Current status and future perspective of the link of corporate social responsibility-corporate financial performance in the tourism and hospitality industry

The CSR literature has paid close attention to the effect of CSR on corporate financial performance (CFP), well-known as the CSR-CFP link. Based on the instrumental perspective perceiving CSR as an instrument for enhancing a firm's performance, people began to see CSR as not only a good deed that benefits society but also a strategy that can benefit the corporation. To empirically test this instrumental perspective, many researchers have investigated whether a firm's engagement in CSR activities indeed leads to improving the firm's performance. Through such investigations, the CSR literature has acknowledged that there are still many issues to explore in the CSR-CFP link. The current study, therefore, is to investigate what has been done in the TH literature regarding the CSR-CFP link in the 2000s and further to provide future directions for the CSR-CFP link.