An Analysis of CSR on Firm Financial Performance in Stakeholder Perspectives

Sustainable growth can be a source of success for firms. Corporate social responsibility (CSR) is a key tool for sustainable growth. However, should firms invest in CSR without having confidence in the effects and methods of CSR? This study explored the R&D, technology commercialization, and CSR motivation as core competencies that enhance corporate performance through CSR from a normative perspective—the stakeholder’s perspective. The purpose of this study was to investigate both strategic and traditional CSR’s relationships with financial performance based on the confidence in the effectiveness of CSR. Another important objective of this study was to explore management factors that influence strategic CSR. Firms consider R&D and technology commercialization as strategic management factors. Therefore, this study analyzed the influence of these strategic management factors along with CSR motivations, which may influence strategic and traditional CSR.