In this paper, we review the literature on moderators and mediators in the corporate sustainability (CS)–corporate financial performance (CFP) relationship. We provide some clarity on what has been learned so far by taking a contingency perspective on this much-researched relationship. Overall, we find that this research has made some progress in the past. However, we also find this research stream to be characterized by three major shortcomings, namely low degree of novelty, missing investment in theory building, and a lack of research design and measurement options. To address these shortcomings, we suggest avenues for future research. Beyond that we also argue for a stronger emphasis on the strategic perspective of CS. In particular, we propose future research to take a step back and aim for an integration of the CS–CFP relationship into the strategic management literature.
This is a preview of subscription content, log in to check access.
Buy single article
Instant access to the full article PDF.
Tax calculation will be finalised during checkout.
Subscribe to journal
Immediate online access to all issues from 2019. Subscription will auto renew annually.
Tax calculation will be finalised during checkout.
The keywords used were corporate sustainability and corporate financial performance. Corporate sustainability was alternatively substituted with (corporate) social performance, (corporate) environmental performance, corporate social responsibility, corporate sustainability performance, sustain*, and CSP. Corporate financial performance was substituted with organizational effectiveness, organizational performance, profitability, economic success, outcomes, and CFP.
Aguinis, H., & Glavas, A. (2012). What we know and don’t know about corporate social responsibility: A review and research agenda. Journal of Management, 38(4), 932–968.
Aguinis, H., & Glavas, A. (2013). Embedded versus peripheral corporate social responsibility: Psychological foundations. Industrial and Organizational Psychology, 6(4), 314–332.
Anderson, C. R., & Zeithaml, C. P. (1984). Stage of the product life cycle, business strategy, and business performance. Academy of Management Journal, 27(1), 5–24.
Aragon-Correa, J. A., & Sharma, S. (2003). A contingent resource-based view of proactive corporate environmental strategy. Academy of Management Review, 28(1), 71–88.
Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446–463.
Baird, P., Geylani, P., & Roberts, J. (2012). Corporate social and financial performance re-examined: Industry effects in a linear mixed model analysis. Journal of Business Ethics, 109(3), 367–388.
Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of Management Review, 32(3), 794–816.
Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
Barney, J. B., & Zajac, E. J. (1994). Competitive organizational behavior: Toward an organizationally-based theory of competitive advantage. Strategic Management Journal, 15(S1), 5–9.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.
Bass, B. M., & Avolio, B. J. (1993). Transformational leadership and organizational culture. Public administration quarterly, 17(1), 112–121.
Becker, H. (2006). High noon in the automotive industry. Berlin: Springer.
Berman, S. L., Wicks, A. C., Kotha, S., & Jones, T. M. (1999). Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance. Academy of Management Journal, 42(5), 488–506.
Bettis, R. A., Helfat, C., & Shaver, J. M. (2014). Replication in strategic management. Call for papers for a special issue: Replication in strategic management. http://smj.strategicmanagement.net/pdf/SMJ_Call_for_Papers_Replication_Special_Issue_7_12_13.pdf.
Bhattacharya, C., Sen, S., & Korschun, D. (2012). Using corporate social responsibility to win the war for talent. MIT Sloan Management Review, 49(2), 37–44.
Blanco, B., Guillamón-Saorín, E., & Guiral, A. (2013). Do non-socially responsible companies achieve legitimacy through socially responsible actions? The mediating effect of innovation. Journal of Business Ethics, 117(1), 67–83.
Bowman, E. H., & Haire, M. (1975). A strategic posture toward corporate social responsibility. California Management Review, 18(2), 49–58.
Bragdon, J. H., & Marlin, J. (1972). Is pollution profitable. Risk management, 19(4), 9–18.
Brammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29(12), 1325–1343.
Breton-Miller, L., & Miller, D. (2006). Why do some family businesses out-compete? Governance, long-term orientations, and sustainable capability. Entrepreneurship Theory and Practice, 30(6), 731–746.
Bromiley, P. (1990). On the use of finance theory in strategic management. Advances in Strategic Management, 6, 71–98.
Burke, L., & Logsdon, J. M. (1996). How corporate social responsibility pays off. Long Range Planning, 29(4), 495–502.
Busch, T., & Hoffmann, V. H. (2011). How hot is your bottom line? Linking carbon and financial performance. Business and Society, 50(2), 233–265.
Chaganti, R., & Damanpour, F. (1991). Institutional ownership, capital structure, and firm performance. Strategic Management Journal, 12(7), 479–491.
Chandler, A. (1962). Strategy and structure: Chapters in the history of the industrial enterprise. Cambridge: MIT Press.
Chatterji, A. K., Levine, D. I., & Toffel, M. W. (2009). How well do social ratings actually measure corporate social responsibility? Journal of Economics & Management Strategy, 18(1), 125–169.
Chatterji, A. K., & Toffel, M. W. (2010). How firms respond to being rated. Strategic Management Journal, 31(9), 917–945.
Chun, J. S., Shin, Y., Choi, J. N., & Kim, M. S. (2013). How does corporate ethics contribute to firm financial performance? The mediating role of collective organizational commitment and organizational citizenship behavior. Journal of Management, 39(4), 853–877.
Cochran, P. L., & Wood, R. A. (1984). Corporate social-responsibility and financial performance. Academy of Management Journal, 27(1), 42–56.
Conger, J. A., & Kanungo, R. N. (1992). Perceived behavioral-attributes of charismatic leadership. Canadian Journal of Behavioural Science-Revue Canadienne Des Sciences Du Comportement, 24(1), 86–102.
Conger, J. A., & Kanungo, R. N. (1994). Charismatic leadership in organizations - Perceived behavioral-attributes and their measurement. Journal of Organizational Behavior, 15(5), 439–452.
Connelly, B. L., Ketchen, D. J, Jr, & Slater, S. F. (2011). Toward a “theoretical toolbox” for sustainability research in marketing. Journal of the Academy of Marketing Science, 39(1), 86–100.
Daft, R. L., & Weick, K. E. (1984). Toward a model of organizations as interpretation systems. Academy of Management Review, 9(2), 284–295.
Dixon-Fowler, H. R., Slater, D. J., Johnson, J. L., Ellstrand, A. E., & Romi, A. M. (2013). Beyond “does it pay to be green?” A meta-analysis of moderators of the CEP–CFP relationship. Journal of Business Ethics, 112(2), 353–366.
Doty, D. H., Glick, W. H., & Huber, G. P. (1993). Fit, equifinality, and organizational effectiveness: A test of two configurational theories. Academy of Management Journal, 36(6), 1196–1250.
Drazin, R., & Van de Ven, A. H. (1985). Alternative forms of fit in contingency theory. Administrative Science Quarterly, 30(4), 514–539.
Dutta, S., Narasimhan, O., & Rajiv, S. (2005). Conceptualizing and measuring capabilities: Methodology and empirical application. Strategic Management Journal, 26(3), 277–285.
Dutton, J. E. (1997). Strategic agenda building in organizations. In Z. Shapira (Ed.), Organizational decision making (pp. 81–107). Cambridge, MA: University Press.
Dyer, J. H., & Singh, H. (1998). The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review, 23(4), 660–679.
Elkington, J. (1997). Cannibals with forks: The triple bottom line of twenty first century business. Mankato, MN: Capstone.
Elkington, J. (2004). Enter the triple bottom line. In A. Henriques & J. Richardson (Eds.), The triple bottom line: Does it all add up (pp. 1–16). London: Earthscan.
Farjoun, M. (2002). Towards an organic perspective on strategy. Strategic Management Journal, 23(7), 561–594.
Flammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal, 56(3), 758–781.
Flammer, C. (2014). Does product market competition foster corporate social responsibility? Evidence from trade liberalization. Strategic Management Journal,. doi:10.1002/smj.
Fombrun, C., & Shanley, M. (1990). What’s in a name? Reputation building and corporate strategy. Academy of Management Journal, 33(2), 233–258.
Fraj, E., & Martinez, E. (2006). Influence of personality on ecological consumer behaviour. Journal of Consumer Behaviour, 5(3), 167–181.
Freeman, E. (1984). Strategic management: A stakeholder approach. Boston: Pitman.
Friedman, M. (1970). In The social responsibility of business is to increase its profits. New York Times Magazine (pp. 122–126).
Gardberg, N. A., & Fombrun, C. J. (2006). Corporate citizenship: Creating intangible assets across institutional environments. Academy of Management Review, 31(2), 329–346.
Gentry, R. J., & Shen, W. (2010). The relationship between accounting and market measures of firm financial performance: How strong is it? Journal of Managerial Issues, 22(4), 514–530.
Gilley, K. M., Worrell, D. L., Davidson Iii, W. N., & El-Jelly, A. (2000). Corporate environmental initiatives and anticipated firm performance: The differential effects of process-driven versus product-driven greening initiatives. Journal of Management, 26(6), 1199–1216.
Ginsberg, A., & Venkatraman, N. (1985). Contingency perspectives of organizational strategy: A critical review of the empirical research. Academy of Management Review, 10(3), 421–434.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445.
Graafland, J. J., Eijffinger, S. C., & Smid, J. (2004). Benchmarking of corporate social responsibility: Methodological problems and robustness. Journal of Business Ethics, 53(1–2), 137–152.
Granovetter, M. (1983). The strength of weak ties: A network theory revisited. Sociological Theory, 1(1), 201–233.
Grant, R. M. (1991). The resource-based theory of competitive advantage: Implications for strategy formulation. California Management Review, 33(3), 114–135.
Graves, S. B., & Waddock, S. A. (1994). Institutional owners and corporate social performance. Academy of Management Journal, 37(4), 1034–1046.
Greening, D. W., & Turban, D. B. (2000). Corporate social performance as a competitive advantage in attracting a quality workforce. Business and Society, 39(3), 254–280.
Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate twenty-five years of incomparable research. Business and Society, 36(1), 5–31.
Gulati, R., Nohria, N., & Zaheer, A. (2000). Strategic networks. Strategic Management Journal, 21(3), 203–215.
Halme, M., & Laurila, J. (2009). Philanthropy, integration or innovation? Exploring the financial and societal outcomes of different types of corporate responsibility. Journal of Business Ethics, 84(3), 325–339.
Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986–1014.
Hart, S. L., & Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30–37.
Hart, S. L., & Milstein, M. B. (2003). Creating sustainable value. Academy of Management Executive, 17(2), 56–69.
Hoskisson, R. E., Johnson, R. A., & Moesel, D. D. (1994). Corporate divestiture intensity in restructuring firms: Effects of governance, strategy, and performance. Academy of Management Journal, 37(5), 1207–1251.
Hull, C. E., & Rothenberg, S. (2008). Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal, 29(7), 781–789.
Hunter, J., & Schmidt, F. (1990). Methods of meta-analysis: Correcting errors and bias in research findings. Newbury Park, CA: Sage.
Husted, B. W., & Allen, D. B. (2007). Strategic corporate social responsibility and value creation among large firms: Lessons from the Spanish experience. Long Range Planning, 40(6), 594–610.
Husted, B. W., & Salazar, J. D. J. (2006). Taking Friedman seriously: Maximizing profits and social performance. Journal of Management Studies, 43(1), 75–91.
Jayachandran, S., Kalaignanam, K., & Eilert, M. (2013). Product and environmental social performance: Varying effect on firm performance. Strategic Management Journal, 34(10), 1255–1264.
Johnson, R. A., & Greening, D. W. (1999). The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal, 42(5), 564–576.
Johnson, J. L., & Podsakoff, P. M. (1994). Journal influence in the field of management: an analysis using Salancik’s index in a dependency network. Academy of Management Journal, 37(5), 1392–1407.
Kahn, W. A. (1990). Psychological conditions of personal engagement and disengagement at work. Academy of Management Journal, 33(4), 692–724.
Kim, J.-E., & Johnson, K. K. (2013). The impact of moral emotions on cause-related marketing campaigns: A cross-cultural examination. Journal of Business Ethics, 112(1), 79–90.
Kim, Y., & Statman, M. (2012). Do corporations invest enough in environmental responsibility? Journal of Business Ethics, 105(1), 115–129.
Klassen, R. D., & McLaughlin, C. P. (1996). The impact of environmental management on firm performance. Management Science, 42(8), 1199–1214.
Kurapatskie, B., & Darnall, N. (2013). Which corporate sustainability activities are associated with greater financial payoffs? Business Strategy and the Environment, 22(1), 49–61.
Lancaster, K. J. (1966). A new approach to consumer theory. Journal of Political Economy, 74, 132–157.
Lankoski, L. (2008). Corporate responsibility activities and economic performance: A theory of why and how they are connected. Business Strategy and the Environment, 17(8), 536–547.
Lee, M. D. P. (2008). A review of the theories of corporate social responsibility: Its evolutionary path and the road ahead. International Journal of Management Reviews, 10(1), 53–73.
Lenz, R. T. (1981). ‘Determinants’ of organizational performance: An interdisciplinary review. Strategic Management Journal, 2(2), 131–154.
Lev, B., Petrovits, C., & Radhakrishnan, S. (2010). Is doing good good for you? How corporate charitable contributions enhance revenue growth. Strategic Management Journal, 31(2), 182–200.
Malkiel, B. G., & Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383–417.
Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268–305.
Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good…and does it matter? A meta-analysis of the relationship between corporate social and financial performance. Working paper, Cambridge, MA: Harvard University.
Marom, I. Y. (2006). Toward a unified theory of the CSP–CFP link. Journal of Business Ethics, 67(2), 191–200.
McKinsey Global Institute. (2012). The world at work: Jobs, pay, and skills for 3.5 billion people. Boston: McKinsey Global Institute.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127.
McWilliams, A., & Siegel, D. S. (2011). Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of Management, 37(5), 1480–1495.
McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18.
Meyer, A. D., Tsui, A. S., & Hinings, C. R. (1993). Configurational approaches to organizational analysis. Academy of Management Journal, 36(6), 1175–1195.
Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman, H. J. (1978). Organizational strategy, structure, and process. Academy of Management Review, 3(3), 546–562.
Miller, D., & Le Breton-Miller, I. (2003). Challenge versus advantage in family business. Strategic Organization, 1(1), 127–134.
Montiel, I. (2008). Corporate social responsibility and corporate sustainability separate pasts, common futures. Organization & Environment, 21(3), 245–269.
Nelson, P. (1970). Information and consumer behavior. The Journal of Political Economy, 78(2), 311–329.
Ocasio, W. (1997). Towards an attention-based view of the firm. Strategic Management Journal, 18(SSI), 187–206.
Ogbonna, E., & Harris, L. C. (2000). Leadership style, organizational culture and performance: Empirical evidence from UK companies. International Journal of Human Resource Management, 11(4), 766–788.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441.
Orlitzky, M., Siegel, D. S., & Waldman, D. A. (2011). Strategic corporate social responsibility and environmental sustainability. Business and Society, 50(1), 6–27.
Orsato, R. J. (2006). When does it pay to be green? California Management Review, 48(2), 128.
Peloza, J. (2009). The challenge of measuring financial impacts from investments in corporate social performance. Journal of Management, 35(6), 1518–1541.
Peloza, J., & Papania, L. (2008). The missing link between corporate social responsibility and financial performance: Stakeholder salience and identification. Corporate Reputation Review, 11(2), 169–181.
Podsakoff, P. M., Mackenzie, S. B., Bachrach, D. G., & Podsakoff, N. P. (2005). The influence of management journals in the 1980s and 1990s. Strategic Management Journal, 26(5), 473–488.
Podsakoff, P. M., MacKenzie, S. B., Podsakoff, N. P., & Bachrach, D. G. (2008). Scholarly influence in the field of management: A bibliometric analysis of the determinants of university and author impact in the management literature in the past quarter century. Journal of Management, 34(4), 641–720.
Porter, M. E. (1979). How competitive forces shape strategy. Harvard Business Review, 57(2), 137–145.
Porter, M. E. (1980). Competitive strategy. New York, NY: Free Press.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78–93.
Preacher, K. J., Rucker, D. D., & Hayes, A. F. (2007). Addressing moderated mediation hypotheses: Theory, methods, and prescriptions. Multivariate Behavioral Research, 42(1), 185–227.
Prescott, J. E. (1986). Environments as moderators of the relationship between strategy and performance. Academy of Management Journal, 29(2), 329–346.
Rahman, N., & Post, C. (2012). Measurement issues in environmental corporate social responsibility (ECSR): Toward a transparent, reliable, and construct valid instrument. Journal of Business Ethics, 105(3), 307–319.
Reinhardt, F. L. (1998). Environmental product differentiation: Implications for corporate strategy. California Management Review, 40(4), 43–73.
Ruf, B. M., Muralidhar, K., Brown, R. M., Janney, J. J., & Paul, K. (2001). An empirical investigation of the relationship between change in corporate social performance and financial performance: A stakeholder theory perspective. Journal of Business Ethics, 32(2), 143–156.
Rumelt, R. P., Schendel, D., & Teece, D. J. (1994). Fundamental issues in strategy: A research agenda. USA: Harvard Business Press.
Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534–559.
Schreck, P. (2011). Reviewing the business case for corporate social responsibility: New evidence and analysis. Journal of Business Ethics, 103(2), 167–188.
Schuler, D. A., & Cording, M. (2006). A corporate social performance-corporate financial performance behavioral model for consumers. Academy of Management Review, 31(3), 540–558.
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), 1045–1061.
Sharfman, M. (1996). The construct validity of the Kinder, Lydenberg & Domini social performance ratings data. Journal of Business Ethics, 15(3), 287–296.
Sharma, S., & Vredenburg, H. (1998). Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities. Strategic Management Journal, 19(8), 729–753.
Shrivastava, P. (1995). Environmental technologies and competitive advantage. Strategic Management Journal, 16(S1), 183–200.
Siegel, D. S., & Vitaliano, D. F. (2007). An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy, 16(3), 773–792.
Sully de Luque, M., Washburn, N. T., Waldman, D. A., & House, R. J. (2008). Unrequited profit: How stakeholder and economic values relate to subordinates’ perceptions of leadership and firm performance. Administrative Science Quarterly, 53(4), 626–654.
Surroca, J., Tribo, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463–490.
Tahai, A., & Meyer, M. J. (1999). A revealed preference study of management journals’ direct influences. Strategic Management Journal, 20(3), 279–296.
Taneja, S. S., Taneja, P. K., & Gupta, R. K. (2011). Researches in corporate social responsibility: A review of shifting focus, paradigms, and methodologies. Journal of Business Ethics, 101(3), 343–364.
Tang, Z., Hull, C. E., & Rothenberg, S. (2012). How corporate social responsibility engagement strategy moderates the CSR–financial performance relationship. Journal of Management Studies, 49(7), 1274–1303.
Tobin, J. (1984). On the efficiency of the financial system. Lloyds Bank Annual Review, 153, 1–15.
Turker, D. (2009). How corporate social responsibility influences organizational commitment. Journal of Business Ethics, 89(2), 189–204.
Ullmann, A. A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of US firms. Academy of Management Review, 10(3), 540–557.
Uzzi, B. (1997). Social structure and competition in interfirm networks: The paradox of embeddedness. Administrative Science Quarterly, 42(1), 35–67.
van Beurden, P., & Gössling, T. (2008). The worth of values—A literature review on the relation between corporate social and financial performance. Journal of Business Ethics, 82(2), 407–424.
Van der Laan, G., Van Ees, H., & Van Witteloostuijn, A. (2008). Corporate social and financial performance: An extended stakeholder theory, and empirical test with accounting measures. Journal of Business Ethics, 79(3), 299–310.
Van Marrewijk, M. (2003). Concepts and definitions of CSR and corporate sustainability: Between agency and communion. Journal of Business Ethics, 44(2–3), 95–105.
Varadarajan, P. R., & Menon, A. (1988). Cause-related marketing: A coalignment of marketing strategy and corporate philanthropy. The Journal of Marketing, 52, 58–74.
Venkatraman, N. (1989). The concept of fit in strategy research: Toward verbal and statistical correspondence. Academy of Management Review, 14(3), 423–444.
Venkatraman, N., & Ramanujam, V. (1986). Measurement of business performance in strategy research: A comparison of approaches. Academy of Management Review, 11(4), 801–814.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303–319.
Waldman, D. A., & Siegel, D. (2008). Defining the socially responsible leader. The Leadership Quarterly, 19(1), 117–131.
Waldman, D. A., Siegel, D. S., & Javidan, M. (2006). Components of CEO transformational leadership and corporate social responsibility. Journal of Management Studies, 43(8), 1703–1725.
Wang, T., & Bansal, P. (2012). Social responsibility in new ventures: Profiting from a long-term orientation. Strategic Management Journal, 33(10), 1135–1153.
Wang, H. L., & Choi, J. (2013). A new look at the corporate social–financial performance relationship: The moderating roles of temporal and interdomain consistency in corporate social performance. Journal of Management, 39(2), 416–441.
Webb, D. J., & Mohr, L. A. (1998). A typology of consumer responses to cause-related marketing: From skeptics to socially concerned. Journal of Public Policy & Marketing, 17(2), 226–238.
Weick, K. E. (1979). The social psychology of organizing (2d ed.). Reading, MA: Addison-Wesley.
Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.
Wood, D. J. (1991). Social-issues in management: Theory and research in corporate social responsibility. Journal of Management, 17(2), 383–406.
Zahra, S., Oviatt, B., & Minyard, K. (1993). Effect of corporate ownership and board structure on corporate social responsibility and financial performance. Academy of Management Proceedings, 1993, 336–340.
About this article
Cite this article
Grewatsch, S., Kleindienst, I. When Does It Pay to be Good? Moderators and Mediators in the Corporate Sustainability–Corporate Financial Performance Relationship: A Critical Review. J Bus Ethics 145, 383–416 (2017). https://doi.org/10.1007/s10551-015-2852-5
- Corporate sustainability
- Corporate financial performance
- Literature review
- Strategic corporate sustainability