Despite the fact that obligations to publish reports on corporate social responsibility will come into force in the European Union from 2018, an increasing number of companies are starting to implement corporate social responsibility (CSR) policy into their everyday business practices, and as a result the information of this activity is disclosed in CSR reports or within annual reports. As the disclosure of such information is currently voluntarily based, we believe that the growing popularity of CSR leads to a direct link between the sustainability of the company and its nancial performance. The purpose of this paper is therefore to determine the linkage between CSR and nancial performance within two countries in the CEE region -Czech and Estonia -using data from 2012 -2013. We compare return on assets and normalized market value added of listed companies. Based on the results, we can state that the implementation of a standalone CSR report does not have any direct linkage with the nancial performance of the tested companies.

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Nowadays more and more companies all over the world have been providing Corporate Social Responsibility (CSR) related information. As a result many companies today implement CSR strategies and disclose respective information either via standalone CSR reporting or through their websites. In Estonia today there are no governmental requirements related to the disclosure of nonfinancial information, but companies quoted at the Tallinn Stock Exchange have already started to prepare standalone CSR reports and include non-financial information into their annual reports. Most companies provide CSR related information on their websites making it visible and easily accessible for the users. This article presents the survey of CSR reporting by the Top10 Estonian companies (ranked by profit growth) conducted by studying annual reports and websites of the selected companies for the year 2012. The criteria for the choice, and presentation of information were tailored to the template developed by Ashridge Business School. The research results revealed that there is a growing trend of CSR reporting among the leading Estonian business companies, however companies are not willing to prepare standalone CSR reports and prefer to disclose CSR related information via either website and/or via annual report, which may be related to such factors as time, human resources and practical knowledge and skills. The type of the article: Research report.