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- Complementarity between corporate social responsibility and financial performance in multinational enterprises having their brand presence in India and EuropePublication . Pinto, Moses; Monte, Ana PaulaThis master’s dissertation analyses the interactions between various dimensions of corporate social responsibility (CSR) that mediate the relationship between CSR and financial performance. In the research it has been hypothesized that the absence of consensus in the empirical literature on the CSR–financial performance relationship may be explained by the existence of synergies (Complementarities) between the different CSR components. Upon investigation about whether such relationships exist, a final unbalanced panel sample of 433 observations taken from 53 Multi National Enterprises per year from four countries namely: Portugal, Spain, France and India over the 2009–2017 period has been analyzed. The data analysis draws from the original research methodology employed by Cavaco and Crifo (2014) wherein system Generalized Method of Moments (GMM) had been used to detect the relation between the CSR and Financial Performance parameters. The study yielded mixed results. The model employing Return on Assets (ROA) as an indicator of financial performance had been validated. The CSR dimension ‘Environment’ demonstrated a positive and significant correlation to the ‘ROA’. Whereas, the model used for the Tobin’s Q could not be statistically validated. The results showed no statistical significance in order to validate the hypothesis of Complementarity between ‘Environment’ and the other CSR dimensions, although the interactions indicate that there might be prevalence of negative signals. The results demand further investigation as to whether institutional pressures, rather than strategic analysis of social issues and stakeholders, would guide decision-making with respect to CSR activities.