The impact of corporate social responsibility on firm financial performance: does corporate governance matter?

Manel Gharbi, Anis Jarboui
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Abstract

Purpose

This study investigated how corporate social responsibility (CSR) impacts financial performance (FP) and examined the moderated role of corporate governance (CG). In particular, this paper aims to empirically examine the impact of CG on the relationship between CSR and FP.

Design/methodology/approach

This study was based on a sample of 200 firms over 2010/2021. The direct and moderating effects were tested by using multiple regression techniques.

Findings

The empirical findings indicated that companies with higher levels of CSR reporting invested more effectively than companies with lower CSR reporting levels. The empirical analysis suggested two main findings: CSR has a significant effect on FP, and this relationship depends on CG practices. This research presents new evidence that improves the discussion around CSR involvement and FP in French firms. Then, this research shows that CG positively moderates the impact of CSR on corporate FP.

Originality/value

These findings may be of interest to academic researchers, practitioners and regulators interested in discovering dividend policies, FP and CSR. The findings may interest different stakeholders, policymakers and regulatory bodies interested in enhancing CG initiatives to strengthen CSR because it suggests implementing a broadly accepted framework of good CG practices to meet the demand for greater transparency and accountability.

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企业社会责任对公司财务业绩的影响:公司治理重要吗?
目的 本研究探讨了企业社会责任(CSR)如何影响财务绩效(FP),并考察了公司治理(CG)的调节作用。尤其是,本文旨在实证研究公司治理对企业社会责任与财务绩效之间关系的影响。设计/方法/途径本研究以 2010/2021 年间的 200 家公司为样本。实证研究结果表明,企业社会责任报告水平较高的公司比企业社会责任报告水平较低的公司投资更有效。实证分析得出了两个主要结论:企业社会责任对FP有重大影响,而这种关系取决于企业社会责任实践。这项研究提供了新的证据,从而改进了围绕法国企业社会责任参与和财务自由的讨论。原创性/价值这些发现可能会引起对发现股利政策、财务自由和企业社会责任感兴趣的学术研究人员、从业人员和监管人员的兴趣。不同的利益相关者、政策制定者和监管机构可能会对这些研究结果感兴趣,他们都希望通过加强企业管治措施来强化企业社会责任,因为这些研究结果表明,应实施一个广为接受的良好企业管治实践框架,以满足提高透明度和问责制的要求。
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来源期刊
CiteScore
3.90
自引率
6.70%
发文量
13
期刊介绍: The International Journal of Law and Management is a leading journal addressing all aspects of regulation and law as they impact on organisational development, operations and leadership. Organisations and their leaders operate in an increasingly complex world of emerging regulation across national and international boundaries. The International Journal of Law and Management seeks to acknowledge the dynamics of that environment and provide a platform for articles and contributions to stimulate scholarly debate in the development of law and practice. The International Journal of Law and Management seeks to present the latest research on policy, practice and theoretical perspectives and their impact on the development and leadership of organisations. Contributions of a multi-disciplinary nature are welcome. Coverage includes, but is not limited to: -Employment and industrial law- Corporate governance and social responsibility- Intellectual property- Corporate law and finance- Insolvency- Commercial law and consumer protection- Environmental law- Taxation- Competition law- Regulatory theory
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