Abstract
The main objective of this study is to determine the CSR disclosure and to find out the association between CSR and FP by the public companies of Maldives. This study used a mixed-method research choice and is longitudinal research. The study period was from 2014 to 2018. Data were collected from annual reports of the listed companies in MSE. The sampling technique used was judgmental sampling, and the data were analyzed from STATA 15 software by using panel data regression. The finding reveals that diversity and ROA, environment and ROE, diversity, and EPS, and when the size of the firm controlled, there exhibit significant negative relation between CSR and ROA; hence, it can conclude that there exists a significant negative relationship between CSR and FP. This study has implications for the academician and corporate world in understanding CSR and FP in developing countries like the Maldives. One of the main consequences of this study is the CSR framework adopted in this study which is not a custom-tailored instrument specific to the Maldives instead chose from another research paper. Further, the sample size was also very limited due to that generalization may not be possible in a large population. This paper spreads the understanding of the relationship between CSR and FP.
Highlights
Corporate social responsibility (CSR) is one of the most controversial and significant topics since the 1950s, and it has been growing since [29]
Relationship between CSR and Financial Performance (FP) Dependent variable: Return on asset (ROA) In assessing the impact of CSR and FP, Table 3 shows the results obtained from the regression analysis between the independent variables, which are data capturing the CSR and the dependent variable represented by ROA
The main objective of this study is to find out the relationship between CSR initiatives to the financial performance of the public companies in the Maldives
Summary
Corporate social responsibility (CSR) is one of the most controversial and significant topics since the 1950s, and it has been growing since [29]. CSR discipline is one of the rigorous research areas among practitioners and academicians [28]. In the history of the corporate world for the first time, CSR was mention by Bowen [21] in his seminal book Social Responsibility of the Businessmen in 1953. Bowen [21] stresses the importance of Despite the long history of CSR discipline, up to date, it remains to be debatable and immature in some areas. One area that is debatable and one of the central focus given is determining the relationship between CSR and corporate financial performance (CFP). Hirigoyen and Rehm [78] and Madugba and Okpara [118] found
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