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<p>Building on recent developments in stakeholder theory, this study examines the impact of Corporate Social Responsibility (CSR) deviation on firm performance in the context of extreme events, specifically the COVID-19 pandemic. We identify two dimensions of CSR practices: internal CSR, focused on employee protection, and external CSR, represented by charitable donations. We hypothesize that internal CSR deviation negatively affects firm performance while external CSR deviation positively influences firm performance because stakeholders hold different expectations about the two CSR dimensions. Furthermore, external CSR deviation mitigates the negative effect of internal CSR deviation, which is more pronounced for firms with government subsidies. Analyzing data from publicly listed firms in China from 2020 to 2022, we find empirical evidence for our predictions. Our study contributes to the CSR literature by highlighting the orchestration between internal and external CSR in achieving optimal distinctiveness, providing insights for firms navigating CSR strategies in extreme contexts.</p>

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Doing good by doing differently? Assessing the impact of internal and external CSR deviations on firm performance in extreme contexts

  • 期刊论文

  • 发表日期：

    2025年4月30日

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  • Yang Li,
  • Rui Shen,
  • Hai Guo

摘要

Building on recent developments in stakeholder theory, this study examines the impact of Corporate Social Responsibility (CSR) deviation on firm performance in the context of extreme events, specifically the COVID-19 pandemic. We identify two dimensions of CSR practices: internal CSR, focused on employee protection, and external CSR, represented by charitable donations. We hypothesize that internal CSR deviation negatively affects firm performance while external CSR deviation positively influences firm performance because stakeholders hold different expectations about the two CSR dimensions. Furthermore, external CSR deviation mitigates the negative effect of internal CSR deviation, which is more pronounced for firms with government subsidies. Analyzing data from publicly listed firms in China from 2020 to 2022, we find empirical evidence for our predictions. Our study contributes to the CSR literature by highlighting the orchestration between internal and external CSR in achieving optimal distinctiveness, providing insights for firms navigating CSR strategies in extreme contexts.