Corporate social responsibility and financial performance in emerging markets: A systematic review to enhance decision-making frameworks

Abstract

[EN]This study conducts a systematic review of the empirical relationship between Corporate Social Responsibility (CSR) and financial performance (FP) in emerging markets. Using PRISMA guidelines, bibliometric techniques, and the TCCM framework, 227 peer-reviewed articles published between 2010 and 2024 in Scopus and Web of Science were analyzed. Four thematic clusters emerged: (1) CSR and firm performance; (2) CSR disclosure and stakeholder perspectives; (3) ESG reporting in developing contexts; and (4) ESG integration and financial outcomes. Results indicate a predominantly positive CSR–FP relationship, although institutional quality, sector sensitivity, and ESG maturity significantly shape outcomes. The review highlights key gaps, including limited cross-country comparisons, scarce SME-focused research, and underuse of qualitative methods. Practical implications underscore the value of transparent ESG disclosure, governance improvements, and context-specific CSR strategies. Overall, the study provides an integrated evidence base to support decision-making frameworks that align sustainability goals with financial performance in emerging economies.