Corporate Social Responsibility and Financial Performance: A Relationship Mediated by Stakeholder Satisfaction

Oscar Licandro, José Luis Vázquez-Burguete, Luis Camilo Ortigueira Sánchez, Patricia Correa

Research output: Contribution to journalArticle in a journalpeer-review


Research work on the relationship between Corporate Social Responsibility and financial performance has been going on for seven decades. Even when the prevailing studies are those that found a positive influence of social responsibility on financial performance, strong conclusive results are still unavailable. Some explanations for this situation are based, among other reasons, on the fact that the variables have a relation mediated by multiple factors. Additionally, it is still unknown whether the results obtained can be extrapolated to all types of companies since the majority of studies have focused on large companies listed on the stock exchange. This research studied how one of those factors (stakeholder satisfaction) mediated in companies of different sizes (including SMEs) and different types of companies (publicly listed companies or private ownership companies). A questionnaire was used, including indices relative to (1) the degree of development of the company’s social responsibility policies, (2) the changes in the satisfaction of four key stakeholders (employees, customers, suppliers, and shareholders) and financial performance (sales and profitability). Findings show the existence of a correlation between social responsibility and financial performance and also that such a relationship is mediated by the satisfaction of stakeholders. That relationship was also found to be independent of company sizes and the type of company This research work is intended to be a contribution towards that field of study, as it has detected a relationship between variables in medium-sized and private ownership companies.
Original languageEnglish
Article number15
Number of pages25
JournalAdministrative Sciences
Issue number1
StatePublished - 16 Jan 2024

Bibliographical note

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© 2024 by the authors.


  • corporate social responsibility
  • Financial performance
  • Mediation
  • Stakeholder satisfaction
  • Type of capital
  • Company size
  • company size
  • financial performance
  • stakeholder satisfaction
  • type of capital
  • mediation


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