Topic: Corporate Social Responsibility and Financial Performance <\/p>\n
Author: Vaishnavi Parkar<\/p>\n
Impact of CSR on Investors.<\/p>\n
Phang et al (2021) examine whether combined assurance communication can add incremental effect to the reliability of CSR information and thus increase investors\u2019 decisions to invest in a company with negative trending financial information. They found that the effect of communicating combined assurance, as compared to when only CSR assurance is communicated, on increasing the reliability of non-financial information and investors\u2019 willingness to invest is greater when the company\u2019s financial performance is negative than when the company\u2019s financial performance is positive. Their study contributes to the CSR literature by demonstrating that professional investors tend to rely more on information assured by combined assurance than traditional assurance for companies which present positive CSR information in order to protect against the effect of negative financial performance. The study also sheds light on professional investors\u2019 processing of sustainability information. Social and environmental performance information is becoming more relevant to all companies\u2019 financial performance. In terms of regulatory implications, their study provides experimental evidence to the standard setters, such as the IAASB Integrated Reporting Working Group, FRC Financial Reporting Lab, ASX Corporate Governance Council, and the International Integrated Reporting Council (IIRC), that both non- professional investors and professional investors with significant investment experience and expertise rely on combined assurance as a credibility-enhancing mechanism for companies with negative financial performance during critical times.<\/p>\n
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CSR and Financial Performance.<\/strong><\/p>\n This\u00a0 study\u00a0 makes\u00a0 an\u00a0 attempt\u00a0 to\u00a0 examine\u00a0 the\u00a0 impact\u00a0 of CSR\u00a0 disclosure on ROA of\u00a0 NIFTY\u00a0 50\u00a0 Indian\u00a0 firms.\u00a0 The findings\u00a0 of\u00a0 the\u00a0 study\u00a0 revealed\u00a0 that\u00a0 CSR\u00a0 disclosure\u00a0 does not influence the financial performance of the sample firms. These\u00a0 results\u00a0 are\u00a0 not\u00a0 consistent\u00a0 with\u00a0 the\u00a0 prior\u00a0 literature, which mainly indicate a positive relationship between CSR disclosure\u00a0 and\u00a0 financial\u00a0 performance However, consistent with the few important studies (Fiori et al., 2007 and Galant and Cadez,\u00a0 2017), this\u00a0 investigation is also\u00a0 report a neutral relationship between CSR disclosure and financial performance. These\u00a0 findings are unique\u00a0 and\u00a0 surprising because India is the only country with legislated CSR in the world. Moreover, this study suggests that Indian firms have taken initiatives for being corporate socially responsible and have publicly disclosed their efforts in their annual reports. However, sample companies seeing CSR disclosure as an extra cost burden. Thus, CSR does not generate economic benefits for the firms. This\u00a0 work is a contribution to CSR literature\u00a0 since it presents an investigation of the CSR-CFP relationship in India, an emerging market with increasing international visibility, where such kind of research is still absent. Finally, it is considered that this work may have implications\u00a0 for academics, managers and other stakeholders.<\/p>\n \u00a0<\/p>\n Material and Immaterial CSR Issues<\/p>\n \u00a0Badia et al (2022) emphasizes that CSR is becoming increasingly important in the corporate arena, yet its expansion is dependent on the supply chain relationship (Chen\u00a0et\u00a0al\u00a0<\/em>., 2019). Creditors exhibit a positive view of the long\u2010term perspective and stability that CSR implies, and also the local community, given its sensitivity to issues such as a good working climate or caring for the environment. On the other hand, CSR strategies may provide firms with a reduction of corporate risks related to environmental concerns. Firms concerned with environmental aspects are better equipped to deal with environmental requirements and to innovate in cleaner manufacturing processes. The participation of firms in ESG activities provides a stimulus to the mechanisms for building firms’ innovation capacity, which in turn has an impact on their performance levels. By improving CSR strategies and showing them to stakeholders, firms can enhance the reputation associated with the brand and increase their financial performance. Reputation is a bottom determinant in the relationship between CSR and financial performance of firms (Javed\u00a0et\u00a0al\u00a0<\/em>., 2020). Reputation benefits consumer perceptions and tends to decrease consumers’ price sensitivity and increase their brand loyalty. They consider that materiality is important to both firms and investors, as it allows firms to focus their CSR strategies on the most important issues, and it permits investors to evaluate portfolio exposure to specific material and immaterial CSR risks and opportunities. In the European market, our results show that using different cut\u2010offs allows financial performance to be discriminated the ESG quality hierarchy moves to a priority in financial performance, and this is improved by using material issues. As for the US market, the evidence is less significant, although the relationship between ESG and financial performance improves when using material issues. Different results for the US and EU markets are in line with prior studies identifying cultural and ideological geographical differences affecting the financial performance of SRI portfolios. Their results confirm regional and cultural idiosyncrasies in SRI.<\/p>\n \u00a0<\/p>\n Corporate Social Responsibility, Tax Avoidance, and Earnings Performance<\/p>\n Watson (2015) In this paper considers the moderating effects of current and future earnings performance on the relation between CSR and tax avoidance. He used the data from a large sample\u00a0 of U.S. firms to investigate the possibility that earnings performance influences firms\u2019 commitments\u00a0 to acting responsibly in the tax\u00a0 realm. He provides evidence that a lack of social responsibility is positively associated with tax avoidance when firms face low current or expected future earnings performance. This\u00a0 is consistent with poor earnings performance exacerbating a lack of attention to\u00a0 non-shareholder demands. Next, he finds that\u00a0 social responsibility is positively associated with tax avoidance when current earnings performance is low but not when it is high, evidence that resource constraints make\u00a0 firms unable and\/or unwilling to apply their commitment to CSR to their tax planning. No other study has identified conditions under which U.S. firms\u2019 CSR can inhibit tax avoidance, so this finding is important to CSR research because it exposes a condition under which CSR is socially beneficial through higher tax payments. It indicates that poor earnings performance precludes socially responsible firms from allocating resources to non-shareholders. He concluded that earnings performance moderates the relation between CSR and tax avoidance. His study highlights that\u00a0 the effects of CSR on corporate decisions are more precisely identified when\u00a0 considered in relation to other first-order drivers of corporate behavior, such as earnings\u00a0 performance. In particular, resource scarcity is an important moderator of the impact of CSR on firm behavior.<\/p>\n \u00a0<\/p>\n Casual effect of CSR.<\/p>\n Flammer, (2015) presents evidence on the causal effect of CSR\u00a0 on\u00a0 financial\u00a0 performance. on the causal effect of CSR\u00a0 on\u00a0 financial\u00a0 performance. To obtain\u00a0 exogenous variation in CSR, he exploits the passage of shareholder proposals\u00a0 on\u00a0 CSR\u00a0 that\u00a0 pass\u00a0 or\u00a0 fail\u00a0 by\u00a0 a\u00a0 small\u00a0 mar- gin of votes. The outcome of such close call proposals is\u00a0 as\u00a0 good\u00a0 as\u00a0 random\u00a0 and\u00a0 hence\u00a0 provides\u00a0 a\u00a0 randomized\u00a0 assignment\u00a0 of\u00a0 CSR\u00a0 to\u00a0 companies.\u00a0 Using\u00a0 an RDD\u00a0 methodology,\u00a0 He\u00a0 find\u00a0 that\u00a0 the\u00a0 adoption\u00a0 of\u00a0 close call\u00a0 CSR\u00a0 proposals\u00a0 leads\u00a0 to\u00a0 a\u00a0 significant\u00a0 increase\u00a0 in shareholder\u00a0 value\u00a0 by\u00a0 1.77%. \u00a0He\u00a0 also\u00a0 finds\u00a0 that\u00a0 the\u00a0 value\u00a0 gains\u00a0 are\u00a0 stronger for\u00a0 firms\u00a0 with\u00a0 relatively\u00a0 low\u00a0 levels\u00a0 of\u00a0 CSR\u00a0 prior\u00a0 to the\u00a0 vote.\u00a0 This\u00a0 suggests\u00a0 that\u00a0 CSR\u00a0 is\u00a0 a\u00a0 resource\u00a0 with decreasing\u00a0 marginal\u00a0 returns;\u00a0 i.e.,\u00a0 the\u00a0 CSR\u2013CFP\u00a0 relationship is concave. I then examine the mechanisms through which CSR increases\u00a0 shareholder\u00a0 value.\u00a0 He\u00a0 found\u00a0 that\u00a0 the\u00a0 passing of\u00a0 close\u00a0 call\u00a0 CSR\u00a0 proposals\u00a0 has\u00a0 a\u00a0 positive\u00a0 impact\u00a0 on operating\u00a0 performance\u00a0 (return\u00a0 on\u00a0 assets,\u00a0 net\u00a0 profit margin, and return on equity). When he further examined what\u00a0 explains\u00a0 the\u00a0 increase\u00a0 in\u00a0 operating\u00a0 performance,\u00a0 he\u00a0 found\u00a0 that\u00a0 the\u00a0 adoption\u00a0 of\u00a0 close\u00a0 call\u00a0 CSR proposals\u00a0 has\u00a0 a\u00a0 positive\u00a0 impact\u00a0 on\u00a0 labor productivity\u00a0 and\u00a0 sales\u00a0 growth.\u00a0 This\u00a0 evidence\u00a0 suggests\u00a0 that these\u00a0 proposals\u00a0 improve\u00a0 employee\u00a0 satisfaction\u00a0 and help\u00a0 companies\u00a0 cater\u00a0 to\u00a0 customers\u00a0 that\u00a0 are\u00a0 sensitive to sustainable practices. When\u00a0 he\u00a0 characterized\u00a0 close\u00a0 call\u00a0 CSR\u00a0 proposals, he found that compared\u00a0 with\u00a0 proposals\u00a0 away\u00a0 from\u00a0 the threshold\u2014they are more likely to address employee satisfaction\u00a0\u00a0 and\u00a0\u00a0 the\u00a0\u00a0 mitigation of\u00a0\u00a0 environmental hazards.\u00a0\u00a0 Also, a textual\u00a0\u00a0 analysis\u00a0\u00a0 of\u00a0\u00a0 their\u00a0\u00a0 support statement\u00a0\u00a0 shows\u00a0\u00a0 that\u00a0\u00a0 they more\u00a0 frequently\u00a0\u00a0 contain performance-related arguments. Finally, close call proposals\u00a0 are\u00a0 more\u00a0 frequently\u00a0 found\u00a0 among\u00a0 companies operating\u00a0\u00a0 in\u00a0\u00a0 \u201cstakeholder-sensitive\u201d\u00a0\u00a0 industries,\u00a0 i.e.,\u00a0 industries\u00a0 in\u00a0 which\u00a0 performance\u00a0 depends greatly\u00a0 on\u00a0 the\u00a0 relationship\u00a0 with\u00a0 employees\u00a0 and\u00a0 customers. These differences indicate that close\u00a0\u00a0 call CSR proposals\u00a0\u00a0 are\u00a0\u00a0 more\u00a0\u00a0 closely\u00a0\u00a0 tied\u00a0\u00a0 to\u00a0\u00a0 performance,\u00a0\u00a0 which\u00a0\u00a0 may\u00a0\u00a0 explain\u00a0\u00a0 why\u00a0\u00a0 they\u00a0\u00a0 are\u00a0\u00a0 value enhancing.\u00a0<\/p>\n \u00a0<\/p>\n CSR and the Quadrants<\/p>\n Jackson et al (2009) states that the Corporate Socially Responsible and Financial Performance (CSRFINP) model proposes that a firm can be assessed and assigned a score based on its performance on predetermined CSR dimensions as well as it financial performance on predetermined financial criteria.\u00a0 Firms can fall into one of the model\u2019s four quadrants based on their CSR and financial performance scores. If a company is pursuing purely financial initiatives and performs well on those initiatives, it will find itself in the black or the \u201cAggressive\u201d quadrant.\u00a0 Conversely, if a company is a nonprofit entity and pursues purely social responsibility initiatives, then this company will be a truly \u201cGreen\u201d company and be placed in the \u201cGreen\u201d quadrant.\u00a0 Companies that perform well on both social responsibility and financial initiatives will fall into the \u201cBlue\u201d or progressive quadrant.\u00a0 Companies that underperform on both financial and socially responsible initiatives fall into the yellow or \u201cRepressive\u201d quadrant. and as such could be prone to subjectivity bias since it uses information, prepared by or distributed by the firm. While annual reports are audited and attested to for accuracy, CSR initiatives or data shared or revealed by corporations can be either under or over reported and are usually not verified by external entities.\u00a0 In this regard, the model is developed under the assumption that all financial records used are accurate and reliable, and that the CSR initiatives reported by the company are accurate, honest and precise.\u00a0 If such information is not accurate, it could skew the overall placement of a company on the model.\u00a0 Caution should also be exercised based on the age of the company.\u00a0 For example, it is conceivable that companies that have existed for long periods will be more financially stable that those that recently entered the marketplace.<\/p>\n \u00a0<\/p>\n Manufacturing firms and CSR<\/p>\n Farhan et al (2022) in their report state that the concept of CSR has become a topic of great interest to many as it has become a popular topic of discussion among practitioners, academics, and\u00a0 administrators. The core aim of this empirical inquiry was to determine the financial implications of\u00a0 the social responsibility expenditure of Indian manufacturing enterprises. Along with that their investigation sought to unearth the impact of the Covid-19 outbreak on the financial performance of Indian enterprises. They derived our data from the IQ Prowess repository for the period from 2014 to 2020. Earnings after taxation was classified as the response variable, CSR\u00a0 is\u00a0 the\u00a0 independent\u00a0 variable\u00a0 whilst\u00a0 leverage and enterprises\u2019 size\u00a0 were considered as the control variables. We adopted a fixed regression approach to scrutinize the dataset. The outcome of their\u00a0 empirical\u00a0 analysis\u00a0 established\u00a0 that\u00a0 enterprises\u2019 expenditure on social responsibility schemes creates a positive and significant influence on\u00a0 financial\u00a0 efficacy. Based\u00a0 on\u00a0 the\u00a0 above\u00a0 observation,\u00a0 they suggest\u00a0 that;\u00a0 for\u00a0 enterprises\u00a0 to\u00a0 attain\u00a0 a competitive edge and improve their long-term financial efficacy, social aspects of their operational environment should be incorporated into their core business strategy. The more\u00a0 manufacturing\u00a0 companies\u00a0 spend\u00a0 on\u00a0 social\u00a0 activities,\u00a0 there\u00a0 more\u00a0 they\u00a0 create business goodwill and overall brand awareness. Such goodwill and awareness ultimately attract customers and consumers leading to\u00a0 improved operational prospects and financial performance.<\/p>\n \u00a0<\/p>\n Measurement Approach<\/p>\n Nizamuddin (2018) emphasizes that despite myriad empirical investigations on the nature of relationship, the literature has been unsuccessful in providing conclusive results. All the\u00a0 approaches\u00a0 of\u00a0 CSR\u00a0 performance\u00a0 measures\u00a0 are\u00a0 found\u00a0 to\u00a0 be\u00a0 biased\u00a0 in\u00a0 investigating\u00a0 the positive relationship between CSR and CFP. These problems and shortcomings can be overcome through\u00a0 precautions\u00a0 as\u00a0 researchers\u2019\u00a0 subjectivity\u00a0 can\u00a0 be\u00a0 overcome\u00a0 by\u00a0 retrieving\u00a0 data\u00a0 from standardized\u00a0 CSR\u00a0 reports.\u00a0 Ramanathan\u00a0 (1976)\u00a0 articulated\u00a0 that\u00a0 corporate\u00a0 social\u00a0 accounting should\u00a0 be\u00a0 implemented\u00a0 with\u00a0 the\u00a0 aim\u00a0 of\u00a0 providing\u00a0 required\u00a0 information\u00a0 about\u00a0 firm\u2019s\u00a0 social performance systematically, even though we today fail to iron out the problem of accepted CSR reporting standards. However, many standardization initiatives are in progression worldwide, e.g.,\u00a0 Global\u00a0 Reporting\u00a0 Initiative\u00a0 (GRI),\u00a0 United\u00a0 Nation\u2019s\u00a0 Global\u00a0 Compact\u00a0 Communication\u00a0 of Progress, Accounting Ability\u2019s AA1000 and ISO 26000. The potential solution to the problem of biasness in responses by the respondents is mandatory disclosure of information. Thus, firms publishing stand-alone CSR reports have increased drastically (Dhaliwal et al (2012), though in most of the countries CSR disclosure is still not mandatory (Tschopp and Nastanski, 2014). In the\u00a0 European\u00a0 Union,\u00a0 the\u00a0 new\u00a0 directives\u00a0 on\u00a0 disclosure\u00a0 of\u00a0 non-financial\u00a0 and\u00a0 diversified information have been mandated into effect from 2017 (European Parliamentary Council, 2014), whereas India has already made enactment of mandatory disclosure under the Companies Act,2013\u00a0 (GOI,\u00a0 2013). The review of operationalization and measurement approaches for the CSR concept reveals that all the methods deployed in empirical literature suffer from some shortcoming that may potentially influence the investigation of CSR-CFP relationship. It was found in the literature that the problems inherent in most of the approaches are researchers\u2019 subjectivity and selection bias. Researchers argue that the potential solution for the former is standardization of CSR reporting, and that for the latter is mandatory disclosure of CSR information. In this way standardization and disclosure will not only be beneficial for testing the validity of CSR CFP relationship but also for\u00a0 taking\u00a0 decisions\u00a0 and\u00a0 making\u00a0 policies\u00a0 by\u00a0 policy\u00a0 makers\u00a0 and\u00a0 various \u00a0stakeholder\u00a0 groups.<\/p>\n \u00a0<\/p>\n Decision makes and Policy makers.<\/p>\n Wang et al (2022) concludes that the findings of this study have several practical implications for firms’ decision\u2010makers and policymakers. For decision\u2010makers, first, their results show that low and high levels of CSR may impact CFP negatively and that only a moderate level of CSR can result in improved CFP. The results suggest that the core question for decision\u2010makers is not to ask whether CSR can improve or harm CFP but rather to investigate the range of CSR that can benefit firms the most. Their research provides firm managers with useful criteria to manage the amount of resources invested in CSR activities; namely, CSR activities should exceed the stakeholder reward threshold but should not surpass the threshold at which the sharp raising opportunity costs and agency costs can harm CFP. Second, the moderating effects of firm size and industry dynamism help decision\u2010makers answer the question of who can receive more benefits from CSR in further detail. The findings of this study suggest that firms operating in more dynamic industries and smaller firms have more profound positive slopes at a moderate level of CSR. Therefore, it would be helpful for these firms to engage in active CSR activities to realize the associated financial benefits fully.<\/p>\n Moreover, their findings can also provide practical implications to policymakers to allow them to produce a win\u2013win situation for both stakeholders and firms. The results show that CSR that can attract stakeholder attention and satisfy stakeholder expectations may be rewarded with critical resources. Therefore, on the one hand, policymakers should create effective policies to improve informational transparency regarding CSR to ensure that stakeholders have full access to firms’ CSR information. Based on this information, stakeholders can evaluate firms’ CSR activities and either reward or punish firms. Thus, transparency can ensure that firms’ active CSR activities can be rewarded by stakeholders. On the other hand, policies should be developed to enhance the accountability of firms’ CSR information. Stricter policies should be implemented to require firms to disclose CSR concerns as well as CSR strengths, encourage firms to abide by international CSR reporting standards, and incentivize firms to verify their CSR reports in collaboration with independent nongovernmental organizations (NGOs) or accounting firms. The enhancement of CSR information accountability can encourage firms to engage in noteworthy CSR activities to satisfy stakeholder expectations.<\/p>\n \u00a0<\/p>\n CSR for Stakeholders Benefits.<\/p>\n Licandro et al (2024) concludes the confirmation of the results obtained in numerous studies carried out previously, which found a positive relationship between CSR and financial performance. \u00a0This study is an aid to those who manage companies and to organizations that promote CSR. Firstly, it ratifies the argument that including CSR might prove profitable for companies. Secondly, it informs that such positive effects of CSR are not automatic, requiring companies to generate previously or simultaneously the satisfaction of their main stakeholders. This is a very important aspect, for it indicates that CSR is a management philosophy based on the proper functioning of the typical components of adequate management. Thirdly, demonstrating that the relation functions in all types of companies is very important because the corporate world tends to think that including CSR is only possible in large-size companies.<\/p>\n To measure stakeholder satisfaction, it was decided to focus on the four stakeholders more directly related to the company, namely shareholders, employees, customers and suppliers, for they are the ones with greater exposure to the externalities that generate satisfaction or dissatisfaction. The same question was used for the financial performance indicators. In this case, the term company’s results referred to the satisfaction of each of these stakeholders. An index was defined for the satisfaction of each of them. These indices were evaluated with the same scale used for both profitability and sales. Data were also included concerning some of the companies’ segmentation variables, such as company type (public or private), origin of capital (domestic or international), size, field of activity, and years in the market.<\/p>\n \u00a0<\/p>\n Conclusion<\/p>\n Today, more and more firms are embracing the concept of CSR, since firms that embrace and implement. CSR initiatives have been found to have a positive impact on the choices made by the firm\u2019s key stakeholders in deciding to enter a relationship with the firm, especially Consumers However, in general, there has been a lack of consensus regarding\u00a0 the\u00a0 relationship\u00a0 between\u00a0 a firm\u2019s\u00a0 CSR initiatives and its financial performance. One line of reasoning is that rather than being complementary, the CSR initiatives of a firm and its financial performance are in fact business trade-offs.\u00a0 According to this, firms that engage in CSR initiatives are in fact at an economic disadvantage compared to other firms, since they incur \u00a0costs to implement such initiatives. On the other hand, others have argued that implementing CSR initiatives will be beneficial since it can improve employee morale which\u00a0 leads\u00a0 to\u00a0 improved\u00a0 productivity\u00a0 and\u00a0 ultimately improved performance. Stakeholders such as employees, consumers, investors etc do lookup to the CSR activities of the firms they want to invest in. Financial performance is no longer the lone aspect taken into consideration while investing in the firms but reputation, goodwill, customer satisfaction and the social activities of the firm are also being considered. CSR contributes a lot to the reputation and goodwill of the firm. Now, whether CSR can cause the firm to grow financially is still a debatable topic.<\/p>\n \u00a0<\/p>\n References<\/p>\n Bad\u00eda, G., G\u00f3mez, B. F., & Ferruz, L. (2022). Are investments in material corporate social responsibility issues a key driver of financial performance? Accounting & Finance<\/em>, 62<\/em>(3), 3987\u20134011. https:\/\/doi.org\/10.1111\/acfi.12912<\/a><\/p>\n Farhan, N. H. S., Al-ahdal, W. M., Bhatia, A., & Ahmed, U. (2022). Impact of CSR Spending on the Financial Performance of Indian Manufacturing Firms. South Asian Journal of Management<\/em>, 29<\/em>(5), 164\u2013183.<\/p>\n Flammer, C. (2015). Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science<\/em>, 61<\/em>(11), 2549\u20132568. https:\/\/doi.org\/10.1287\/mnsc.2014.2038<\/a><\/p>\n Jackson, L. A., & Parsa, H. G. (2009). Corporate Social Responsibility and Financial Performance: A Typology for Service Industries. International Journal of Business Insights & Transformation<\/em>, 2<\/em>(2), 13\u201321.<\/p>\n Kumar, P., & Kumar, A. (2018). Corporate Social Responsibility Disclosure and Financial Performance: Further Evidence from NIFTY 50 Firms. International Journal of Business Insights & Transformation<\/em>, 11<\/em>(2), 62\u201369.<\/p>\n Licandro, O., Burguete, J. L. V., Ortigueira-S\u00e1nchez, L. C., & Correa, P. (2024). Corporate Social Responsibility and Financial Performance: A Relationship Mediated by Stakeholder Satisfaction. Administrative Sciences (2076-3387)<\/em>, 14<\/em>(1), 15. https:\/\/doi.org\/10.3390\/admsci14010015<\/a><\/p>\n Nizamuddin, M. (2018). Corporate Social Responsibility and Corporate Financial Performance: An Exploratory Study of Measurement-Approach Selection Issues. IUP Journal of Corporate Governance<\/em>, 17<\/em>(2), 36\u201354.<\/p>\n Phang, S., & Hoang, H. (2021). Does positive CSR increase willingness to invest in a company based on performance? The incremental role of combined assurance. Accounting & Finance<\/em>, 61<\/em>(4), 5631\u20135654. https:\/\/doi.org\/10.1111\/acfi.12771<\/a><\/p>\n Wang, K., & Qiao, Y. (2022). The horizontal S\u2010shaped relationship between corporate social responsibility and financial performance: The moderating effects of firm size and industry dynamism. Business Ethics, the Environment & Responsibility<\/em>, 31<\/em>(4), 937\u2013968. https:\/\/doi.org\/10.1111\/beer.12465<\/a><\/p>\n Watson, L. (2015). Corporate Social Responsibility, Tax Avoidance, and Earnings Performance. Journal of the American Taxation Association<\/em>, 37<\/em>(2), 1\u201321. https:\/\/doi.org\/10.2308\/atax-51022<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Topic: Corporate Social Responsibility and Financial Performance Author: Vaishnavi Parkar Impact of CSR on Investors. Phang et al (2021) examine whether combined assurance communication can add incremental effect to the reliability of CSR information and thus increase investors\u2019 decisions to invest in a company with negative trending financial information. They found that the effect of… Continue reading Corporate Social Responsibility and Financial Performance<\/span><\/a><\/p>\n","protected":false},"author":139333,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-20213","post","type-post","status-publish","format-standard","hentry","category-management","entry"],"_links":{"self":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/20213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/users\/139333"}],"replies":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20213"}],"version-history":[{"count":1,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/20213\/revisions"}],"predecessor-version":[{"id":20214,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/20213\/revisions\/20214"}],"wp:attachment":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20213"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}