Purpose This paper aims to explore the relationship between corporate social responsibility (CSR) and corporate financial performance (CFP) from a shared value perspective. Adopting reputation as a multilevel form of value that mediates the CSR–CFP relationship, the paper explains how CSR initiatives may enhance both firm and country reputation and how the amount of shared value between the two leads to CFP. Design/methodology/approach The paper first establishes the theoretical foundation for the relationship between CSR and CFP. It then draws connections to a more recent stream of literature surrounding the concept of creating shared value to expand upon this relationship, adopting reputation as a multilevel form of shared value that mediates the CSR–CFP relationship. The paper further discusses moderating influences of this relationship that may vary contextually with emerging economies such as those in Latin America. Findings The paper argues that as markets become further developed, CSR initiatives will create a higher proportion of shared reputational value between a corporation and country. This is the result of from aligning CSR initiatives that benefit a society, with the strategic goals of the firm – the essence of creating of shared value – but is more difficult in emerging markets, especially volatile ones. Originality/value This paper offers insight into a complex relationship between CSR, shared reputational value and CFP by introducing the more recent concept of creating shared value. Several propositions related to this general relationship, and some related to the difference among emerging markets (such as those in Latin America), address the need for more research related to corporate and country reputation, creating shared value and in the emerging market context.

中文翻译：

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企业社会责任，国家声誉和企业声誉

目的本文旨在从共享价值的角度探讨企业社会责任（CSR）与公司财务绩效（CFP）之间的关系。本文采用声誉作为调解CSR与CFP关系的多层次价值形式，解释了CSR计划如何增强公司和国家声誉，以及两者之间的共享价值量如何促成CFP。设计/方法/方法本文首先为CSR和CFP之间的关系建立了理论基础。然后，它与围绕创造共享价值以扩展这种关系的概念的最新文献流建立联系，并采用声誉作为介导CSR-CFP关系的共享价值的多层次形式。本文进一步讨论了这种关系的缓和影响，这种影响可能会因拉丁美洲等新兴经济体的情况而有所不同。结论本文认为，随着市场的进一步发展，企业社会责任倡议将在企业和国家之间创造更高份额的声誉价值。这是将使社会受益的企业社会责任倡议与公司的战略目标（即创造共享价值的本质）相结合的结果，但是在新兴市场尤其是动荡的市场中难度更大。原创性/价值本文通过介绍创建共享价值的最新概念，深入了解CSR，共享声誉价值和CFP之间的复杂关系。与这种一般关系有关的几个命题，