The CSP-CFP Relation: A Means, Not an End

EBEN Annual Conference, 2010

Posted: 14 Sep 2010 Last revised: 14 Dec 2012

See all articles by Daniela Venanzi

Daniela Venanzi

Roma Tre University - Department of Economics

Date Written: June 1, 2010


This paper tries to empirically support, in a cross-country and cross-industry analysis, the instrumental role of stakeholder management by adopting a disaggregated approach to the CSP measurement. It aims at contributing to the debate on CSP-CFP link by verifying preliminarily and tentatively some empirical implications deriving from Marom’s (2006) unified theory. The main findings are: i) the firm is not socially responsible towards all stakeholders but invests more in key-stakeholders, those who are (perceived as) more influential on its business and therefore who have a more valuable impact on its financial performance; i) null or weak significance of the CSP-CFP relationship in the whole sample could hide strongly significant opposite relationships in two separate sub-samples: the sign of the CSP-CFP link cannot be expected to be univocal because the marginal reward-cost equilibrium of social investment is firm-specific. Methodological suggestions for future research could be derived.

Keywords: CSP-CFP Link, Instrumental Role of Stakeholder Management, CSR of European Firms

JEL Classification: G30, G34, M14

Suggested Citation

Venanzi, Daniela, The CSP-CFP Relation: A Means, Not an End (June 1, 2010). EBEN Annual Conference, 2010, Available at SSRN: or

Daniela Venanzi (Contact Author)

Roma Tre University - Department of Economics ( email )

Via Silvio d'Amico 77
Rome, Rome 00145

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