**2. Perceived ethics and performance**

In this section, Ref. [24] reviewed literature on the business cases for corporate social responsibility and posited that there is evidence on the link among corporate social responsibility and corporate financial performance. Referring to [25], they indicate four potential hotspots for the change in performance of corporate social responsibility exercises: cost and risk reduction, enhancing authenticity and notoriety, building the upper hand, and creating win-win circumstances through synergistic esteem creation. Ref. [24] proposed that firms must endeavor to adjust corporate social responsibility exercises to their performance goals. Ref. [26] explored the observational research in the vicinity of 1972 and 2002 on the potential relationship among corporate social responsibility and financial performance. They conclude from their meta-analysis of 127 reviews that there is adequate confirmation to bolster a positive link between the corporate social responsibility and financial performance and little evidence of a negative affiliation.
