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This study uses the perspective of corporate strategy to examine the relationship between corporate social responsibility and corporate financial performance in China. Following the theoretical business strategy framework and resource-based theory, we adopt the ordinary least squares method to conduct a multiple regression analysis of the relationship between CSR and CFP under different strategy types. We find that for prospectors, CSR is positively correlated with CFP. However, for defenders, it is negatively correlated. Our results remain robust after a series of robustness tests and controlling endogeneity. Our findings help to explain the inconsistent results obtained in the literature, extend our understanding of CSR and the consequences of corporate strategy, and provide a reference for international investors and emerging markets.

The Effect of Strategic Corporate Social Responsibility on Financial Performance: Evidence from China