The aim of this article is to explore both the direct and indirect effect of corporate social responsibility (CSR) on corporate financial performance (CFP). Specifically, the mediating role of corporate reputation (CR) on the relationship between CSR and CFP is examined. We empirically investigate a sample of 3274 listed firms over the period 2009–2016 drawn from 25 countries located at Europe, Asia, Africa, and South and North America. Using four OLS regressions, we evince on the one side that CSR has a positive and direct impact on CFP. On the other side, we show that CR mediates the relationship between CSR and CFP: CSR has a significant and positive impact on CR and that CR has a significant and positive influence on CFP. The results of this study add to CSR-related literature by providing international evidence and provide direction for a comparison across countries.

中文翻译：

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企业社会责任和财务绩效：声誉中介作用的国际证据

本文旨在探讨企业社会责任 (CSR) 对企业财务绩效 (CFP) 的直接和间接影响。具体而言，考察了企业声誉 (CR) 在 CSR 和 CFP 之间的关系中的中介作用。我们对 2009 年至 2016 年期间来自欧洲、亚洲、非洲以及南美洲和北美洲的 25 个国家的 3274 家上市公司进行了实证调查。使用四个 OLS 回归，我们一方面表明 CSR 对 CFP 有积极和直接的影响。另一方面，我们表明 CR 在 CSR 与 CFP 之间的关系中起中介作用：CSR 对 CR 有显着的积极影响，CR 对 CFP 有显着的积极影响。