This study draws on and extends contingency theory, in relation to stakeholder theory to understand the corporate social performance (CSP) and financial performance (CFP) link, by evaluating under what circumstances CSP influences CFP. Contingencies include stakeholder configurations/salience and crisis conditions. Using differentiated measures of CSP, this study examined financial effects of various specific stakeholder facing activities pre- and post-crisis in the food/beverage and pharmaceutical industries, and in firms selling search versus experience goods. The results indicate that pre-crisis CSP is related to post-crisis financial effects, but the relationships are dependent on the interactions among the contingencies studied, so investments in certain social areas improve CFP, whereas others may hurt it. This confirms that a finer grained approach should be taken to the examination of CSP and CFP. On a practical basis, it shows that deep stakeholder knowledge and attention to complementary factors to CSP, such as advertising, must be understood, so CSP activities are of benefit to the firm

中文翻译：

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重新审视企业社会和财务绩效的联系：一种应急方法

本研究借鉴和扩展权变理论，与利益相关者理论相关，通过评估 CSP 在什么情况下影响 CFP 来理解企业社会绩效 (CSP) 和财务绩效 (CFP) 的联系。突发事件包括利益相关者的配置/显着性和危机状况。本研究使用 CSP 的差异化衡量标准，研究了食品/饮料和制药行业以及销售搜索与体验商品的公司在危机前后面临活动的各种特定利益相关者的财务影响。结果表明，危机前的 CSP 与危机后的财务影响有关，但这种关系取决于所研究的突发事件之间的相互作用，因此在某些社会领域的投资会提高 CFP，而其他人可能会损害它。这证实应该对 CSP 和 CFP 的检查采取更细粒度的方法。在实践基础上，它表明必须了解利益相关者对 CSP 补充因素（如广告）的深入了解和关注，因此 CSP 活动对公司有利