positively the negative impact of earnings management on financial performance in the French context.Practical implicationsThe findings have several implications for regulatory, investors and academic researchers. For regulators, it is appropriate to promote more several standards related to corporate social responsibility and earnings management. For investors, considering societal issues is very important in making decisions. For academic researchers, the results show that it is important to discover how corporate social responsibility can influence the relation between earnings management and financial performance.Originality/valueThe existing literature has generally focused on the impact of earnings management on financial performance and the empirical tests did not yield similar results. The study shows that corporate social responsibility has a moderating role in determining the impact of earnings management on financial performance.

PurposeCorporate social responsibility is important and fundamental to the sustainable operations of corporations. Similarly financial performance is undoubtedly fundamental to the continuing operating of any corporation. This paper aims to investigate the relationship between corporate social responsibility and firm financial performance.Design/methodology/approachThe main part of this paper is based upon an exploration of the relationship between corporate social responsibility and financial performance in developing countries. The authors do this by investigating the Istanbul Stock Exchange (ISE) 100 index companies and their social responsibility policy and financial indicators. The relationship between CSR and financial performance is empirically examined between 2005 and 2007 with different approaches and measurement methods. The authors show that some causality is related to lagging between periods for financial performance and CSR. Based upon previous empirical studies, this study conducts the analysis based on the assumption that there may be a relationship between firm size, profitability, risk level and CSR.FindingsIn doing this analysis the authors found a relationship between firm size and corporate social responsibility. However the authors were not able to find any significant relationship between corporate social responsibility and financial performance/profitability.Research limitations/implicationsThe paper has implications in enhancing the understanding of performance management through understanding the relationship between corporate social responsibility and financial performance particularly in a developing country, although it is necessarily limited by the size of the sample.Originality/valueThis paper increases the understanding of the relationship between corporate social responsibility and financial performance. This research is also the first research that has examined Turkish companies.

<p>Corporate Social Responsibility (CSR) has evolved into a strategic imperative for businesses, particularly with the increasing integration of Environmental, Social, and Governance (ESG) frameworks. However, the evolution and key research areas within CSR remain fragmented. This study conducts a bibliometric analysis using the SCOPUS database and VOSviewer, mapping CSR research trends across three phases: initial (1971-2010), growth (2011-2020), and stabilization (2021-2024). The results indicate that the United States, China, and the United Kingdom are the leading contributors in CSR publications and international collaborations. Through keyword co-occurrence analysis, eleven major CSR research clusters are identified, such as “Responsibility and Communication”, “Climate Change and Sustainable Development”, and “Corporate Governance and Theory”, illustrating the interdisciplinary nature of CSR. Furthermore, this study conducts two comparative analyses: the first highlights industry-specific CSR research in banking and services, and the second examines CSR’s integration with ESG. By constructing a CSR knowledge map, this study explores the intersection between CSR, ESG, and Sustainable Development Goals (SDGs), demonstrating how CSR contributes to corporate competitiveness, stakeholder trust, and regulatory compliance while supporting global sustainability initiatives. The findings provide a structured framework for businesses, policymakers, and researchers to align CSR strategies with organizational goals, industry trends, and cross-sector collaborations.</p>

Purpose The study examines the impact of Corporate Social Responsibility (CSR) spending on financial performance among India’s top CSR-spending firms, following the introduction of mandatory CSR under the Companies Act, 2013. It explores whether CSR contributes to firm profitability and efficiency, with a focus on Return on Assets (ROA), Return on Equity (ROE), and Profit After Tax (PAT). Design/methodology/approach An explanatory research design was adopted using secondary data for the period of 10 years (FY 2014-15 to 2023-24). Pool Regression analysis was employed to examine the relationship between CSR spending and firm-level financial performance indicators. Findings Results show a significant positive relationship between CSR spending and PAT, suggesting that CSR investments enhance long-term profitability. However, the effects on ROA and ROE are negative and statistically insignificant, indicating that CSR may not immediately improve short-term accounting returns. Practical implications The findings emphasize the importance of sustained CSR investment as a strategic tool for enhancing firm profitability. Policymakers are encouraged to continue supporting mandatory CSR provisions, while managers should recognize CSR as an investment in long-term value creation rather than short-term efficiency gains. Originality/value This study advances the CSR–financial performance debate by providing evidence from India’s mandatory CSR based on actual CSR spending, rather than content analysis. Unlike prior industry-specific studies, it spans multiple sectors and uses a decade of post-mandate data, showing how CSR builds reputational capital and stakeholder trust, translating into long-term financial benefits.

Nowadays, many companies have implemented CSR programs as a business strategy, where they build community empowerment facilities in the areas of their operations. CSR can be defined as a commitment demonstrated by a company to provide contributions to the sustainable economic development process, prioritizing attention to environmental, economic, and social aspects. This research aims to investigate the relationship between corporate social responsibility (CSR), company reputation, and their influence on the financial performance. The research employs a quantitative approach and collects data from 2019 to 2021 from companies listed on the ESG Quality 45 IDX KEHATI index. CSR is measured through sustainability practice indicators using the Corporate Social Responsibility Index, while company reputation is evaluated through 5 dimensions of measurement. Financial performance is measured using financial ratios involving profitability, liquidity, and leverage. The analysis results indicate that, although there is no significant influence between CSR and company reputation, CSR practices have a significant impact on financial performance. This finding highlights the importance of CSR practices in enhancing the financial aspects of companies. While company reputation significantly affects financial performance, the research shows that reputation does not moderate the relationship between CSR and financial performance.