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Revista de Administração Contemporânea

Print version ISSN 1415-6555On-line version ISSN 1982-7849


FREGUETE, Lilian Marques; NOSSA, Valcemiro  and  FUNCHAL, Bruno. Corporate social responsibility and Brazilian firms' financial performance. Rev. adm. contemp. [online]. 2015, vol.19, n.2, pp.232-248. ISSN 1982-7849.

Literature on Corporate Social Responsibility points out some long-term benefits. However, the literature doesn't say much on its potential short-term benefits, such as how socially responsible firms react in a Financial-Economic Crisis, a well-known short-term phenomenon. This paper aims to analyze the relationship between Corporate Social Responsibility and firms' financial performance under a crisis scenario. Using a difference-in-difference regression model with panel data and companies listed on the Brazilian stock exchange (ISE-BOVESPA) as a proxy for Brazilian firms that implement Corporate Social Responsibility, we find that during the 2008 crisis, socially responsible firms didn't have significant differences in financial performance compared to non-ISE firms. Such results are not aligned with theories that argue in favor of Corporate Social Responsibility in order to boost financial performance.

Keywords : corporate social responsibility; financial performance; crises.

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