SlideShare a Scribd company logo
1 of 7
Download to read offline
Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.14, 2014
15
Corporate Social Disclosure Quantity and Quality as Moderators
between Corporate Social Responsibility Performance and
Corporate Financial Performance
Yusuf Ibrahim Karaye1,2*
,Zuaini Ishak1
,Noriah Che-Adam1
1. School of Accountancy, Universiti Utara Malaysia Sintok, 06010, Kedah Malaysia
2. Department of Accounting, Bauchi State University Gadau, Bauchi Nigeria
*E-mail of corresponding author: karaye2000@gmail.com
Abstract
Corporate social responsibility performance and corporate financial performance has been extensively examined
without any consensus about the relationship. While some reported positive, others reported negative, neutral
and even inconclusive findings on the relationship. These reasons make the topic an avenue for debates over a
long period. This development call for the introduction of moderating variables to account for when and under
what conditions is the relationship positive, negative or neutral/inconclusive. This study proposes to provide a
framework that examines the association between CSR and CFP, promoting a potential moderator, CSR
disclosure. Based on the literature reviewed, this paper proposes three variables which can be used to implement
the framework within firm level. The variables are corporate social responsibility performance, corporate
financial performance and corporate social disclosure.
Keywords: corporate social responsibility, corporate social disclosure, corporate financial performance, quality,
quantity
1. Introduction
Numerous studies have been conducted to measure the association between corporate social responsibility
performance (CSRP) and corporate financial performance (CFP) with the aim of providing explanation about, or
understanding of the relationship. Carroll, (1979, 1999), define CSR to mean conducting business in a way that
is economically profitable, law abiding, ethical and socially supportive. The studies on the relationship between
CSRP and CFP produce mixed findings with positive, neutral, inconclusive and negative results (Beurden &
Gössling, 2008; Boaventura, Silva, & Bandeira-de-Mello, 2012; Margolis & Walsh, 2003; Orlitzky, Schmidt, &
Rynes, 2003). Even though the relationship is producing mixed result, the majority of the studies reported a
positive relationship i.e. the meta analysis of Margolis and Walsh (2003) reported from analysis of one hundred
and nine studies (109) that 54 reported a positive, seven reported a negative (7/109), twenty eight reported a non-
significant (28/109), and finally twenty reported combined result (20/109). In search for the possible reason for
mixed findings, Rowley and Berman (2000) argued that the relationship between CSRP and CFP exist but not
under all conditions and he further his arguments by suggesting the existence of many potential factors
mediating or moderating the relationship. They suggest a contingency framework for addressing the relationship.
Many researchers emphasized the role of stakeholder relationship in the association between CSRP and CFP, for
example Munasinghe and Kumara (2013) explained that CSR offers companies a means by which they can
manage and influence the attitude and perceptions of their stakeholders, building their trust and enabling the
benefits of positive relationships to deliver business advantages. Barnett (2007) argues that CSRP leads to
trustworthiness, which strengthens the relationship with important stakeholder, thereby reducing the transaction
cost and leads to financial gain. Rowley and Berman (2000) posited that stakeholders’ action to sanction, reward
or punish a firm and the way the firm responded to the action affects the firm’s revenue/cost which determines
the relationship between CSRP and CFP. The importance of stakeholders in the relationship between CSRP and
CFP is paramount but another important factor that shape the relationship most is the medium through which
CSR activities are communicated to stakeholders. Corporate social disclosure (CSD) is the process of
communicating the social and environmental effects of organization’s economic action to particular interest
groups within society and to society at large (Gray, 1996). According to Ali and Rizwan (2013) corporate social
and environmental disclosure (CSED) means dissemination of information about a firms human resource related
practices, community involvement activities and project, quality and safety of products and services and
environmental contribution. Some of the reasons why firms involved in CSD are to build and maintain reputation
(Adams, 2002; Navickait & Ruževi, 2007), to improve market share (Solomon & Lewis, 2002), reducing
company cost of capital (Dhaliwal, Li, Tsang, & Yang, 2011), gaining competitive advantage (Cheah, Chan, &
Chieng, 2007), enjoy tax benefits (Ahmad, 2006), gain employees commitment (Rettab, Brik, & Mellahi, 2009),
and reduce cost and company risk (Sangle, 2010). Organization’s communication with external parties
(stakeholders) about its level of CSR may help build a positive image with customers, investors, bankers and
suppliers (Fombrun & Shanley, 1990). They further argue that firms high in CSR may use CSD as part of
Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.14, 2014
16
information signal upon which stakeholders base their assessment of corporate reputation under conditions of
incomplete information (Fombrun & Shanley, 1990). Based on the above discussions, the authors argue that
quantity of CSR disclosure and its quality can lead to variations in CFP. Therefore this paper aimed at proposing
a framework on the moderating effect of CSD quantity and quality on the relationship between CSRP and CFP.
The remainder of the paper was organized as follows; next section presents the review of related literature and
proposition development, followed by proposed framework of the study and finally the conclusion.
2. Literature review and proposition development
2.1 Corporate financial performance
Performance can be defined as achievement of organizational objectives (Bourguignon, 1995). It was also
defined by Lorino, (1995) as anything which contribute to ameliorate value-cost couple and not only which
contributes to cost decrease or value increase. According to Orlitzky, Schmidt and Rynes (2003), corporate
financial performance has been basically measured in three forms: market, accounting and survey measurements.
He further explained that the first represents the appreciation of the shareholders; the second shows the internal
efficiency of the management and the last provides a subjective estimation of its performance. Boaventura, Silva
and Bandeira-de-Mello (2012), in their meta analytical review on CSRP-CFP relationship reported that return on
asset (ROA), is the financial performance measure most widely used, followed by return on equity (ROE), sales
growth, return on sales (ROS), contribution margin, Tobins Q, market share, risk of the firm, ROCE, operational
profit, cash flow and finally earning per share (EPS).
2.2 Corporate social responsibility
Corporate social responsibility was defined by Bowen, (1953) as a method employed by corporations to pursue
policies, decisions and actions for the social purpose and value. Another important definition was that of Carroll
(1979), who defines CSR as conducting business in a way that is economically profitable, law abiding, ethical
and socially supportive. Frooman, (1997), defined CSRP as an action by a firm, on which the firm chooses to
take, and substantially affects an identifiable social stakeholder’s welfare. Empirical evidence outline some of
the benefits accruable from CSR activities, some of which includes higher purchase intention from customers
(Mohr & Webb, 2005), willingness to pay higher prices (Kang, Stein, Heo, & Lee, 2012) and product
recognition (Parket & Eilbirt, 1975).
2.3 Corporate social responsibility performance and corporate financial performance
The relationship between CSRP and CFP has been investigated for more than three decades in the developed
countries such as US and UK with no consensus (Bayoud et al. 2012). Studies on the relationship found positive,
negative and neutral relationship between CSRP and CFP (Margolish & Walsh 2003). This makes it to be
controversial relationship and an open area for further studies (Wijesinghe & Senaratne 2011). Friedman (1970)
criticize the act of corporate social responsibility arguing that the one and only responsibility of business is to
generate profit for its shareholders provided they act within the rules of the game. According to him CSR can
only put the firm in a competitive disadvantage (Friedman, 1970). However Freeman (1984), argued that CSR
leads to improvement in CFP therefore putting the firm in competitive advantage. CSR improves market
opportunities and pricing premiums (Fombrun, Gardberg, & Barnett, 2000), it leads to reduction in transaction
cost due to improved stakeholder relationship (Jones, 1995). Ultimately, this situation will result in higher net
financial performance. The meta-analytical study of Orlitzky et al. (2003) and Margolis and Walsh (2003) for
example reported positive relationship between CSR and CFP. Also the study of Boaventura et al. (2012),
reported in their meta-analysis that majority of the articles reviewed, i.e. thirty eight reported positive, eleven
reported negative and eighteen articles reported either neutral or inexistent relationship between CSR and CFP.
Therefore this development leads to the conclusion that even though the relationship produces mixed findings, it
is predominantly positive. Based on the above arguments the present study expects the relationship between CSR
and CFP to be positive. Hence the following proposition was passed on:
P1 There is a positive relationship between CSRP and CFP
2.4 Corporate social disclosure and corporate financial performance
There is evidence of a positive relationship between CSR disclosure and CFP. Most of the studies indicated that
management aimed at creating and maintaining good relationship with stakeholder groups through CSR
disclosure (Wibowo, 2012). Some studies highlighted the benefits obtainable from disclosing CSR information
to the stakeholders to include, being an instrument for stakeholders to evaluate corporate social responsibility
activities of the firm and a tool for increasing transparency and credibility of a firm to society (Cheung & Mak,
2010). CSR disclosure has the potentials of building or repairing corporate reputation of low CSR group and the
potential of protecting favorable CSR brand of high CSR group if utilized strategically (Dawkins & Fraas, 2008).
According to Balabanis, Phillips, and Lyall, (1998), satisfying stakeholders’ explicit and implicit information
demands, maintaining their support, while at the same time avoiding threats, would likely improve firms
financial performance. CSR intended to improve stakeholder-related performance using effective measure
through CSR disclosure, enables companies to manage external relationship, attracting stakeholders who prefers
Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.14, 2014
17
to deal with socially responsible business and have the power to reward it (Waddock & Bodwell, 2004).
Empirically, the study of Wijesinghe and Senaratne (2011) test the relationship between CSR disclosure and
CFP. They reported a positive and significant relationship between CSR disclosure and both return on assets
(ROA) and return on equity (ROE). The study of Yusoff, Mohamad and Darus (2013) also examine the
relationship between CSR disclosure and CFP in Malaysia context. They found a significant positive relationship
between CFP and CSR disclosure depth, breadth and concentration. According to Saleh, Zulkifli and Muhamad
(2008), CSR disclosure has a contemporaneous impact on financial performance. They further explained that it
was evident in the increase and decrease in CFP due to increase or decrease in CSR disclosure. Bayoud,
Kavanagh and Slaughter (2012) study the relationship between CSR disclosure and organizational performance
in Libya. They found a positive relationship between the levels of CSR disclosure and organizational
performance in terms of financial performance and reputation. The above arguments proved a positive
relationship between CSD and CFP. Therefore the present study expects the relationship between CSRP and
CFP to be stronger when CSD is high. Thus the following proposition was advanced.
P2 The positive relationship between CSRP and CFP will be stronger when CSD is high
3. Proposed framework
The review of literature suggests a positive relationship between both CSR performance and disclosure on
corporate financial performance (Boaventura et al. 2012; Margolish & Walsh 2003; Gossling & Bueding 2008;
Orlitzky et al. 2003) for CSR and CFP relationship, and (Wijesinghe & Senaratne 2011; Yusoff et al. 2013;
Saleh et al. 2008; Bayoud et al. 2012) for CSR disclosure and CFP relationship. The present study argued that
corporations must communicate to the stakeholders their CSR activities for the stakeholders to reward the
corporation. Therefore the firm that communicated to its stakeholders will be rewarded more than the firm that
did not. In essence, this proves the moderating ability of CSR disclosure on the relationship between CSR and
CFP. Therefore the proposed framework consists of three variables: CSR, CSD and CFP.
Figure 1. Research conceptual framework
4. Conclusions
The present study, which is based on an on-going project, sheds more light on the importance of CSR disclosure
and its function in moderating the relationship between CSR and CFP. Without CSR disclosure, CSR activities
and investment would have gone unnoticed by the stakeholders. Any CSR activity that was unnoticed by
stakeholders was termed as agency loss. Therefore, this study provides a conceptual framework that proposes the
moderating effect of CSR disclosure on the CSR-CFP relationship. Finally, if the proposed framework is
validated, the findings will provide a significant contribution to the literature, managers and practitioners in
making a better decision.
References
Adams, C. A. (2002). Internal Organisational Factors Influencing Corporate Social and Ethical Reporting:
Beyond Current Theorising. Accounting, Auditing & Accountability Journal, 15(2), 223–250.
doi:10.1108/09513570210418905
Ahmad, S. J. (2006). From Principles to Practice: Exploring Corporate Social Responsibility in Pakistan. Journal
of Corporate Citizenship, (winter), 115–129.
Ali, W., & Rizwan, M. (2013). Factors Influencing Corporate Social and Environmental Disclosure (CSED)
Practices in The Developing Countries : An Institutional Theoretical Perspective. International Journal of Asian
Social Science, 3(3), 590–609.
Balabanis, G., Phillips, H. C., & Lyall, J. (1998). Corporate Social Responsibility and Economic Performance in
the Top British Companies: Are they Linked? European Business Review, 98(1), 25–44.
doi:10.1108/09555349810195529
Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.14, 2014
18
Barnett, M. L. (2007). Stakeholder Influence Capacity and the Variability of Financial Returns To Corporate
Social Responsibility. Academy of Management Review, 32(3), 794–816. doi:10.5465/AMR.2007.25275520
Bayoud, N. S., Kavanagh, M., & Slaughter, G. (2012). An Empirical Study of The Relationship Between
Corporate Social Responsibility Disclosure and Organizational Performance: Evidence from Libya. International
Journal of Management and Marketing Research, 5(3), 69–82.
Beurden, P. Van, & Gössling, T. (2008). The Worth of Values: A Literature Review on the Relation Between
Corporate Social and Financial Performance. Journal of Business Ethics, 82(2), 407–424. doi:10.1007/sl0551-
008-9894-x
Boaventura, J. M. G., Silva, R. S. da, & Bandeira-de-Mello, R. (2012). Corporate Financial Performance and
Corporate Social Performance : Methodological Development and the Theoretical Contribution of Empirical
Studies *. Revista Contabilidade & Financas, 23(60), 232–245.
Bourguignon, A. (1995). Peut-on Definer La Performance? Revue Francais de Gestion, (August).
Bowen, H. R. (1953). Social Responsibility of the Business Man (3rd ed.). New York: Harper and Brothers.
Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of
Management Review. doi:10.5465/AMR.1979.4498296
Carroll, A. B. (1999). Corporate Social Responsibility: Evolution of a Definitional Construct. Business & Society,
38(3), 268–295. doi:10.1177/000765039903800303
Cheah, E. T., Chan, W. L., & Chieng, C. L. L. (2007). The Corporate Social Responsibility of Pharmaceutical
Product Recalls: An Empirical Examination of U.S. and U.K. Markets. Journal of Business Ethics, 76(4), 427–
449. doi:10.1007/s10551-006-9292-1
Cheung, P., & Mak, W. (2010). The Relation Between Corporate Social Responsibility Disclosure and Financial
Performance : Evidence from the Commercial Banking Industry. Simon Fraser University, Canada.
Dawkins, C. E., & Fraas, J. W. (2008). An Exploratory Analysis of Corporate Social Responsibility and
Disclosure. Business & Society, 52(2), 245–281. doi:10.1177/0007650308324047
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of
Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59–
100. doi:10.2308/accr.00000005
Fombrun, C. J., Gardberg, N. A., & Barnett, M. L. (2000). Opportunity Platforms and Safety Nets : Corporate
Citizenship and Reputational Risk. Business & Society Review, 105(1), 85–106.
Fombrun, C., & Shanley, M. (1990). What’s in a Name? Reputation Building and Corporate Strategy. Academy
of Management Journal, 33(2), 233–258. doi:10.2307/256324
Freeman, R. (1984). Strategic Management: A Stakeholder Perspective. Boston, MA.: Pitman.
Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. New York Times Magazine,
122–126.
Frooman, J. (1997). Socially Irresponsible and Illegal Behavior and Shareholder Wealth. Business & Society,
36(3), 221–249.
Gray, R. H. (1996). Accounting and Accountability: Changes and Challenges in Corporate Social and
Environmental Reporting. (R. H. Gray, D. Owen, & C. Adams, Eds.) (Illustrate., pp. 1–332). New York: Prentice
Hall International.
Jones, T. M. (1995). Instrumental Stakeholder Theory : A Synthesis of Ethics and Economics. Academy of
Management Review, 20(2), 404–437.
Kang, K. H., Stein, L., Heo, C. Y., & Lee, S. (2012). Consumers’ Willingness to Pay for Green Initiatives of the
Hotel Industry. International Journal of Hospitality Management, 31(2), 564–572.
doi:10.1016/j.ijhm.2011.08.001
Lorino, P. (1995). Comptes et recits de la performance. In ’ (Ed.), Essai sur le pilotage de l’ entreprise. Paris:
Les ed. d’ organisation.
Margolis, J. D., & Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initiatives by Business.
Administrative Science Quarterly, 48(2), 268. doi:10.2307/3556659
Mohr, L. A., & Webb, D. J. (2005). The Effects of Corporate Social Responsibility and Price on Consumer
Responses. Journal of Consumer Affairs, 39(1), 121–147. doi:10.1111/j.1745-6606.2005.00006.x
Munasinghe, M. A. T. K., & Kumara, D. C. U. (2013). Impact of Disclosure of Corporate Social Responsibility
on Corporate Financial Performances of Plantations Companies in Sri Lanka. Journal of Emerging Trends in
Economics and Management Sciences, 4(3), 371–376.
Navickait, V., & Ruževi, J. (2007). The Development of Socially Responsible Business in Lithuania and Italy :
A Comparative Study. Economic and Management, 12, 1025–1033.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta-
Analysis. Organization Studies, 24(3), 403–441. doi:10.1177/0170840603024003910
Parket, R. I., & Eilbirt, H. (1975). Social Responsibility: The Underlying Factors. Business Horizons, (August).
Rettab, B., Brik, A. Ben, & Mellahi, K. (2009). A Study of Management Perceptions of the Impact of Corporate
Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.5, No.14, 2014
19
Social Responsibility on Organisational Performance in Emerging Economies: The Case of Dubai. Journal of
Business Ethics, 89(3), 371–390. Retrieved from http://dx.doi.org/10.1007/s10551-008-0005-9
Rowley, T., & Berman, S. (2000). A Brand New Brand of Corporate Social Performance. Business & Society,
39(4), 397–418. doi:10.1177/000765030003900404
Saleh, M., Zulkifli, N., & Muhamad, R. (2008). An Empirical Examination of the Relationship between
Corporate Social Responsibility Disclosure and Financial Performance in an Emerging Market, 1–22. Retrieved
from 2008-vodppl.upm.edu.my
Sangle, S. (2010). Empirical Analysis of Determinants of Adoption of Proactive Environmental Strategies in
India. Business Strategy and the Environment, 19(July 2009), 51–63.
Solomon, A., & Lewis, L. (2002). Inceptives and Disincentives for Corporate Environmental Disclosure.
Business Strategy and the Environment, 11, 154–169.
Waddock, S., & Bodwell, C. (2004). Managing Responsibility: What Can be Learned from the Quality
Movement? Califonia Management Review, 47(1), 25–38.
Wibowo, A. J. (2012). Interaction between Corporate Social Responsibility Disclosure and Profitability of
Indonesia Firms. In UMT 11th International Annual Symposium on Sustainability Science and Management. (pp.
373–380). Terengganu, Malaysia.
Wijesinghe, K. N., & Senaratne, S. (2011). Impact of Disclosure of Corporate Social Responsibility on
Corporate Financial Performance in Bank , Finance and Insurance Sector in Sri Lanka, 1–18.
Yusoff, H., Mohamad, S. S., & Darus, F. (2013). The Influence of CSR Disclosure Structure on Corporate
Financial Performance: Evidence from Stakeholders’ Perspectives. Procedia Economics and Finance, 7(Icebr),
213–220. doi:10.1016/S2212-5671(13)00237-2
The IISTE is a pioneer in the Open-Access hosting service and academic event
management. The aim of the firm is Accelerating Global Knowledge Sharing.
More information about the firm can be found on the homepage:
http://www.iiste.org
CALL FOR JOURNAL PAPERS
There are more than 30 peer-reviewed academic journals hosted under the hosting
platform.
Prospective authors of journals can find the submission instruction on the
following page: http://www.iiste.org/journals/ All the journals articles are available
online to the readers all over the world without financial, legal, or technical barriers
other than those inseparable from gaining access to the internet itself. Paper version
of the journals is also available upon request of readers and authors.
MORE RESOURCES
Book publication information: http://www.iiste.org/book/
IISTE Knowledge Sharing Partners
EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open
Archives Harvester, Bielefeld Academic Search Engine, Elektronische
Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial
Library , NewJour, Google Scholar
Business, Economics, Finance and Management Journals PAPER SUBMISSION EMAIL
European Journal of Business and Management EJBM@iiste.org
Research Journal of Finance and Accounting RJFA@iiste.org
Journal of Economics and Sustainable Development JESD@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Industrial Engineering Letters IEL@iiste.org
Physical Sciences, Mathematics and Chemistry Journals PAPER SUBMISSION EMAIL
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Journal of Mathematical Theory and Modeling MTM@iiste.org
Advances in Physics Theories and Applications APTA@iiste.org
Chemical and Process Engineering Research CPER@iiste.org
Engineering, Technology and Systems Journals PAPER SUBMISSION EMAIL
Computer Engineering and Intelligent Systems CEIS@iiste.org
Innovative Systems Design and Engineering ISDE@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Information and Knowledge Management IKM@iiste.org
Journal of Control Theory and Informatics CTI@iiste.org
Journal of Information Engineering and Applications JIEA@iiste.org
Industrial Engineering Letters IEL@iiste.org
Journal of Network and Complex Systems NCS@iiste.org
Environment, Civil, Materials Sciences Journals PAPER SUBMISSION EMAIL
Journal of Environment and Earth Science JEES@iiste.org
Journal of Civil and Environmental Research CER@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Life Science, Food and Medical Sciences PAPER SUBMISSION EMAIL
Advances in Life Science and Technology ALST@iiste.org
Journal of Natural Sciences Research JNSR@iiste.org
Journal of Biology, Agriculture and Healthcare JBAH@iiste.org
Journal of Food Science and Quality Management FSQM@iiste.org
Journal of Chemistry and Materials Research CMR@iiste.org
Education, and other Social Sciences PAPER SUBMISSION EMAIL
Journal of Education and Practice JEP@iiste.org
Journal of Law, Policy and Globalization JLPG@iiste.org
Journal of New Media and Mass Communication NMMC@iiste.org
Journal of Energy Technologies and Policy JETP@iiste.org
Historical Research Letter HRL@iiste.org
Public Policy and Administration Research PPAR@iiste.org
International Affairs and Global Strategy IAGS@iiste.org
Research on Humanities and Social Sciences RHSS@iiste.org
Journal of Developing Country Studies DCS@iiste.org
Journal of Arts and Design Studies ADS@iiste.org

More Related Content

What's hot

Corporate Social Performance and Firm Value
	Corporate Social Performance and Firm Value	Corporate Social Performance and Firm Value
Corporate Social Performance and Firm Valueinventionjournals
 
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...Prof Niamh M. Brennan
 
Organizational commitment profiles and job satisfaction among Greek private a...
Organizational commitment profiles and job satisfaction among Greek private a...Organizational commitment profiles and job satisfaction among Greek private a...
Organizational commitment profiles and job satisfaction among Greek private a...Yannis Markovits
 
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...Prof Niamh M. Brennan
 
Managerial perceptions on corporate social responsibility in select companies...
Managerial perceptions on corporate social responsibility in select companies...Managerial perceptions on corporate social responsibility in select companies...
Managerial perceptions on corporate social responsibility in select companies...inventy
 
Corporate reputation on performance of banking industries in nigeria
Corporate reputation on performance of banking industries in nigeriaCorporate reputation on performance of banking industries in nigeria
Corporate reputation on performance of banking industries in nigeriaAlexander Decker
 
03 14 brennan merkl davies accounting narratives and impression management
03 14 brennan merkl davies accounting narratives and impression management03 14 brennan merkl davies accounting narratives and impression management
03 14 brennan merkl davies accounting narratives and impression managementProf Niamh M. Brennan
 
Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...
Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...
Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...Jan Ahmed
 
Janine Chacko - Final Dissertation
Janine Chacko - Final DissertationJanine Chacko - Final Dissertation
Janine Chacko - Final DissertationJanine Chacko
 
Article: Influence of Corporate Board Characteristics on Firm Performance of ...
Article: Influence of Corporate Board Characteristics on Firm Performance of ...Article: Influence of Corporate Board Characteristics on Firm Performance of ...
Article: Influence of Corporate Board Characteristics on Firm Performance of ...McRey Banderlipe II
 
How do multi national corporations ce os perceive and communicate about socia...
How do multi national corporations ce os perceive and communicate about socia...How do multi national corporations ce os perceive and communicate about socia...
How do multi national corporations ce os perceive and communicate about socia...Alexander Decker
 
11.how do multi national corporations ce os perceive and communicate about so...
11.how do multi national corporations ce os perceive and communicate about so...11.how do multi national corporations ce os perceive and communicate about so...
11.how do multi national corporations ce os perceive and communicate about so...Alexander Decker
 
Research Paper- The Effects of Corporate Social Responsibility on Employees
Research Paper- The Effects of Corporate Social Responsibility on EmployeesResearch Paper- The Effects of Corporate Social Responsibility on Employees
Research Paper- The Effects of Corporate Social Responsibility on EmployeesAnnie-Pierre Fortier
 
To what extent does employees’ perception of organizational justice influence...
To what extent does employees’ perception of organizational justice influence...To what extent does employees’ perception of organizational justice influence...
To what extent does employees’ perception of organizational justice influence...Alexander Decker
 
Corporate Social Responsibility and Profitability in the Banking Sector: The ...
Corporate Social Responsibility and Profitability in the Banking Sector: The ...Corporate Social Responsibility and Profitability in the Banking Sector: The ...
Corporate Social Responsibility and Profitability in the Banking Sector: The ...Dr. Amarjeet Singh
 
200671838 - Dissertation
200671838 - Dissertation200671838 - Dissertation
200671838 - DissertationMohit Kumar
 

What's hot (19)

Corporate Social Performance and Firm Value
	Corporate Social Performance and Firm Value	Corporate Social Performance and Firm Value
Corporate Social Performance and Firm Value
 
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...
Craig, Russell J. and Brennan, Niamh M. [2012] An Exploration of the Relation...
 
Organizational commitment profiles and job satisfaction among Greek private a...
Organizational commitment profiles and job satisfaction among Greek private a...Organizational commitment profiles and job satisfaction among Greek private a...
Organizational commitment profiles and job satisfaction among Greek private a...
 
critical essay
critical essaycritical essay
critical essay
 
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...
Brennan, Niamh M., Merkl-Davies, Doris M., and Beelitz, Annika [2013] Dialogi...
 
Managerial perceptions on corporate social responsibility in select companies...
Managerial perceptions on corporate social responsibility in select companies...Managerial perceptions on corporate social responsibility in select companies...
Managerial perceptions on corporate social responsibility in select companies...
 
Corporate reputation on performance of banking industries in nigeria
Corporate reputation on performance of banking industries in nigeriaCorporate reputation on performance of banking industries in nigeria
Corporate reputation on performance of banking industries in nigeria
 
03 14 brennan merkl davies accounting narratives and impression management
03 14 brennan merkl davies accounting narratives and impression management03 14 brennan merkl davies accounting narratives and impression management
03 14 brennan merkl davies accounting narratives and impression management
 
Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...
Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...
Corporate social-and-financial-performance-an-extended-stakeholder-theory-and...
 
Janine Chacko - Final Dissertation
Janine Chacko - Final DissertationJanine Chacko - Final Dissertation
Janine Chacko - Final Dissertation
 
Article: Influence of Corporate Board Characteristics on Firm Performance of ...
Article: Influence of Corporate Board Characteristics on Firm Performance of ...Article: Influence of Corporate Board Characteristics on Firm Performance of ...
Article: Influence of Corporate Board Characteristics on Firm Performance of ...
 
H0392069073
H0392069073H0392069073
H0392069073
 
How do multi national corporations ce os perceive and communicate about socia...
How do multi national corporations ce os perceive and communicate about socia...How do multi national corporations ce os perceive and communicate about socia...
How do multi national corporations ce os perceive and communicate about socia...
 
11.how do multi national corporations ce os perceive and communicate about so...
11.how do multi national corporations ce os perceive and communicate about so...11.how do multi national corporations ce os perceive and communicate about so...
11.how do multi national corporations ce os perceive and communicate about so...
 
Research Paper- The Effects of Corporate Social Responsibility on Employees
Research Paper- The Effects of Corporate Social Responsibility on EmployeesResearch Paper- The Effects of Corporate Social Responsibility on Employees
Research Paper- The Effects of Corporate Social Responsibility on Employees
 
To what extent does employees’ perception of organizational justice influence...
To what extent does employees’ perception of organizational justice influence...To what extent does employees’ perception of organizational justice influence...
To what extent does employees’ perception of organizational justice influence...
 
Sustainable Solutions Paper Walden University
Sustainable Solutions Paper Walden UniversitySustainable Solutions Paper Walden University
Sustainable Solutions Paper Walden University
 
Corporate Social Responsibility and Profitability in the Banking Sector: The ...
Corporate Social Responsibility and Profitability in the Banking Sector: The ...Corporate Social Responsibility and Profitability in the Banking Sector: The ...
Corporate Social Responsibility and Profitability in the Banking Sector: The ...
 
200671838 - Dissertation
200671838 - Dissertation200671838 - Dissertation
200671838 - Dissertation
 

Viewers also liked

Pim engels - The Trade-off between Financial and Social Performance
Pim engels - The Trade-off between Financial and Social PerformancePim engels - The Trade-off between Financial and Social Performance
Pim engels - The Trade-off between Financial and Social Performancepimengels
 
Florent Bédécarrats Combining Social and Financial Performance
Florent Bédécarrats Combining Social and Financial PerformanceFlorent Bédécarrats Combining Social and Financial Performance
Florent Bédécarrats Combining Social and Financial PerformanceMicrocredit Summit Campaign
 
Effect of corporate social responsibility information disclosure on financial...
Effect of corporate social responsibility information disclosure on financial...Effect of corporate social responsibility information disclosure on financial...
Effect of corporate social responsibility information disclosure on financial...Alexander Decker
 
Linking financial performance to corporate social responsibility initiatives ...
Linking financial performance to corporate social responsibility initiatives ...Linking financial performance to corporate social responsibility initiatives ...
Linking financial performance to corporate social responsibility initiatives ...Alexander Decker
 
Corporate Disclosure: The Changing Meaning of Transparency
Corporate Disclosure: The Changing Meaning of TransparencyCorporate Disclosure: The Changing Meaning of Transparency
Corporate Disclosure: The Changing Meaning of TransparencyDisclosureNet
 
What Is Corporate Disclosure
What Is Corporate DisclosureWhat Is Corporate Disclosure
What Is Corporate DisclosureDisclosureNet
 
Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...
Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...
Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...auderichon
 
Stakeholder theory
Stakeholder theoryStakeholder theory
Stakeholder theorylwrigh5
 
An Introduction To Stakeholder Theory
An Introduction To Stakeholder TheoryAn Introduction To Stakeholder Theory
An Introduction To Stakeholder Theorynturnbull
 
Corporate Social Responsibility
Corporate Social ResponsibilityCorporate Social Responsibility
Corporate Social ResponsibilitySteve Raybould
 

Viewers also liked (12)

Pim engels - The Trade-off between Financial and Social Performance
Pim engels - The Trade-off between Financial and Social PerformancePim engels - The Trade-off between Financial and Social Performance
Pim engels - The Trade-off between Financial and Social Performance
 
Florent Bédécarrats Combining Social and Financial Performance
Florent Bédécarrats Combining Social and Financial PerformanceFlorent Bédécarrats Combining Social and Financial Performance
Florent Bédécarrats Combining Social and Financial Performance
 
Effect of corporate social responsibility information disclosure on financial...
Effect of corporate social responsibility information disclosure on financial...Effect of corporate social responsibility information disclosure on financial...
Effect of corporate social responsibility information disclosure on financial...
 
Linking financial performance to corporate social responsibility initiatives ...
Linking financial performance to corporate social responsibility initiatives ...Linking financial performance to corporate social responsibility initiatives ...
Linking financial performance to corporate social responsibility initiatives ...
 
Corporate Disclosure: The Changing Meaning of Transparency
Corporate Disclosure: The Changing Meaning of TransparencyCorporate Disclosure: The Changing Meaning of Transparency
Corporate Disclosure: The Changing Meaning of Transparency
 
What Is Corporate Disclosure
What Is Corporate DisclosureWhat Is Corporate Disclosure
What Is Corporate Disclosure
 
Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...
Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...
Master's thesis - CORPORATE SOCIAL RESPONSIBILITY: Strategy and impacts on fi...
 
stakeholder theory.
stakeholder theory.stakeholder theory.
stakeholder theory.
 
Stakeholder theory
Stakeholder theoryStakeholder theory
Stakeholder theory
 
An Introduction To Stakeholder Theory
An Introduction To Stakeholder TheoryAn Introduction To Stakeholder Theory
An Introduction To Stakeholder Theory
 
Corporate Social Responsibility
Corporate Social ResponsibilityCorporate Social Responsibility
Corporate Social Responsibility
 
Corporate social responsibility
Corporate social responsibilityCorporate social responsibility
Corporate social responsibility
 

Similar to Corporate social disclosure quantity and quality as moderators between corporate social responsibility performance and corporate financial performance

7FNCE044W Predictive Analysis For Decision Making.docx
7FNCE044W Predictive Analysis For Decision Making.docx7FNCE044W Predictive Analysis For Decision Making.docx
7FNCE044W Predictive Analysis For Decision Making.docxsdfghj21
 
Corporate Social and FinancialPerformance An Extended.docx
Corporate Social and FinancialPerformance An Extended.docxCorporate Social and FinancialPerformance An Extended.docx
Corporate Social and FinancialPerformance An Extended.docxrichardnorman90310
 
guerrero-villegas2018.pdf
guerrero-villegas2018.pdfguerrero-villegas2018.pdf
guerrero-villegas2018.pdfbillclintonvn
 
Klibel5 bus 15
Klibel5 bus 15Klibel5 bus 15
Klibel5 bus 15KLIBEL
 
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...AkashSharma618775
 
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...AkashSharma618775
 
Audit Quality and Environment, Social, and Governance Risks
Audit Quality and Environment, Social, and Governance RisksAudit Quality and Environment, Social, and Governance Risks
Audit Quality and Environment, Social, and Governance RisksCSCJournals
 
Socially responsible human resourcepractices disclosures of.docx
Socially responsible human resourcepractices disclosures of.docxSocially responsible human resourcepractices disclosures of.docx
Socially responsible human resourcepractices disclosures of.docxlillie234567
 
The Effect of Capital Structure on Profitability of Energy American Firms:
	The Effect of Capital Structure on Profitability of Energy American Firms:	The Effect of Capital Structure on Profitability of Energy American Firms:
The Effect of Capital Structure on Profitability of Energy American Firms:inventionjournals
 
11.pp.0149www.iiste.org call for paper-159
11.pp.0149www.iiste.org call for paper-15911.pp.0149www.iiste.org call for paper-159
11.pp.0149www.iiste.org call for paper-159Alexander Decker
 
11.corporate social responsibility and financial performance in developing ec...
11.corporate social responsibility and financial performance in developing ec...11.corporate social responsibility and financial performance in developing ec...
11.corporate social responsibility and financial performance in developing ec...Alexander Decker
 
sustainability-12-04211-v2.pdf
sustainability-12-04211-v2.pdfsustainability-12-04211-v2.pdf
sustainability-12-04211-v2.pdfraazia gul
 
11.pp.0334www.iiste.org call for paper-347
11.pp.0334www.iiste.org call for paper-34711.pp.0334www.iiste.org call for paper-347
11.pp.0334www.iiste.org call for paper-347Alexander Decker
 
Analysis of the effects of economic corporate social responsibility on financ...
Analysis of the effects of economic corporate social responsibility on financ...Analysis of the effects of economic corporate social responsibility on financ...
Analysis of the effects of economic corporate social responsibility on financ...inventionjournals
 
Sustainability Report.pdf
Sustainability Report.pdfSustainability Report.pdf
Sustainability Report.pdfssuser676e10
 
Contents lists available at ScienceDirectIndustrial Market.docx
Contents lists available at ScienceDirectIndustrial Market.docxContents lists available at ScienceDirectIndustrial Market.docx
Contents lists available at ScienceDirectIndustrial Market.docxbobbywlane695641
 
The Influence of Corporate Governance and Corporate Social Responsibility on...
	The Influence of Corporate Governance and Corporate Social Responsibility on...	The Influence of Corporate Governance and Corporate Social Responsibility on...
The Influence of Corporate Governance and Corporate Social Responsibility on...inventionjournals
 
Capital structure and firm performance evidence from cement sector of dhaka s...
Capital structure and firm performance evidence from cement sector of dhaka s...Capital structure and firm performance evidence from cement sector of dhaka s...
Capital structure and firm performance evidence from cement sector of dhaka s...Hoang Hung Dau
 

Similar to Corporate social disclosure quantity and quality as moderators between corporate social responsibility performance and corporate financial performance (20)

7FNCE044W Predictive Analysis For Decision Making.docx
7FNCE044W Predictive Analysis For Decision Making.docx7FNCE044W Predictive Analysis For Decision Making.docx
7FNCE044W Predictive Analysis For Decision Making.docx
 
Corporate Social and FinancialPerformance An Extended.docx
Corporate Social and FinancialPerformance An Extended.docxCorporate Social and FinancialPerformance An Extended.docx
Corporate Social and FinancialPerformance An Extended.docx
 
guerrero-villegas2018.pdf
guerrero-villegas2018.pdfguerrero-villegas2018.pdf
guerrero-villegas2018.pdf
 
Klibel5 bus 15
Klibel5 bus 15Klibel5 bus 15
Klibel5 bus 15
 
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
 
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
An Exploratory Study of Factors Influencing Corporate Sustainability on busin...
 
Audit Quality and Environment, Social, and Governance Risks
Audit Quality and Environment, Social, and Governance RisksAudit Quality and Environment, Social, and Governance Risks
Audit Quality and Environment, Social, and Governance Risks
 
Socially responsible human resourcepractices disclosures of.docx
Socially responsible human resourcepractices disclosures of.docxSocially responsible human resourcepractices disclosures of.docx
Socially responsible human resourcepractices disclosures of.docx
 
The Effect of Capital Structure on Profitability of Energy American Firms:
	The Effect of Capital Structure on Profitability of Energy American Firms:	The Effect of Capital Structure on Profitability of Energy American Firms:
The Effect of Capital Structure on Profitability of Energy American Firms:
 
11.pp.0149www.iiste.org call for paper-159
11.pp.0149www.iiste.org call for paper-15911.pp.0149www.iiste.org call for paper-159
11.pp.0149www.iiste.org call for paper-159
 
11.corporate social responsibility and financial performance in developing ec...
11.corporate social responsibility and financial performance in developing ec...11.corporate social responsibility and financial performance in developing ec...
11.corporate social responsibility and financial performance in developing ec...
 
sustainability-12-04211-v2.pdf
sustainability-12-04211-v2.pdfsustainability-12-04211-v2.pdf
sustainability-12-04211-v2.pdf
 
Research In CSR
Research In CSRResearch In CSR
Research In CSR
 
11.pp.0334www.iiste.org call for paper-347
11.pp.0334www.iiste.org call for paper-34711.pp.0334www.iiste.org call for paper-347
11.pp.0334www.iiste.org call for paper-347
 
Analysis of the effects of economic corporate social responsibility on financ...
Analysis of the effects of economic corporate social responsibility on financ...Analysis of the effects of economic corporate social responsibility on financ...
Analysis of the effects of economic corporate social responsibility on financ...
 
Sustainability Report.pdf
Sustainability Report.pdfSustainability Report.pdf
Sustainability Report.pdf
 
Contents lists available at ScienceDirectIndustrial Market.docx
Contents lists available at ScienceDirectIndustrial Market.docxContents lists available at ScienceDirectIndustrial Market.docx
Contents lists available at ScienceDirectIndustrial Market.docx
 
The Influence of Corporate Governance and Corporate Social Responsibility on...
	The Influence of Corporate Governance and Corporate Social Responsibility on...	The Influence of Corporate Governance and Corporate Social Responsibility on...
The Influence of Corporate Governance and Corporate Social Responsibility on...
 
A microeconomic model of corporate
A microeconomic model of corporateA microeconomic model of corporate
A microeconomic model of corporate
 
Capital structure and firm performance evidence from cement sector of dhaka s...
Capital structure and firm performance evidence from cement sector of dhaka s...Capital structure and firm performance evidence from cement sector of dhaka s...
Capital structure and firm performance evidence from cement sector of dhaka s...
 

More from Alexander Decker

Abnormalities of hormones and inflammatory cytokines in women affected with p...
Abnormalities of hormones and inflammatory cytokines in women affected with p...Abnormalities of hormones and inflammatory cytokines in women affected with p...
Abnormalities of hormones and inflammatory cytokines in women affected with p...Alexander Decker
 
A validation of the adverse childhood experiences scale in
A validation of the adverse childhood experiences scale inA validation of the adverse childhood experiences scale in
A validation of the adverse childhood experiences scale inAlexander Decker
 
A usability evaluation framework for b2 c e commerce websites
A usability evaluation framework for b2 c e commerce websitesA usability evaluation framework for b2 c e commerce websites
A usability evaluation framework for b2 c e commerce websitesAlexander Decker
 
A universal model for managing the marketing executives in nigerian banks
A universal model for managing the marketing executives in nigerian banksA universal model for managing the marketing executives in nigerian banks
A universal model for managing the marketing executives in nigerian banksAlexander Decker
 
A unique common fixed point theorems in generalized d
A unique common fixed point theorems in generalized dA unique common fixed point theorems in generalized d
A unique common fixed point theorems in generalized dAlexander Decker
 
A trends of salmonella and antibiotic resistance
A trends of salmonella and antibiotic resistanceA trends of salmonella and antibiotic resistance
A trends of salmonella and antibiotic resistanceAlexander Decker
 
A transformational generative approach towards understanding al-istifham
A transformational  generative approach towards understanding al-istifhamA transformational  generative approach towards understanding al-istifham
A transformational generative approach towards understanding al-istifhamAlexander Decker
 
A time series analysis of the determinants of savings in namibia
A time series analysis of the determinants of savings in namibiaA time series analysis of the determinants of savings in namibia
A time series analysis of the determinants of savings in namibiaAlexander Decker
 
A therapy for physical and mental fitness of school children
A therapy for physical and mental fitness of school childrenA therapy for physical and mental fitness of school children
A therapy for physical and mental fitness of school childrenAlexander Decker
 
A theory of efficiency for managing the marketing executives in nigerian banks
A theory of efficiency for managing the marketing executives in nigerian banksA theory of efficiency for managing the marketing executives in nigerian banks
A theory of efficiency for managing the marketing executives in nigerian banksAlexander Decker
 
A systematic evaluation of link budget for
A systematic evaluation of link budget forA systematic evaluation of link budget for
A systematic evaluation of link budget forAlexander Decker
 
A synthetic review of contraceptive supplies in punjab
A synthetic review of contraceptive supplies in punjabA synthetic review of contraceptive supplies in punjab
A synthetic review of contraceptive supplies in punjabAlexander Decker
 
A synthesis of taylor’s and fayol’s management approaches for managing market...
A synthesis of taylor’s and fayol’s management approaches for managing market...A synthesis of taylor’s and fayol’s management approaches for managing market...
A synthesis of taylor’s and fayol’s management approaches for managing market...Alexander Decker
 
A survey paper on sequence pattern mining with incremental
A survey paper on sequence pattern mining with incrementalA survey paper on sequence pattern mining with incremental
A survey paper on sequence pattern mining with incrementalAlexander Decker
 
A survey on live virtual machine migrations and its techniques
A survey on live virtual machine migrations and its techniquesA survey on live virtual machine migrations and its techniques
A survey on live virtual machine migrations and its techniquesAlexander Decker
 
A survey on data mining and analysis in hadoop and mongo db
A survey on data mining and analysis in hadoop and mongo dbA survey on data mining and analysis in hadoop and mongo db
A survey on data mining and analysis in hadoop and mongo dbAlexander Decker
 
A survey on challenges to the media cloud
A survey on challenges to the media cloudA survey on challenges to the media cloud
A survey on challenges to the media cloudAlexander Decker
 
A survey of provenance leveraged
A survey of provenance leveragedA survey of provenance leveraged
A survey of provenance leveragedAlexander Decker
 
A survey of private equity investments in kenya
A survey of private equity investments in kenyaA survey of private equity investments in kenya
A survey of private equity investments in kenyaAlexander Decker
 
A study to measures the financial health of
A study to measures the financial health ofA study to measures the financial health of
A study to measures the financial health ofAlexander Decker
 

More from Alexander Decker (20)

Abnormalities of hormones and inflammatory cytokines in women affected with p...
Abnormalities of hormones and inflammatory cytokines in women affected with p...Abnormalities of hormones and inflammatory cytokines in women affected with p...
Abnormalities of hormones and inflammatory cytokines in women affected with p...
 
A validation of the adverse childhood experiences scale in
A validation of the adverse childhood experiences scale inA validation of the adverse childhood experiences scale in
A validation of the adverse childhood experiences scale in
 
A usability evaluation framework for b2 c e commerce websites
A usability evaluation framework for b2 c e commerce websitesA usability evaluation framework for b2 c e commerce websites
A usability evaluation framework for b2 c e commerce websites
 
A universal model for managing the marketing executives in nigerian banks
A universal model for managing the marketing executives in nigerian banksA universal model for managing the marketing executives in nigerian banks
A universal model for managing the marketing executives in nigerian banks
 
A unique common fixed point theorems in generalized d
A unique common fixed point theorems in generalized dA unique common fixed point theorems in generalized d
A unique common fixed point theorems in generalized d
 
A trends of salmonella and antibiotic resistance
A trends of salmonella and antibiotic resistanceA trends of salmonella and antibiotic resistance
A trends of salmonella and antibiotic resistance
 
A transformational generative approach towards understanding al-istifham
A transformational  generative approach towards understanding al-istifhamA transformational  generative approach towards understanding al-istifham
A transformational generative approach towards understanding al-istifham
 
A time series analysis of the determinants of savings in namibia
A time series analysis of the determinants of savings in namibiaA time series analysis of the determinants of savings in namibia
A time series analysis of the determinants of savings in namibia
 
A therapy for physical and mental fitness of school children
A therapy for physical and mental fitness of school childrenA therapy for physical and mental fitness of school children
A therapy for physical and mental fitness of school children
 
A theory of efficiency for managing the marketing executives in nigerian banks
A theory of efficiency for managing the marketing executives in nigerian banksA theory of efficiency for managing the marketing executives in nigerian banks
A theory of efficiency for managing the marketing executives in nigerian banks
 
A systematic evaluation of link budget for
A systematic evaluation of link budget forA systematic evaluation of link budget for
A systematic evaluation of link budget for
 
A synthetic review of contraceptive supplies in punjab
A synthetic review of contraceptive supplies in punjabA synthetic review of contraceptive supplies in punjab
A synthetic review of contraceptive supplies in punjab
 
A synthesis of taylor’s and fayol’s management approaches for managing market...
A synthesis of taylor’s and fayol’s management approaches for managing market...A synthesis of taylor’s and fayol’s management approaches for managing market...
A synthesis of taylor’s and fayol’s management approaches for managing market...
 
A survey paper on sequence pattern mining with incremental
A survey paper on sequence pattern mining with incrementalA survey paper on sequence pattern mining with incremental
A survey paper on sequence pattern mining with incremental
 
A survey on live virtual machine migrations and its techniques
A survey on live virtual machine migrations and its techniquesA survey on live virtual machine migrations and its techniques
A survey on live virtual machine migrations and its techniques
 
A survey on data mining and analysis in hadoop and mongo db
A survey on data mining and analysis in hadoop and mongo dbA survey on data mining and analysis in hadoop and mongo db
A survey on data mining and analysis in hadoop and mongo db
 
A survey on challenges to the media cloud
A survey on challenges to the media cloudA survey on challenges to the media cloud
A survey on challenges to the media cloud
 
A survey of provenance leveraged
A survey of provenance leveragedA survey of provenance leveraged
A survey of provenance leveraged
 
A survey of private equity investments in kenya
A survey of private equity investments in kenyaA survey of private equity investments in kenya
A survey of private equity investments in kenya
 
A study to measures the financial health of
A study to measures the financial health ofA study to measures the financial health of
A study to measures the financial health of
 

Recently uploaded

Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarNathanielSchmuck
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursKaiNexus
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access
 
MoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor PresentationMoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor Presentationbaron83
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Onlinelng ths
 
MC Heights construction company in Jhang
MC Heights construction company in JhangMC Heights construction company in Jhang
MC Heights construction company in Jhangmcgroupjeya
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato pptElizangelaSoaresdaCo
 
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...IMARC Group
 
IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...
IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...
IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...AustraliaChapterIIBA
 
A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.mcshagufta46
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Lviv Startup Club
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024Stephan Koning
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakEditores1
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfJohnCarloValencia4
 
Introduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxIntroduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxJemalSeid25
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHelene Heckrotte
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...Brian Solis
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfHajeJanKamps
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsP&CO
 

Recently uploaded (20)

Live-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry WebinarLive-Streaming in the Music Industry Webinar
Live-Streaming in the Music Industry Webinar
 
Developing Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, OursDeveloping Coaching Skills: Mine, Yours, Ours
Developing Coaching Skills: Mine, Yours, Ours
 
Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024Borderless Access - Global B2B Panel book-unlock 2024
Borderless Access - Global B2B Panel book-unlock 2024
 
MoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor PresentationMoneyBridge Pitch Deck - Investor Presentation
MoneyBridge Pitch Deck - Investor Presentation
 
To Create Your Own Wig Online To Create Your Own Wig Online
To Create Your Own Wig Online  To Create Your Own Wig OnlineTo Create Your Own Wig Online  To Create Your Own Wig Online
To Create Your Own Wig Online To Create Your Own Wig Online
 
MC Heights construction company in Jhang
MC Heights construction company in JhangMC Heights construction company in Jhang
MC Heights construction company in Jhang
 
Plano de marketing- inglês em formato ppt
Plano de marketing- inglês  em formato pptPlano de marketing- inglês  em formato ppt
Plano de marketing- inglês em formato ppt
 
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
Boat Trailers Market PPT: Growth, Outlook, Demand, Keyplayer Analysis and Opp...
 
IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...
IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...
IIBA® Melbourne - Navigating Business Analysis - Excellence for Career Growth...
 
A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.A flour, rice and Suji company in Jhang.
A flour, rice and Suji company in Jhang.
 
Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)Michael Vidyakin: Introduction to PMO (UA)
Michael Vidyakin: Introduction to PMO (UA)
 
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 Building Your Personal Brand on LinkedIn - Expert Planet-  2024 Building Your Personal Brand on LinkedIn - Expert Planet-  2024
Building Your Personal Brand on LinkedIn - Expert Planet- 2024
 
Tata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerakTata Kelola Bisnis perushaan yang bergerak
Tata Kelola Bisnis perushaan yang bergerak
 
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdfAMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
AMAZON SELLER VIRTUAL ASSISTANT PRODUCT RESEARCH .pdf
 
Introduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptxIntroduction to The overview of GAAP LO 1-5.pptx
Introduction to The overview of GAAP LO 1-5.pptx
 
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptxHELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
HELENE HECKROTTE'S PROFESSIONAL PORTFOLIO.pptx
 
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
The End of Business as Usual: Rewire the Way You Work to Succeed in the Consu...
 
Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024Borderless Access - Global Panel book-unlock 2024
Borderless Access - Global Panel book-unlock 2024
 
PDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdfPDT 88 - 4 million seed - Seed - Protecto.pdf
PDT 88 - 4 million seed - Seed - Protecto.pdf
 
Entrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizationsEntrepreneurship & organisations: influences and organizations
Entrepreneurship & organisations: influences and organizations
 

Corporate social disclosure quantity and quality as moderators between corporate social responsibility performance and corporate financial performance

  • 1. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.14, 2014 15 Corporate Social Disclosure Quantity and Quality as Moderators between Corporate Social Responsibility Performance and Corporate Financial Performance Yusuf Ibrahim Karaye1,2* ,Zuaini Ishak1 ,Noriah Che-Adam1 1. School of Accountancy, Universiti Utara Malaysia Sintok, 06010, Kedah Malaysia 2. Department of Accounting, Bauchi State University Gadau, Bauchi Nigeria *E-mail of corresponding author: karaye2000@gmail.com Abstract Corporate social responsibility performance and corporate financial performance has been extensively examined without any consensus about the relationship. While some reported positive, others reported negative, neutral and even inconclusive findings on the relationship. These reasons make the topic an avenue for debates over a long period. This development call for the introduction of moderating variables to account for when and under what conditions is the relationship positive, negative or neutral/inconclusive. This study proposes to provide a framework that examines the association between CSR and CFP, promoting a potential moderator, CSR disclosure. Based on the literature reviewed, this paper proposes three variables which can be used to implement the framework within firm level. The variables are corporate social responsibility performance, corporate financial performance and corporate social disclosure. Keywords: corporate social responsibility, corporate social disclosure, corporate financial performance, quality, quantity 1. Introduction Numerous studies have been conducted to measure the association between corporate social responsibility performance (CSRP) and corporate financial performance (CFP) with the aim of providing explanation about, or understanding of the relationship. Carroll, (1979, 1999), define CSR to mean conducting business in a way that is economically profitable, law abiding, ethical and socially supportive. The studies on the relationship between CSRP and CFP produce mixed findings with positive, neutral, inconclusive and negative results (Beurden & Gössling, 2008; Boaventura, Silva, & Bandeira-de-Mello, 2012; Margolis & Walsh, 2003; Orlitzky, Schmidt, & Rynes, 2003). Even though the relationship is producing mixed result, the majority of the studies reported a positive relationship i.e. the meta analysis of Margolis and Walsh (2003) reported from analysis of one hundred and nine studies (109) that 54 reported a positive, seven reported a negative (7/109), twenty eight reported a non- significant (28/109), and finally twenty reported combined result (20/109). In search for the possible reason for mixed findings, Rowley and Berman (2000) argued that the relationship between CSRP and CFP exist but not under all conditions and he further his arguments by suggesting the existence of many potential factors mediating or moderating the relationship. They suggest a contingency framework for addressing the relationship. Many researchers emphasized the role of stakeholder relationship in the association between CSRP and CFP, for example Munasinghe and Kumara (2013) explained that CSR offers companies a means by which they can manage and influence the attitude and perceptions of their stakeholders, building their trust and enabling the benefits of positive relationships to deliver business advantages. Barnett (2007) argues that CSRP leads to trustworthiness, which strengthens the relationship with important stakeholder, thereby reducing the transaction cost and leads to financial gain. Rowley and Berman (2000) posited that stakeholders’ action to sanction, reward or punish a firm and the way the firm responded to the action affects the firm’s revenue/cost which determines the relationship between CSRP and CFP. The importance of stakeholders in the relationship between CSRP and CFP is paramount but another important factor that shape the relationship most is the medium through which CSR activities are communicated to stakeholders. Corporate social disclosure (CSD) is the process of communicating the social and environmental effects of organization’s economic action to particular interest groups within society and to society at large (Gray, 1996). According to Ali and Rizwan (2013) corporate social and environmental disclosure (CSED) means dissemination of information about a firms human resource related practices, community involvement activities and project, quality and safety of products and services and environmental contribution. Some of the reasons why firms involved in CSD are to build and maintain reputation (Adams, 2002; Navickait & Ruževi, 2007), to improve market share (Solomon & Lewis, 2002), reducing company cost of capital (Dhaliwal, Li, Tsang, & Yang, 2011), gaining competitive advantage (Cheah, Chan, & Chieng, 2007), enjoy tax benefits (Ahmad, 2006), gain employees commitment (Rettab, Brik, & Mellahi, 2009), and reduce cost and company risk (Sangle, 2010). Organization’s communication with external parties (stakeholders) about its level of CSR may help build a positive image with customers, investors, bankers and suppliers (Fombrun & Shanley, 1990). They further argue that firms high in CSR may use CSD as part of
  • 2. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.14, 2014 16 information signal upon which stakeholders base their assessment of corporate reputation under conditions of incomplete information (Fombrun & Shanley, 1990). Based on the above discussions, the authors argue that quantity of CSR disclosure and its quality can lead to variations in CFP. Therefore this paper aimed at proposing a framework on the moderating effect of CSD quantity and quality on the relationship between CSRP and CFP. The remainder of the paper was organized as follows; next section presents the review of related literature and proposition development, followed by proposed framework of the study and finally the conclusion. 2. Literature review and proposition development 2.1 Corporate financial performance Performance can be defined as achievement of organizational objectives (Bourguignon, 1995). It was also defined by Lorino, (1995) as anything which contribute to ameliorate value-cost couple and not only which contributes to cost decrease or value increase. According to Orlitzky, Schmidt and Rynes (2003), corporate financial performance has been basically measured in three forms: market, accounting and survey measurements. He further explained that the first represents the appreciation of the shareholders; the second shows the internal efficiency of the management and the last provides a subjective estimation of its performance. Boaventura, Silva and Bandeira-de-Mello (2012), in their meta analytical review on CSRP-CFP relationship reported that return on asset (ROA), is the financial performance measure most widely used, followed by return on equity (ROE), sales growth, return on sales (ROS), contribution margin, Tobins Q, market share, risk of the firm, ROCE, operational profit, cash flow and finally earning per share (EPS). 2.2 Corporate social responsibility Corporate social responsibility was defined by Bowen, (1953) as a method employed by corporations to pursue policies, decisions and actions for the social purpose and value. Another important definition was that of Carroll (1979), who defines CSR as conducting business in a way that is economically profitable, law abiding, ethical and socially supportive. Frooman, (1997), defined CSRP as an action by a firm, on which the firm chooses to take, and substantially affects an identifiable social stakeholder’s welfare. Empirical evidence outline some of the benefits accruable from CSR activities, some of which includes higher purchase intention from customers (Mohr & Webb, 2005), willingness to pay higher prices (Kang, Stein, Heo, & Lee, 2012) and product recognition (Parket & Eilbirt, 1975). 2.3 Corporate social responsibility performance and corporate financial performance The relationship between CSRP and CFP has been investigated for more than three decades in the developed countries such as US and UK with no consensus (Bayoud et al. 2012). Studies on the relationship found positive, negative and neutral relationship between CSRP and CFP (Margolish & Walsh 2003). This makes it to be controversial relationship and an open area for further studies (Wijesinghe & Senaratne 2011). Friedman (1970) criticize the act of corporate social responsibility arguing that the one and only responsibility of business is to generate profit for its shareholders provided they act within the rules of the game. According to him CSR can only put the firm in a competitive disadvantage (Friedman, 1970). However Freeman (1984), argued that CSR leads to improvement in CFP therefore putting the firm in competitive advantage. CSR improves market opportunities and pricing premiums (Fombrun, Gardberg, & Barnett, 2000), it leads to reduction in transaction cost due to improved stakeholder relationship (Jones, 1995). Ultimately, this situation will result in higher net financial performance. The meta-analytical study of Orlitzky et al. (2003) and Margolis and Walsh (2003) for example reported positive relationship between CSR and CFP. Also the study of Boaventura et al. (2012), reported in their meta-analysis that majority of the articles reviewed, i.e. thirty eight reported positive, eleven reported negative and eighteen articles reported either neutral or inexistent relationship between CSR and CFP. Therefore this development leads to the conclusion that even though the relationship produces mixed findings, it is predominantly positive. Based on the above arguments the present study expects the relationship between CSR and CFP to be positive. Hence the following proposition was passed on: P1 There is a positive relationship between CSRP and CFP 2.4 Corporate social disclosure and corporate financial performance There is evidence of a positive relationship between CSR disclosure and CFP. Most of the studies indicated that management aimed at creating and maintaining good relationship with stakeholder groups through CSR disclosure (Wibowo, 2012). Some studies highlighted the benefits obtainable from disclosing CSR information to the stakeholders to include, being an instrument for stakeholders to evaluate corporate social responsibility activities of the firm and a tool for increasing transparency and credibility of a firm to society (Cheung & Mak, 2010). CSR disclosure has the potentials of building or repairing corporate reputation of low CSR group and the potential of protecting favorable CSR brand of high CSR group if utilized strategically (Dawkins & Fraas, 2008). According to Balabanis, Phillips, and Lyall, (1998), satisfying stakeholders’ explicit and implicit information demands, maintaining their support, while at the same time avoiding threats, would likely improve firms financial performance. CSR intended to improve stakeholder-related performance using effective measure through CSR disclosure, enables companies to manage external relationship, attracting stakeholders who prefers
  • 3. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.14, 2014 17 to deal with socially responsible business and have the power to reward it (Waddock & Bodwell, 2004). Empirically, the study of Wijesinghe and Senaratne (2011) test the relationship between CSR disclosure and CFP. They reported a positive and significant relationship between CSR disclosure and both return on assets (ROA) and return on equity (ROE). The study of Yusoff, Mohamad and Darus (2013) also examine the relationship between CSR disclosure and CFP in Malaysia context. They found a significant positive relationship between CFP and CSR disclosure depth, breadth and concentration. According to Saleh, Zulkifli and Muhamad (2008), CSR disclosure has a contemporaneous impact on financial performance. They further explained that it was evident in the increase and decrease in CFP due to increase or decrease in CSR disclosure. Bayoud, Kavanagh and Slaughter (2012) study the relationship between CSR disclosure and organizational performance in Libya. They found a positive relationship between the levels of CSR disclosure and organizational performance in terms of financial performance and reputation. The above arguments proved a positive relationship between CSD and CFP. Therefore the present study expects the relationship between CSRP and CFP to be stronger when CSD is high. Thus the following proposition was advanced. P2 The positive relationship between CSRP and CFP will be stronger when CSD is high 3. Proposed framework The review of literature suggests a positive relationship between both CSR performance and disclosure on corporate financial performance (Boaventura et al. 2012; Margolish & Walsh 2003; Gossling & Bueding 2008; Orlitzky et al. 2003) for CSR and CFP relationship, and (Wijesinghe & Senaratne 2011; Yusoff et al. 2013; Saleh et al. 2008; Bayoud et al. 2012) for CSR disclosure and CFP relationship. The present study argued that corporations must communicate to the stakeholders their CSR activities for the stakeholders to reward the corporation. Therefore the firm that communicated to its stakeholders will be rewarded more than the firm that did not. In essence, this proves the moderating ability of CSR disclosure on the relationship between CSR and CFP. Therefore the proposed framework consists of three variables: CSR, CSD and CFP. Figure 1. Research conceptual framework 4. Conclusions The present study, which is based on an on-going project, sheds more light on the importance of CSR disclosure and its function in moderating the relationship between CSR and CFP. Without CSR disclosure, CSR activities and investment would have gone unnoticed by the stakeholders. Any CSR activity that was unnoticed by stakeholders was termed as agency loss. Therefore, this study provides a conceptual framework that proposes the moderating effect of CSR disclosure on the CSR-CFP relationship. Finally, if the proposed framework is validated, the findings will provide a significant contribution to the literature, managers and practitioners in making a better decision. References Adams, C. A. (2002). Internal Organisational Factors Influencing Corporate Social and Ethical Reporting: Beyond Current Theorising. Accounting, Auditing & Accountability Journal, 15(2), 223–250. doi:10.1108/09513570210418905 Ahmad, S. J. (2006). From Principles to Practice: Exploring Corporate Social Responsibility in Pakistan. Journal of Corporate Citizenship, (winter), 115–129. Ali, W., & Rizwan, M. (2013). Factors Influencing Corporate Social and Environmental Disclosure (CSED) Practices in The Developing Countries : An Institutional Theoretical Perspective. International Journal of Asian Social Science, 3(3), 590–609. Balabanis, G., Phillips, H. C., & Lyall, J. (1998). Corporate Social Responsibility and Economic Performance in the Top British Companies: Are they Linked? European Business Review, 98(1), 25–44. doi:10.1108/09555349810195529
  • 4. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.14, 2014 18 Barnett, M. L. (2007). Stakeholder Influence Capacity and the Variability of Financial Returns To Corporate Social Responsibility. Academy of Management Review, 32(3), 794–816. doi:10.5465/AMR.2007.25275520 Bayoud, N. S., Kavanagh, M., & Slaughter, G. (2012). An Empirical Study of The Relationship Between Corporate Social Responsibility Disclosure and Organizational Performance: Evidence from Libya. International Journal of Management and Marketing Research, 5(3), 69–82. Beurden, P. Van, & Gössling, T. (2008). The Worth of Values: A Literature Review on the Relation Between Corporate Social and Financial Performance. Journal of Business Ethics, 82(2), 407–424. doi:10.1007/sl0551- 008-9894-x Boaventura, J. M. G., Silva, R. S. da, & Bandeira-de-Mello, R. (2012). Corporate Financial Performance and Corporate Social Performance : Methodological Development and the Theoretical Contribution of Empirical Studies *. Revista Contabilidade & Financas, 23(60), 232–245. Bourguignon, A. (1995). Peut-on Definer La Performance? Revue Francais de Gestion, (August). Bowen, H. R. (1953). Social Responsibility of the Business Man (3rd ed.). New York: Harper and Brothers. Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review. doi:10.5465/AMR.1979.4498296 Carroll, A. B. (1999). Corporate Social Responsibility: Evolution of a Definitional Construct. Business & Society, 38(3), 268–295. doi:10.1177/000765039903800303 Cheah, E. T., Chan, W. L., & Chieng, C. L. L. (2007). The Corporate Social Responsibility of Pharmaceutical Product Recalls: An Empirical Examination of U.S. and U.K. Markets. Journal of Business Ethics, 76(4), 427– 449. doi:10.1007/s10551-006-9292-1 Cheung, P., & Mak, W. (2010). The Relation Between Corporate Social Responsibility Disclosure and Financial Performance : Evidence from the Commercial Banking Industry. Simon Fraser University, Canada. Dawkins, C. E., & Fraas, J. W. (2008). An Exploratory Analysis of Corporate Social Responsibility and Disclosure. Business & Society, 52(2), 245–281. doi:10.1177/0007650308324047 Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting. The Accounting Review, 86(1), 59– 100. doi:10.2308/accr.00000005 Fombrun, C. J., Gardberg, N. A., & Barnett, M. L. (2000). Opportunity Platforms and Safety Nets : Corporate Citizenship and Reputational Risk. Business & Society Review, 105(1), 85–106. Fombrun, C., & Shanley, M. (1990). What’s in a Name? Reputation Building and Corporate Strategy. Academy of Management Journal, 33(2), 233–258. doi:10.2307/256324 Freeman, R. (1984). Strategic Management: A Stakeholder Perspective. Boston, MA.: Pitman. Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. New York Times Magazine, 122–126. Frooman, J. (1997). Socially Irresponsible and Illegal Behavior and Shareholder Wealth. Business & Society, 36(3), 221–249. Gray, R. H. (1996). Accounting and Accountability: Changes and Challenges in Corporate Social and Environmental Reporting. (R. H. Gray, D. Owen, & C. Adams, Eds.) (Illustrate., pp. 1–332). New York: Prentice Hall International. Jones, T. M. (1995). Instrumental Stakeholder Theory : A Synthesis of Ethics and Economics. Academy of Management Review, 20(2), 404–437. Kang, K. H., Stein, L., Heo, C. Y., & Lee, S. (2012). Consumers’ Willingness to Pay for Green Initiatives of the Hotel Industry. International Journal of Hospitality Management, 31(2), 564–572. doi:10.1016/j.ijhm.2011.08.001 Lorino, P. (1995). Comptes et recits de la performance. In ’ (Ed.), Essai sur le pilotage de l’ entreprise. Paris: Les ed. d’ organisation. Margolis, J. D., & Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initiatives by Business. Administrative Science Quarterly, 48(2), 268. doi:10.2307/3556659 Mohr, L. A., & Webb, D. J. (2005). The Effects of Corporate Social Responsibility and Price on Consumer Responses. Journal of Consumer Affairs, 39(1), 121–147. doi:10.1111/j.1745-6606.2005.00006.x Munasinghe, M. A. T. K., & Kumara, D. C. U. (2013). Impact of Disclosure of Corporate Social Responsibility on Corporate Financial Performances of Plantations Companies in Sri Lanka. Journal of Emerging Trends in Economics and Management Sciences, 4(3), 371–376. Navickait, V., & Ruževi, J. (2007). The Development of Socially Responsible Business in Lithuania and Italy : A Comparative Study. Economic and Management, 12, 1025–1033. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate Social and Financial Performance: A Meta- Analysis. Organization Studies, 24(3), 403–441. doi:10.1177/0170840603024003910 Parket, R. I., & Eilbirt, H. (1975). Social Responsibility: The Underlying Factors. Business Horizons, (August). Rettab, B., Brik, A. Ben, & Mellahi, K. (2009). A Study of Management Perceptions of the Impact of Corporate
  • 5. Research Journal of Finance and Accounting www.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online) Vol.5, No.14, 2014 19 Social Responsibility on Organisational Performance in Emerging Economies: The Case of Dubai. Journal of Business Ethics, 89(3), 371–390. Retrieved from http://dx.doi.org/10.1007/s10551-008-0005-9 Rowley, T., & Berman, S. (2000). A Brand New Brand of Corporate Social Performance. Business & Society, 39(4), 397–418. doi:10.1177/000765030003900404 Saleh, M., Zulkifli, N., & Muhamad, R. (2008). An Empirical Examination of the Relationship between Corporate Social Responsibility Disclosure and Financial Performance in an Emerging Market, 1–22. Retrieved from 2008-vodppl.upm.edu.my Sangle, S. (2010). Empirical Analysis of Determinants of Adoption of Proactive Environmental Strategies in India. Business Strategy and the Environment, 19(July 2009), 51–63. Solomon, A., & Lewis, L. (2002). Inceptives and Disincentives for Corporate Environmental Disclosure. Business Strategy and the Environment, 11, 154–169. Waddock, S., & Bodwell, C. (2004). Managing Responsibility: What Can be Learned from the Quality Movement? Califonia Management Review, 47(1), 25–38. Wibowo, A. J. (2012). Interaction between Corporate Social Responsibility Disclosure and Profitability of Indonesia Firms. In UMT 11th International Annual Symposium on Sustainability Science and Management. (pp. 373–380). Terengganu, Malaysia. Wijesinghe, K. N., & Senaratne, S. (2011). Impact of Disclosure of Corporate Social Responsibility on Corporate Financial Performance in Bank , Finance and Insurance Sector in Sri Lanka, 1–18. Yusoff, H., Mohamad, S. S., & Darus, F. (2013). The Influence of CSR Disclosure Structure on Corporate Financial Performance: Evidence from Stakeholders’ Perspectives. Procedia Economics and Finance, 7(Icebr), 213–220. doi:10.1016/S2212-5671(13)00237-2
  • 6. The IISTE is a pioneer in the Open-Access hosting service and academic event management. The aim of the firm is Accelerating Global Knowledge Sharing. More information about the firm can be found on the homepage: http://www.iiste.org CALL FOR JOURNAL PAPERS There are more than 30 peer-reviewed academic journals hosted under the hosting platform. Prospective authors of journals can find the submission instruction on the following page: http://www.iiste.org/journals/ All the journals articles are available online to the readers all over the world without financial, legal, or technical barriers other than those inseparable from gaining access to the internet itself. Paper version of the journals is also available upon request of readers and authors. MORE RESOURCES Book publication information: http://www.iiste.org/book/ IISTE Knowledge Sharing Partners EBSCO, Index Copernicus, Ulrich's Periodicals Directory, JournalTOCS, PKP Open Archives Harvester, Bielefeld Academic Search Engine, Elektronische Zeitschriftenbibliothek EZB, Open J-Gate, OCLC WorldCat, Universe Digtial Library , NewJour, Google Scholar
  • 7. Business, Economics, Finance and Management Journals PAPER SUBMISSION EMAIL European Journal of Business and Management EJBM@iiste.org Research Journal of Finance and Accounting RJFA@iiste.org Journal of Economics and Sustainable Development JESD@iiste.org Information and Knowledge Management IKM@iiste.org Journal of Developing Country Studies DCS@iiste.org Industrial Engineering Letters IEL@iiste.org Physical Sciences, Mathematics and Chemistry Journals PAPER SUBMISSION EMAIL Journal of Natural Sciences Research JNSR@iiste.org Journal of Chemistry and Materials Research CMR@iiste.org Journal of Mathematical Theory and Modeling MTM@iiste.org Advances in Physics Theories and Applications APTA@iiste.org Chemical and Process Engineering Research CPER@iiste.org Engineering, Technology and Systems Journals PAPER SUBMISSION EMAIL Computer Engineering and Intelligent Systems CEIS@iiste.org Innovative Systems Design and Engineering ISDE@iiste.org Journal of Energy Technologies and Policy JETP@iiste.org Information and Knowledge Management IKM@iiste.org Journal of Control Theory and Informatics CTI@iiste.org Journal of Information Engineering and Applications JIEA@iiste.org Industrial Engineering Letters IEL@iiste.org Journal of Network and Complex Systems NCS@iiste.org Environment, Civil, Materials Sciences Journals PAPER SUBMISSION EMAIL Journal of Environment and Earth Science JEES@iiste.org Journal of Civil and Environmental Research CER@iiste.org Journal of Natural Sciences Research JNSR@iiste.org Life Science, Food and Medical Sciences PAPER SUBMISSION EMAIL Advances in Life Science and Technology ALST@iiste.org Journal of Natural Sciences Research JNSR@iiste.org Journal of Biology, Agriculture and Healthcare JBAH@iiste.org Journal of Food Science and Quality Management FSQM@iiste.org Journal of Chemistry and Materials Research CMR@iiste.org Education, and other Social Sciences PAPER SUBMISSION EMAIL Journal of Education and Practice JEP@iiste.org Journal of Law, Policy and Globalization JLPG@iiste.org Journal of New Media and Mass Communication NMMC@iiste.org Journal of Energy Technologies and Policy JETP@iiste.org Historical Research Letter HRL@iiste.org Public Policy and Administration Research PPAR@iiste.org International Affairs and Global Strategy IAGS@iiste.org Research on Humanities and Social Sciences RHSS@iiste.org Journal of Developing Country Studies DCS@iiste.org Journal of Arts and Design Studies ADS@iiste.org