Financial performance and bankruptcy risk of socially responsible and "irresponsible" companies - the Polish case

Looking for relationships between firm financial performance and social performance is one of top issues under investigation in the literature on CSR. When it comes to social performance - financial performance correlation emerging economies are much less explored than well-developed ones. This study contributes to the existing knowledge on social performance in the firm's financial context, where Polish responsible and "irresponsible" firms are compared. Financial performance was analysed by focusing on ROE, ROA and ROS. Additionally the risk of bankrupcy was examined basing at Z-score Altman's model. The effect of firm size was examined too. It was found that there are no significant differencies between "responsible" and "irresponsble" firm when it comes to ROE, ROS and Z-score. However there are significant differences in ROA (responsible firms perform better) and total assets (bigger firms' CSR practices are ranked higher). It can be concluded, that firm size and firm operational efficiency are drivers for CSR in Poland.