<scp>CSR</scp> Disclosure and Operating Performance in the Agri‐Food Manufacturing Industry: Evidence From Southern Europe

ABSTRACT This study explores the relationship between corporate social responsibility (CSR) disclosure and operating profitability in the agri‐food manufacturing industry of Southern Europe, focusing on Extremadura (Spain). From an initial pool of 284 firms, the final sample comprised 185 companies after excluding inactive or non‐reporting cases. CSR disclosure was assessed through a content analysis of corporate websites, generating an index across social, environmental, economic, and governance dimensions. Profitability was measured using EBITDA, complemented by financial and organizational control variables. The results reveal a very low level of CSR transparency, with an average disclosure index of 7.26%, concentrated mainly in social information. Regression analyses indicate that CSR disclosure exerts a marginally negative effect on short‐term operating profitability, while operating scale, corporate tax, and personnel costs show significant associations with EBITDA. The study contributes to the literature by clarifying the CSR–performance nexus in a sector marked.