Does CSR pay? – The Impact of CSR on Financial Performance. A Comparison between Germany and the US

Based on the Global RepTrak® 100, the biggest study on corporate reputation worldwide, this paper investigates the influence of CSR on financial performance of firms in Germany and the USA. It investigates the different impact of CSR within these two countries and controls for industry. Financial performance is measured using the accounting variable Return on Assets. In conclusion this paper provides empirical evidence that CSR influences firm performance and that the significance differs between Germany and the US.