Priyanka Jain, et al. (2016), explored the association between corporate social responsibility (CSR) and financial performance of Rajasthan small and medium enterprises (SMEs). For that purpose, primary data were collected from 384 SMEs by using structured questionnaire based on pretested scale items and an exploratory research was conducted. Structural equation modelling (SEM) statistical tool was utilized to understand the link between corporate social responsibility (CSR) and financial performance of SMEs. The statistics shows the overall model is fit and the results of the study recommended a significant but a weak positive relationship between CSR and financial performance firms. Findings of the study also suggested that CSR in SMEs is still philanthropic and non-instrumental in nature.
George Balabanis at el., (2006), examined the association between corporate social responsibility and the economic performance of the high British organizations. Data collected from 56 large UK companies. The economic performance of the companies included: financial performance (return on capital employed, return on equity and gross profit to sales ratios); and capital market performance (systematic risk and excess market valuation). The examination determined the CSR influenced positive impact on financial performance and capital market performance.