Philanthropy's role in mediating the relationship between corporate social responsibility (CSR) and sustainable corporate performance (SCP) in Zimbabwe's service sector: Evidence from managerial cognitions

Abstract

In this study, the philanthropic aspect of corporate social responsibility is looked at in relation to other aspects of corporate social responsibility and long-term business performance in Zimbabwe's service-based firm sector. Management perceptional data were collected from 650 senior managers in organisations within the service-based sector of the Harare region. The online questionnaire's measurement items draw from stakeholder, legitimacy, and triple-bottom-line theories. The empirical findings highlight the relative importance of environmental and philanthropic factors in promoting long-term competitiveness. The results suggest that philanthropy is a mediator in the connection between the corporate social responsibility dimensions of economic, ethical, and environmental responsibilities. The importance of philanthropy in elucidating the relationship between these variables is implied. The study emphasises that relying solely on philanthropy is insufficient to maintain long-term performance. Achieving sustainable corporate performance growth depends on the optimal interaction of different corporate social responsibility elements, which drive business growth. Investing in corporate social responsibility by collaborating with stakeholders and creating shared value is crucial for firms to succeed. This research adds to the current literature on corporate social responsibility and sustainability performance by offering valuable insights into the motivations, challenges, and strategies unique to Zimbabwe's service sector. The text underscores the significance of environmental and philanthropic factors in promoting long-term competitiveness. It also emphasises adopting a comprehensive corporate social responsibility approach to achieve sustainable performance.