The Impact of Corporate Social Responsibility as a Marketing Investment on Firms’ Performance : A Risk-Oriented Approach

PurposeIn light of the growing interest in corporate social responsibility (CSR), there is still controversy regarding its impact on firms’ performance. In this paper, we examine the effects of CSR initiatives, as a marketing investment on firms’ performance. Our study provides valuable insights for CSR practitioners and researchers, especially in the banking sector.Findingswe find that CSR implementation is positively reflected in profit efficiency, regardless of the strategic commitment to implementing CSR and firm size, as these variables do not influence the CSR–performance relationship. However,, we find that firm age and competitive positioning have a significant impact on the CSR–performance relationship