Abstract
Purpose: This study aims to draw on instrumental and ethical theories to offer a quantitative review of the extant literature on the corporate social responsibility (CSR)–small-medium enterprises (SMEs) performance relationship through a meta-analysis. Design/methodology/approach: Empirical studies from 57 independent peer-reviewed articles, including 66,741 firms, were sampled and analysed. Both subgroup and meta-regression analyses (MARA) were used to test the hypotheses of the study. Findings: The authors' results demonstrated that social-oriented, economic-oriented and environment-oriented CSR activities have a positive, significant influence on overall, financial and non-financial performance of SMEs; however, the effect of social-oriented CSR activities is the strongest. Moreover, the impact CSR dimensions have on non-financial performance is stronger than on financial performance. Additionally, findings showed that the association between CSR and SME performance is positively and significantly influenced by contextual factors (i.e. sector and region of study) and methodological factors (i.e. performance measurement, study type, theory usage, sampling size and operationalisation of constructs). Originality/value: The study is the pioneering meta-analytic review on the CSR–SME performance relationship, thereby clarifying the anecdotal results, synthesising the fragmented empirical studies and exploring the contextual and methodological factors that may account for between-study variance. Following the study's findings, the authors delineate insightful suggestions for future scholarship and fine-grained managerial implications for practitioners.