the Impact of Corporate Governance and CSR on Firm’s Performance A Moderating Role of Corporate Philanthropy
Article Sidebar
Main Article Content
Abstract
The paper examines the effect of Corporate Governance and CSR on firm’s performance in the listed companies of Pakistan Stock Exchange in the presence of Corporate Philanthropy. The study employs yearly data spanning over the period of 2004 to 2017. Corporate Governance, CSR and Firm Specific Variables serve as independent variables, Corporate Philanthropy as a moderating variable and firm’s performance proxies by Tobin’s Q, and ROE as dependent variables in the model. Data has been extracted from Annual reports of the firms. The data has been analyzed with a view to check cause and effect relationship by using Multivariate Panel Data Analysis. Results deduced that Corporate Governance, CSR and Firm Specific Variables have positive significant effect on firm’s performance. Results also confirmed that Corporate Philanthropy moderates the relation between Corporate Governance, Firm Specific Variables and firm’s performance.
Article Details
References
Crampton, W., & Patten, D. (2008). Social responsiveness, profitability and catastrophic events: Evidence on the corporate philanthropic response to 9/11. Journal of Business Ethics, 81(4), 863–873. https://doi.org/10.1007/s10551-007-9553-7.
Muller, A., & Whiteman, G. (2009). Exploring the geography of corporate philanthropic disaster response: A study of fortune global 500 firms. Journal of Business Ethics, 84(4), 589–603. https://doi.org/10.1007/s10551-008-9710-7.
Saiia, D. H., Carroll, A. B., & Buchholtz, A. K. (2003). Philanthropy as Strategy. Business & Society, 42(2), 169–201. https://doi.org/10.1177/0007650303042002002.
Tilcsik, A., & Marquis, C. (2013). Punctuated generosity: How mega-events and natural disasters affect corporate philanthropy in U.S. Communities. Administrative Science Quarterly, 58(1), 111–148. https://doi.org/10.1177/0001839213475800.