CSR and firm's financial performance amidst mandatory CSR regulations in India: systematic review-based meta-analysis

The purpose of this study is to critically analyse empirical findings of extant literature with respect to the financial performance of Indian enterprises amid mandatory CSR regulations. In this study, 19 empirical papers exhibiting 4,141 samples of Indian enterprises were systematically selected from the Scopus database. The meta-analysis method was utilised to examine the overall effect size in the existing literature. The study shows a positive but tiny significant association (r = 0.18) between CSR and financial performance, with implications for managers, customers, policymakers, and investors. With reference to the post-CSR required regime, the paper concludes the theoretical and practical contribution in the sphere of CSR and financial performance in India. It was concluded that a few systematic reviews have been conducted in India's post-CSR required regime. This study aims to investigate the selected papers using a meta-analytic technique to synthesise common views on the relationship between CSR and financial success for better planning by investors, corporations, and the government.