In the last two decades corporate social responsibility (CSR), particularly when related to environmental issues, has been discussed extensively in the business literature. However, defining and measuring CSR remains a complicated process. One of the main reasons for the problematic measurement of CSR is the absence of a common framework in which business-society relations will be included. Within our context, the literature of CSR studies related to the airport industry is scant. In particular, limited attention has been given to the relationship between social responsibility programs and airport financial performance. The objectives of the paper are first to set up a methodology to measure the financial impact of CSR in the airport industry and second, to develop a theoretical model which provides an analytical connection between CSR activities and airport financial performance. We use the methodology Valuation Multiples and apply it for the UK Manchester Airport. The results of the application are discussed within a context of probable policy implications.