THE CSR–FINANCIAL PERFORMANCE NEXUS: SECTOR AND SIZE EFFECTS IN MOROCCO
DOI:
https://doi.org/10.18623/rvd.v22.n4.3713Keywords:
Corporate Social Responsibility (CSR), Financial Performance, Firm Size, Sectoral Context, Emerging MarketsAbstract
This study examines the contingent relationship between corporate social responsibility (CSR) and financial performance (FP) in an emerging market. Using Moroccan firms listed on the Casablanca Stock Exchange across three industries—banking and insurance, agri-food, and construction & building materials—we combine correlation analysis and Granger causality tests to assess the CSR–FP nexus and the moderating roles of sector and firm size. We find no generalized causal link between CSR and FP at the full-sample level. However, sectoral context and firm size shape the relationship: regulated industries exhibit more structured—yet often inverse—associations, and larger firms show stronger CSR engagement without systematic financial outperformance. These results underscore the need to account for structural heterogeneity when evaluating CSR outcomes in emerging markets.
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