Impact of Corporate Social Responsibility on Financial Performance of Companies

Abstract

Corporate Social Responsibility(CSR) alludes to the responsibility of organizations to add to sustainable improvements by considering their social, natural, and monetary effects. Lately, there has been a developing acknowledgment that CSR drives can essentially affect the financial performance of organizations. This presentation will give an outline of how CSR practices can impact the financial performance of organizations. First and foremost, CSR drives can upgrade an organization's standing and brand picture. By participating in socially mindful exercises like charity, ecological preservation, and moral strategic approaches, organizations can build trust and credibility among their stakeholders. A positive reputation and superior brand picture can produce increased loyalty from customers, generate higher sales, and a competitive advantage in the marketplace, ultimately improving the financial performance of the company.