Corporate Social Responsibility Programs and Initiatives of Global Firms: A Qualitative Assessment and Analysis of Financial Performance and Productivity
Dr. Ephraim Okoro, Dr. Samuel Garwon

Corporate Social Responsibility (CSR) is a significant and evaluative business concept, which is expected to be practiced internationally for decades in order to achieve and sustain competitive advantage. The concept is used to assess the presence of multinational firms for social and community interest and support. Therefore, the focus of this paper is to determine whether there is a correlation or link between Corporate Social Responsibility, Financial Performance (FP), and Productivity.Recent research by (Arshad, Anees, & Ullah 2015; Lawrence, Weber, & Post, 2017) indicates that stakeholders around the world measureand support multinational firms on whether they engage in corporate social responsibility as it is a single most critical factor contributing to competitive advantage and increased financial performance. This study then explores the currenttrend in corporate social responsibility and attempts to determine the extent to which firms are participating in corporate social responsibility programs. In other words, the basic thrust of this research is an assessment of whether corporate social responsibility contributes to improved financial performance and overall productivity as demanded by global stakeholders. Employing content analysis of recent publications, the strategic role of the concept of corporate social responsibility of multinational firms was analyzed, specifically its link to financial success. The Stakeholder Perspective Theory of corporate social responsibility was applied inconductingcost-benefit analysis of firms’ engagement in corporate social responsibility. Results from various studies indicate a lack of consensus among internal and external stakeholders on the financial growth of firms participating in social responsibility initiatives.Researchers as well as practitioners (Peloza, 2011; Cheng, Loannou, & Serafeim, 2014; Magbool & Zameer, 2018) support corporate social responsibility concept as a responsible business practice; but,they suggested that the concept does not necessarily translate into financial performance gains and success in corporate productivity. Based on qualitative and quantitative analytical frameworks over a period of ten years, this paper recommends increased corporate social responsibility for enhanced corporate image and for successful global competitiveness.

Full Text: PDF     DOI: 10.15640/smq.v6n3_4a1