Purpose The purpose of this paper is to examine how corporate social responsibility (CSR) initiatives add value to Brazilian companies and how these companies perceive the impact of CSR initiatives on their customers, employees, and society. Design/methodology/approach A multiple case study was conducted on 17 Brazilian companies, from diverse industries, that started their CSR initiatives between 1984 and 2011. Findings It is possible to identify ten companies with CSR initiatives disconnected from business strategy. In such cases, CSR started as an altruistic contribution to the local community. Actions have been limited to the employees and have demanded resources without perceived value for stakeholders. In seven companies, CSR initiatives are linked to the business strategy. In these cases, CSR initiatives add value to the companies promoting companies’ or brands’ reputation. It is observed to provide better working environment through employees’ motivation and their involvement in CSR initiatives. This value is perceived for the customers, employees, and for the society. However, to reinforce this perception, interested stakeholders should be informed about CSR initiatives and their contribution to the society. Originality/value This research attempts to analyze the CSR initiatives of the companies in emerging countries and to understand how CSR could add value to these companies and how this value is perceived. It also aims to understand how these initiatives have been organized and could support the altruistic efforts with effective results to the companies and to the society.