Sustainable development is a fundamental objective for guaranteeing the future of the planet. Taking into account the impact of emerging economies on the global economy and the scarcity of papers that have considered the effect of CSR initiatives on consumer behavior on those economies, it seems that further research on this issue is necessary. In particular, we analyze the extent to which CSR affects the connection and links of the consumer to the brand (i.e., self-brand connection, brand engagement). The main contribution of the paper to the field is the analysis of the interaction between CSR and branding in the context of an emerging economy. To that aim, and also in a novel way, we use the Stimuli-Organism-Response (SOR) model for a sample of more than 400 food and beverage consumers in Metropolitan Lima, Peru. Our results show that CSR effectively acts as a stimulus for consumers to identify and link to brands and that, in addition, these links generate buy-back (i.e., loyalty) and recommendation behaviors (i.e., WOM) which, in turn, create a great commercial value for companies. This research also analyses how incomes and educational levels moderate the intensity of such links. For practical implications, global trends in managing CSR and branding may be useful, although some cross-cultural and context-specific adaptations are necessary.

Sustainability has become a fundamental concern in today' world—one which firms can no longer remain oblivious to. Through CSR, companies can shore up financial sustainability by acting in responsible, socially and environmentally sustainable ways. Yet the vast majority of literature addressing this phenomenon to date has focused almost exclusively on developed economies. The objective of the present study, therefore, is to contribute to filling this gap by analyzing the potential impact of CSR on sustainable financial value in the context of an emerging economy, Peru. To this end, we used the PLS technique to carry out quantitative analysis of data from a sample of over 200 managers at Peruvian companies. Our model is based on the premises of Social Capital Theory and Theory of Resources. Specifically, we analyze the extent to which CSR impacts corporate reputation, brand image and financial value in the context of an emerging economy. Our data indicate that—unlike more developed economies—in emerging economy contexts, direct relationships linking CSR and company financial value are lacking, though may occur by way of the path CSR > reputation > brand image > financial value. We also find that size moderates this path, while the sector of activity does not moderate the causal model. Hence, we suggest that both the cross‐cultural component and differing degrees of economic development and market maturity affect the perceived impact of CSR on financial value. The present study is pioneering in that it analyzes the impact of sustainability on financial value from the perspective of managers in an emerging economy context. Key theoretical and practical implications of our findings are provided in the final section of the paper.