Analysis of Social Responsibility and its Relationship with the Financial Performance of Companies Located in Countries with Emerging Economies

Objective: The objective of this research was to analyze the relationship between Corporate Social Responsibility and companies' financial performance, from the perspective of ESG scores. Theoretical framework: Corporate social responsibility (CSR) and social and financial performance were conceptualized. The Legitimacy Theory consolidates CSR as a social contract, established between the company and society through actions that will be evaluated by their development and the results disclosed (Guthrie & Parker, 1989). Corporate social performance (DSC) represents the way in which the company meets and responds to the demands of social content, generating collective results (Boaventura, Silva & Bandeira-de-Melo, 2012). Method: Explanatory, documentary and quantitative research with a sample composed of companies that are part of the BRICS and that made ESG scores available, from 2018 to 2022, through Thomson Reuters Eikon®. Results and conclusion: The results confirm that there is a positive and significant relationship only for market performance when analyzing the RSCENV variable (CSR Environmental). The variable RSCGOV (CSR Governance) presented a non-significant result. Research implications: The results show that the hypothesis tested that corporate social responsibility strategies have a positive relationship with financial performance was disregarded by the research data. Originality/value: This study contributes to deepening the discussion about the impact of Corporate Social Responsibility practices on the performance of organizations, specifically aiming to contribute to the analysis of the impact of different aspects of sustainability (Environmental, Social and Governance) on operational and market performance.