Table 1 CSR and FP—empirical finding summary.

Odemilin et al. (2010)

Oeyono et al. [69]

Crisostomo et al. [69]

Marsat and Benjamin [69]

Islam [159]

Amrousy et al. [159]

Mujahid and Abdullah [7]

Adeneye and Ahmed [2]

Noolet et al. [137]

Kim and Lim [183]

Waheed et al. (2016)

Gatimbu and Wabwire [62]

Isanzu and Fengju [83]

Madugba and Okpara [118]

Al-Smadi and Almsafir (2016)

[14]

Rana and Asad [151]

Maqbool and Zameer et al. [122]

Cho et al. [36]

IV—CSR (economic, environmental, social, human rights, society and product responsibility)

DV-EPS

IV-CSR (economic, environmental, labor practices and decent work, human rights, society and product responsibility)

DV-EBITDA and EPS

IV-CSR (employees, social and environment)

DV-ROA, ROE and Tobin’s Q

IV-CSR (environment, social, human capital and governance)

DV-Tobin’s Q, Price to Book Ratio, and ROE

IV-CSR (values and transparency, workplace, corporate governance practices, environment and community)

DV-ROA, EPS and P/E ratio

IV-CSR

DV-ROA, ROE and Stock performance

IV-CSR (organization itself, employees, shareholders, customers and environment

DV-ROA, ROE, EPS and market value of shares

IV-CSR

DV-MBV, Firm Size and ROCE

IV-CSR (environment, social and governance)

DV-ROA, ROC and stock return

IV-CSR (toxic emissions and charitable contributions)

DV-Shareholders return (SR)

IV-CSR (community performance, environment management system and employee relations)

DV-ROE and ROA

IV-CSR (environment)

DV-ROE

IV-CSR

DV-ROA and ROE

IV-CSR (corporate donation and charitable)

DV-ROCE, EPS and DPS

IV-CSR (environment, product, community and employees)

DV-ROE and EPS

IV-CSR (donation, education, health social welfare and other natural catastrophes)

DV-ROA, ROE and EPS

IV-CSR (education, healthcare and environment, donation, and workers welfare fund)

DV-ROA, ROE and EPS

IV-CSR (community, environment, workplace and diverse)

DV-ROE, ROA, NP, SR and PE

IV-CSR (soundness, fairness, contribution to social service, consumer protection satisfaction, environmental protection satisfaction, employee satisfaction, and contribution to economic development)

DV-Tobin’s Q and ROA

Causal relationship between CSR and FP

Positive but very weak association

Negative relationship between CSR and FP

Strong negative relation between CSR and FP

CSR banks financial performance is better than non-CSR banks but statistically not significant

No significant difference between CSR firm and Non-CSR firm in the performances of stocks

CSR firms always outperform compare to non-CSR firm indicating there is significant positive relationship

Significant positive association between CSR and MVB and ROCE but no statistical significant relation between CSR and firm size

Linear model suggest significant negation relation between CSR and RPC but non-linear model suggest U-shape association between CSR and ROA and ROC

Charitable contributions positively related to SR and toxic emissions negatively relates to SR

CP, EMS and ER have significant positive relationship with ROE and CP has significant positive relationship with ROA. Overall significant relation between CSR and FP

Strong positive correlation between ROE and environmental disclosure

ROA and ROE is statistically significant and CSR firm financial performance is better than non-CSR firm

EPS and DPS have negative significant association with CSR and ROCE has positive significant association

Significant positive impact of CSR on FP

Strong positive relationship on financial performance

Significant positive impact of CSR on FP of the companies

CSR positively influence FP and stock returns

CSR is partial positive correlation with profitability and firm value