Corporate organizations undergo different life-cycles. Each corporate life-cycle including birth, growth, maturity and declining stages determine firms’ strategic decision and its success such as penetrating new found markets. This study examines the impact of newly established and growing firms’ corporate social responsibility (CSR) activities on their ability to penetrate new markets. We examined using an ex-post facto research design a sample of 37 listed firms for a period between 1996 and 2018, thus our total sample constitutes 814 firm-years. We measured CSR activities of firms by an estimation of generosity index and analyzed the data using multiple regression analysis. Our analysis showed that firms’ CSR activities are significant to the firms’ positive market penetration (Coefficient, (P-value) = 0.359*(0.046)). Based on the firms’ life-cycle, we found that newly established firms’ CSR activities significantly and positively affect their market shares (Coefficient (p-value) =0.364 (0.001)). As emerging firms build their generosity index, they increase their customers’ purchase intention, which draws their new customers brand loyalty and opens door for them in new markets. However, mature and declining firms lose their market focus, thus, their CSR activities do not significantly affect their market penetration (Coefficient (p-value) = 0.214(0.23)). Overall, CSR is rewarding to emerging firms, which means that investors place brand loyalty premium on the products new business philanthropic acts. Advertising and research positively affect new firms’ market penetration, thus, growing new businesses should combine CSR activities with advertising and product research in pursuing market penetration goals while they should also target the declining firms’ markets.