On the Reasons for the Vexing CSP-CFP Relationship: Methodology, Control Variables, Stakeholder Groups, and Measures. The Review of 63 Studies from 1990s

Abstract

Prior studies on the relationship between corporate social performance and corporate financial performance are
inconclusive. In the paper, we review 63 studies, and find (1) there are three methodology, which are empirical
analysis, normative analysis and meta-analysis; (2) control variables, such as industry, size and risk, have been
playing the important role in these studies; (3) different researchers discuss different stakeholder groups; (4)
measures of both CSP and CFP are the complex phenomenon, and still uncertain. We assert that the variations of
methodology, industries, control variables, stakeholder groups, and measures of both CSP and CFP should be
responsible for the vexing relationship.