This article analyses the complementarity between various dimensions of corporate social responsibility (CSR) and financial performance. We hypothesise that the absence of consensus in the empirical literature on the CSR-financial performance relationship may be explained by the existence of synergies (complementarity) and trade-offs (substitutability) between the different CSR components. We investigate such relationships using a sample of 595 firms from 15 European countries over the 2002-2007 period. The results suggest some kind of trade-offs between CSR components. Some CSR combinations appear as relative complements, human resources and business behaviour towards customers and suppliers, suggesting mutual benefits and less conflicts between those stakeholders. Conversely, environment and business behaviour towards customers and suppliers appear as relative substitutes, suggesting more conflict or over investment between such types of stakeholders.
