Purpose: The purpose of the paper is to evaluate the essential role of corporate social responsibility (CSR) on SMEs' performance by exploring the mediating role of corporate image (CI), corporate reputation (CR) and customer loyalty (CL) between CSR and firm performance (FP) in the context of an emerging country.Design/methodology/approach: Based on an extended literature review on CSR, CI, CR and CL studies, the authors evaluate the impact of these four constructs on SMEs' performance in an emerging market. The paper follows a quantitative approach. The study sample was composed of 482 responses covering top executives, managers and experts. The Smart PLS SEM version 3.3.2 was used to analyse the data of the small- and medium-sized enterprises (SMEs) of Vietnam in the year 2020–2021.Findings: The authors' findings reveal significant and positive relationships amongst CSR, FP, CSR and CI, CSR and CR, CSR and CL, and most importantly, the findings add value to the current knowledge by exploring the mediating effect of CI, CR and CL between CSR and FP.Research limitations/implications: The study was conducted in Vietnam. As a result, the findings of the study might not be applicable for other countries, if the economic and environmental settings are different from that of Vietnam. Therefore, future research should consider for other countries, other regions. Second, due to the purpose and priority of the study, CI, CR, and CL was employed as mediators amongst the relationship between CSR and FP. Thus, future research should consider other mediators or moderators in such a relationship to see how CSR generates outcomes in the new associations.Practical implications: The study regarding the role of CSR in enhancing the performance of SMEs can motivate firm's chief executive officers (CEOs) to be proactive in getting involved and practising CSR in a consistent manner. Second, the above discussion draws a very important implication for the executive level, the management level of the enterprise, which enterprises should balance the interests of business, customers, other stakeholders, the environment and society in order to optimise CSR outcomes for improving competitiveness and developing sustainably. This implication is particularly important to the survival and development of SMEs in a challenging emerging economy.Social implications: The study widens the literature regarding relationship between CSR and SMEs' performance. Besides, the study supports stakeholder theory that explains why CSR positively affects firm's performance. The significant mediating roles of CI, CR and CL were positively confirmed in the study. Although previous studies determined that such roles are strategic source of competitive advantages of enterprises, however, how CSR involved in enhancing the roles has not been deeply explored and integrated. Third, the findings of the study support the resource-based view (RBV) and resource-based perspective that explains why firm should engage in CSR activities, and CI, CR and CL can enhance firm's performance by providing strategic source of competitive advantages that facilitate business to improve its performance in sustainable direction.Originality/value: To the best of the authors' knowledge, the current literature on CSR and FP shows that, to date, there has been little empirical research on the mediating mechanism of CI, CR and CL in the link between CSR and FP for SMEs. The findings of the study may have great implications for entrepreneurs and top management with respect to the strategic perspectives to drive the businesses and to improve firm's performance in a sustainable direction in the context of emerging markets. In addition, the finding might be of great interest to – and motivate – SMEs' managers to engage with CSR actions where such businesses were or are situated during and after the coronavirus disease-2019 (COVID-19) pandemic. By that understanding, the Government might allow for innovative and groundbreaking policies or the reformation of old policies to leverage businesses to promote their strengths towards sustainable development in the new economic settings. The findings of the study may be a significant contribution to SMEs in Vietnam and in other emerging economies.

Purpose: The purpose of this paper is to evaluate the role of corporate social responsibility (CSR) on small and medium-size enterprises’ (SMEs') performance by exploring the role of mediating variables such as brand trust (BT) and brand loyalty (BL) in the context of an emerging market.Design/methodology/approach: Based on a extend literature review on CSR, BT and BL studies, the authors evaluate the impact of those construct on SMEs’ performance in an emerging market. The paper follows a quantitative approach. In total, 247 responses were collected from 300 samples. The Smart Partial Least Squares SEM (version) was used to analyze the data of the SMEs of Vietnam in the year 2020.Findings: The findings revealed significant and positive relationships among the variables in the model, such as CSR and firm performance (FP), CSR and BT, CSR and BL, as well as the mediating effect of BT and BL between CSR and firm performance.Research limitations/implications: First, the sample was composed of small business from different segments, thus the respondents' perspective about CSR can differ according the impact of the business on society. Therefore, future studies could address businesses from a single segment to get a deeper understanding of their knowledge and involvement with CSR. Second, a cross-cultural study in emerging countries can be a rich venue for future research. Third, this study was developed through a quantitative approach; thus, the future research can apply qualitative approach or mixed methods to extend the study findings.Practical implications: Managerial level of firm should prioritize noneconomic-related CSR; however, those will ultimately drive financial indicators of FP. The result is reasonable because firm simultaneously keeps committed with its stakeholders by delivering the committed qualification, transparency in operation and consistency in communication, environment respect, employee development and social welfare integrated directly into business activities. Those will result in creating love, trust and admiration from stakeholder, customers for brand and firms will get their engagement and support in many ways. This implication suggests that firm should incorporate CSR strategy into their core business activities and practice properly toward its stakeholders.Social implications: This study contributes to the CSR literature in emerging context by shedding light on the roles of CSR in FP with the mediation roles of BT and BL. Most CSR studies focused on Western context as developed economy, thus less attention has been paid for emerging economy. While there is increasing interest CSR in Vietnam, traditional culture and its distinctive economic and political structure has had a great influence on CSR in Vietnam. Thus, this study is important and meaningful for business practitioners, investors, shareholders and policymakers toward sustainable development for firms and Vietnam as a whole.Originality/value: To the best of the authors’ knowledge, this is the first study that explores the mediating role of BT and BL between CSR and FP for SMEs. The findings of this study may be of great implications to entrepreneurs, top management with respect to strategic perspectives to drive their businesses and to improve their FP in a sustainable direction in contexts of emerging markets. In addition, this finding may be of great interest to motive SMEs' managers to engage with CSR actions where those businesses are situated during and after the COVID-19 pandemic. By that understanding, Government may consider for policy reforms/innovation/groundbreaking to leverage businesses to promote their strengths toward sustainable development in the new economic settings. The findings of this study may be of significant contribution to SMEs in Vietnam and in others in emerging economies.