Impact of Corporate Social Responsibility on Business and its Financial

Performance in Nepal

By:
Brijesh Bhattarai
Mahakavi Devkota Campus
Sunwal , Nawalparasi
Central Department of Management
T.U Registration Number

A Research Report submitted to

Office of the Dean
Faculty of Management
Tribhuvan University

In a partial fulfillment of the requirement for the Degree of Bachelor of Business

Administration (BBA)
Kathmandu, Nepal
September, 14
INTRODUCTION:

1.1Background of the study: The ideology of corporate social responsibility has

become prominent in recent days. The concept of CSR has been around for
over 50 years. (Idowu et al., 2013) A manager must decide whether to make a
CSR decision or not. There has been an empirical shred of evidence that creates
the linkage between corporate social responsibility and financial performance
(Zhou et al., 2021). Corporate social responsibility is defined as integrating
social, environmental, ethical, consumer, and human rights concerns into their
business strategy and operations. (Backhaus-Maul, H., Kunze, M., Nährlich,
S. , 17 September 2017). It is the rigorous strategy and ethical commitment of
the business to improve the brand value of the products or services, and the
welfare of the workforce, society, and large groups of people that contributes
towards sustainable development, environment, and economic development.
The most widely accepted definition stated by Caroll (1979) “CSR is the social
responsibility of business encompasses the economic, legal, ethical and
discretionary expectation that society has of organization at a given point in
time.” In 2006 Global Reporting Initiatives (GRI) defined the concept of
sustainability which is quite similar to the definition of CSR given by different
scholars. GRI introduces the concept of 3P which refers to profit, people, and
planet (Sayekti, 2015). This idea of a triple-line was presented. Elkington
established the triple-line concept in 1994, which guarantees a firm's
sustainable development and creates a win-win-win situation for the
environment, the company, and the client. developed Elkington in 1994, which
guarantees a business's sustainable growth and creates a win-win scenario for
the client, the business, and the environment.
In Nepal the concept of CSR is not as prevalent as in other developing nations
however there are some initiatives from some companies. Nepalese business
sectors have been contributing to education, temples, Dharmasalas and they
have been involved in food, clothing, and amenities during natural calamities.
(Adhikari et al., 2016) The current state of Corporate Social Responsibility
(CSR) in Nepal is considered to be moderately positive, with the majority of
corporate governance and customer practices being conducted by large
enterprises (Chapagain, 2020). According to the President and Executive
Chairman of Saraswati Business Group, he stated that different enterprises are
involved in CSR with different campaigns such as communication as the main
 principle, do not drink and drive, don't litter, philanthropy, pure drinking water,
tree plantation, and river cleaning, etc. Concerning the significance of CSR the
Industrial Enterprise Act (IEA) of 2016 and the NRB's regulations have made
Corporate Social Responsibility (CSR) a requirement for the banking sector in
Nepal. The NRB's policy is to invest a mandatory 1% of the bank's net profit
(Rastra Bank, 2021). CSR expenses is accounted as per Industrial Enterprises
Act 2076 (the “Act”) introduced with effect from Key management personnel
compensation February 11, 2020 repealing the Industrial Enterprises Act 2073
(the “Previous Act”) Section 54 of the Amount in NPR Industrial Enterprises
Act 2076 makes it mandatory to allocate 1% of the annual net profit to be
utilized towards corporate social responsibility. By emphasizing the
sustainability of a firm and reporting on its performance, numerous findings
have been made regarding the potential advantages that firms may experience.
These advantages may include a heightened level of employee satisfaction,
which may ultimately lead to an increase in firm productivity and profitability,
as well as an increase in competitiveness and improved strategic market
positioning (Waworuntu et al., 2014) .For the first time, anyone has really
looked into the connection between corporate social responsibility (CSR) and
financial performance. To do this, they looked at the financial performance of
64 companies listed on the Shanghai Stock Exchange over the years 2001-2006
in major consumer industries. The results showed that CSR will lead to great
financial performance in the long run and that the current performance of the
company has a bigger effect on its future financial performance. (B. Li & Li,
2018) The advantages of sustainable development have been outlined,
however, the challenge for businesses is that the implementation of these
initiatives can be both expensive and time-consuming. It appeared that there
was an ambivalence regarding the relationship between Corporate Social
Performance (CSP) and Corporate Financial Performance (CFP). Many
proponents of CSR argue that CSR initiatives will result in higher profits for
companies. On the other hand, numerous opponents of CSR argue against this
argument and assert that CSR initiatives necessitate a significant investment of
resources and time (Waworuntu et al., 2014).

1.1 Objectives

 To examine how CSR expenditure is allocated

 To understand the relationship between CSR and financial performance
1.2 Statement of Problem: The results of the research suggest that the type and
scope of Corporate Social Responsibility (CSR) practices may differ
depending on the country, sector, and size of the organization (Sweeney,
2009). Up until now, there is no independent corporate social responsibility
(CSR) rating agency in Nepal, thus there is a lack of accurate and up-to-date
information regarding the current state of CSR practice in Nepal.
Consequently, managers and policy-makers may not be able to make
informed decisions when it comes to CSR matters in Nepal (Chapagain,
2020). It is essential to comprehend how corporate social responsibility
(CSR) practices affect the financial performance of Nepalese enterprises as
they attempt to strike a balance between CSR and financial sustainability.
However, empirical research on this topic is scarce due to Nepal's peculiar
economic and social conditions. While CSR has been studied extensively
around the world, the impact of CSR on financial performance remains
unclear in Nepal due to the country’s unique socio-economic circumstances,
regulatory environment, and cultural differences. Furthermore, Nepalese
businesses often face limited resources, infrastructure bottlenecks, and
diverse stakeholder demands that could affect CSR results differently than in
more developed economies. Nepal’s corporate social responsibility (CSR)
practices are above the moderate level, but their environmental and
community practices are below the average. This indicates that although the
overall CSR practices are relatively good, there are still many areas for
improvement in terms of corporate social responsibility towards the
community and environment. It also suggests that the government should
consider providing tax exemptions or other clearly defined incentives for
environment and community-related CSR activities to motivate Nepalese
businesses to support the government’s environmental and social objectives
(Chapagain, 2020). Corporate Social Responsibility (CSR) is a well-
established and effective way for businesses to address societal issues while
strengthening their core business operations. CSR plays an important role in
improving the company’s reputation and ultimately generating revenue for
the company. (Regmi, 2021). This research seeks to fill this knowledge gap
by examining the impact of corporate social responsibility (CSR) on Nepalese
business's financial performance. By conducting a contextual analysis that
 takes into account industry sectors, company sizes, and regional differences,
this study aims to provide empirical evidence as well as practical insights that
can be used to develop CSR strategies that are tailored to the Nepalese
business environment. This research will help stakeholders in Nepal, such as
businesses, policymakers, and civil society to better understand how CSR can
promote social well-being as well as financial sustainability. The ultimate
goal of this study is to advance the discourse around CSR in Nepal by
providing a basis for evidence-based decisions that support responsible
business practices in the emerging economy.

1.3 Significance of Study: CSR is a powerful tool to influence customers to

align with an organization's mission and values, as well as to influence them
to make a positive contribution to the organization (Luu, 2019). Although
CSR culture has been gradually adopted in Nepal, the concept of CSR has yet
to capture the hearts of the corporate world. The business houses have
invested a lot of time and money in various projects, but the impact on
stakeholders is barely visible. This is especially true in the education sector.
After the 2015 earthquake, the Asian Development Bank (ADB) reported that
close to 8,000 schools and 30,000 classrooms were destroyed, which had a
direct impact on the education of 1.5 million children. However these
corporate houses, according to experts, were unable to address the core part
of CSR even after 8 years of the mega-quake. And despite all the efforts,
most of the projects are not in line with the company's vision or strategy to
achieve their CSR. Organizations are increasingly engaging in Corporate
Social Responsibility (CSR) initiatives as a means of meeting the
expectations of their employees, customers, non-governmental organizations,
media outlets, and the local communities in which they operate (ADB, n.d.).
As Nepal moves from a subsistence-based economy to a high-income one, it
is crucial to study the effects of Corporate Social Responsibility (CSR) on
economic growth and social progress. Recognizing the connection between
CSR and financial performance can help businesses align their practices with
the nation's developmental objectives, resulting in progress for the country
(Chapagain, 2020). No business can sustain itself on the basis of a win-win-
win approach. As a result, the impact of corporations on our societies and
communities is undeniable and worthy of praise (Wirba, 2023). The
significance of this paper is to contrast the CSR practices of developing
 countries like Nepal and compare their financial performance, so that they
can learn from the best CSR practices and understand the role of governments
in promoting CSR as an ongoing process of improvement. Corporate social
performance (CSP) guidelines have been criticized for having little impact on
business practices, as mechanisms to oversee corporate social responsibility
(CSR) do not lead to changes in public policies and legislation (Firahmatika,
2021). However public policy life cycle stages that occur in the process of
implementing responsible business practices (CSR). As mentioned by Lyon
and Maxwell, it is particularly interesting to observe these stages, as some of
these responsible business practices may be enforced by legislation. There are
four stages in the life cycle of CSR
 Development – events occur that lead different segments of the
population to become aware of the existence of a problem. This stage is
concerned with the collection and dissemination of information.
 Politicization – the issue becomes politicized – opinion leaders begin to
talk about the problem in the public, and the news media begin to cover
the issue. This stage is considered by the political entry of systematized
groups into the process, and the political power game that follows once
these groups have pass in the process.
 Legislative stage – political leaders develop new laws to address the
issue
 Implementation – administrative agencies develop and implement the
new legislation. Regulators, police and courts enforce the new
legislation. (Škare & Golja, 2014).
This paper aims to demonstrate the implementation of CSR practices and
provide policymakers with insight into the financial mechanisms of these practices
for economic development.

1.4 Literature Review :

Corporate Social Responsibility (CSR) surpasses the realm of being simply a

component of an ethical management system. Over time, it has flourished into a
significant institutional field. The continuity and growth of the CSR institutional
field and effort is backed by extensive internal support (Celka & Sales, 2019). CSR
is inclusive of a broad spectrum of pivotal subjects, even though they may be
involved in sometimes spark debates. These subjects aren't limited to health and
safety, the rights of laborers, the consequences of climate change, and the workings
of supply chain management (Hancock, 2005). Before the 1990s, the choice of
social causes to back was predominantly determined by emerging pressures to 'do
good in order to appear good' (Shahbaz et al., 2020). Since the past 20 years,
Corporate Social Responsibility has experienced speedy growth and has become a
top priority in the board meetings of even the most profit-driven firms. In its most
passive form, CSR takes the appearance of a 'hands-off' approach, where decisions
on philanthropy and charity patronage are made at the choice of the
chairperson(Hancock, 2005). Corporate Social Responsibility (CSR) is a complex
and difficult concept that encompasses various related ideas such as corporate
citizenship, sustainable business, environmental responsibility, the triple bottom
line, social and environmental accountability, business ethics, and corporate
governance. (Idowu et al., 2013). (Carroll, 2016) offered four degrees of corporate
social responsibility (CSR): economic, legal, ethical, and voluntary/unrestricted.
This was an attempt to provide a more unambiguous explanation of what company
social responsibility entails. Since it presents significant ideas, his multi-
dimensional model of CSR has become one of the most popular frameworks.
However, no one has yet conducted an empirical investigation into the
dimensionality of CSR from an operational standpoint. By adopting a very
specialized CSR approach, some businesses have selected a niche strategy rather
than just taking advantage of market opportunities. This might be the result of a
company's core values. On this point, Patagonia serves as a clear illustration as an
example. Patagonia was founded in the 1960s in the United States, and from the
beginning, it focused on adopting an environmentally conscious strategy.(Idowu et
al., 2015). Managers in both industries have a positive opinion of the strategic and
moral aspects of corporate social responsibility. However, the actual performance
of companies in implementing CSR is not very encouraging, at least in all aspects.
In order to endure and increase the constructive views and actual practice of CSR,
it is necessary for the government, pressure groups, and other stakeholders to
inspire socially responsible behavior by corporations. The Nepalese government
should also consider implementing a social performance index and offering tax
benefits or incentives to companies that engage in CSR. These measures would not
only increase the level of participation and support from the corporate sector, but
also contribute to a more equitable and just society. Additionally, universities
should update their curricula to include CSR content that aligns with the changing
 global landscape (Chapagain, 2020). Globally have rapidly embraced the
implementation of corporate social responsibility (CSR) in both developed and
developing nations. This management strategy has become widespread,
established, integrated, and deeply ingrained within the frameworks, policies, and
operations of organizations. The main catalyst for the accelerated adoption of CSR
is its perceived benefits to both companies and society, supported by sound
business justifications. Another significant factor fueling the expansion of CSR is
the enthusiastic acceptance, endorsement, and widespread dissemination of its
principles within academic circles. (Carroll, 2016)

Theoritical Framework :

CSR Expenditure Earning Per Share

Hypothesis Formation:
(H1) – There is significant relationship between CSR expenditure and Earning Per
Share
(H0) – There is no significant relationship between CSR expenditure and Earning
Per Share.
Introduction of Intervening and Moderating Variables :
Employee Satisfaction and Productivity: The idea is that the impact of CSR
activities on employee satisfaction might impact productivity, which, in turn,
affects the relationship between CSR and EPS. Employee satisfaction and
productivity could arbitrate or intervene in the relationship between CSR and EPS.
(Jiao, 2010)
Customer Loyalty and Perception:. Positive perceptions of CSR ingenuities
might lead to increased customer loyalty, which could impact the financial
performance of the company, including EPS. (J. Li et al., 2019)

Moderating Variables:
Industry Type: Different industries may have varying levels of sensitivity to CSR
practices. The impact of CSR on EPS might be more pronounced in certain
industries compared to others. (Bose et al., 2020)
Regulatory Environment: Companies operating in regions with strict CSR
regulations might experience a different relationship between CSR activities and
financial performance compared to those in regions with less stringent regulations.
(Bu et al., 2021)
Ethical Governance and Corporate Ethics: The ethical governance practices of
a company could moderate the relationship between CSR and EPS. A company
with strong ethical governance might experience a different impact of CSR on
financial performance compared to a company with weaker governance. (Brooks &
Oikonomou, 2018)
CSR Disclosure: The transparency and quality of CSR disclosure could moderate
the relationship. Companies with more comprehensive and transparent reporting
might experience a stronger positive impact of CSR on EPS compared to
companies with limited or vague disclosures (Brooks & Oikonomou, 2018).

Methodology : The study is concerned to identify the relationship between CSR

and financial performance of Nepalese Manufacturing companies and commercial
banks. In this regards, the study has applied descriptive as well as causal
comparative research design. Only eight of the twenty NEPSE listed commercial
banks in the population were chosen as the study's sample; however, four of the
eight manufacturing and processing companies in the population—whose financial
statements included references to CSR expenses—were chosen through the
purposive sampling technique. 40% of commercial banks (8/20) and 50% of
manufacturing and processing firms (4/8) are represented in the study. De Vannus
claims that this is sufficient to move further with analysis. The annual reports of
the manufacturing businesses and banks, which serve as secondary sources. This
have been the source of data on corporate social responsibility and financial
performance. In this study, the accounting-based metric utilized to gauge the bank's
financial success is earnings per share (EPS). Both descriptive and inferential
statistics have been used to analyze pertinent data. A linear correlation model with
dependent and independent variables has been used to determine the linear relation
between CSR and financial performance in the banking sector of Nepal. The fiscal
year 2078–2079 is reflected in the regression model.

Here,

Financial_ P = β0 + β1 CSR+ …+ et
Where: Financial_ P= EPS (Earnings per share), CSR= Corporate social
responsibility(CSR) and et = error ter

Table : 1
Banks And Manufacturing Companies Status Frequency Percentage (%)
EBL
GBIME
HBL
KBL
Commercial Banks 8 66.67%
ADBL
CZBIL
MBL
NMB
BNL
HDL
Manufacturing and
NLO
Processing Companies
UNL 4 33.33%
Total 12 100
Table 1 lists the number of sample banks from each group that were selected for
the study as well as the corresponding percentage because the financial statements
of each group, the data is available as CSR expenses. The maximum amount of
Rs. 41708466 and the lowest amount of Rs. 379879 that each sample bank spent
on CSR during the study period are shown in Table 2. The mean value of CSR
expenses and EPS represents 18752276.62 and 201.0958333 respectively followed
by standard deviation of 11107990.72 and 476.4374378.

Table 2
Minimum Maximum Mean Std.
Deviation
CSR 379879 41708466 18752276.62 11107990.72
EPS 14.12 1675 201.0958333 476.4374378

Table 3 represents the correlation coefficient .750 of manufacturing companies, at

95 percent level of confidence i.e 5 percent level of significance, which indicates
the strong positive relationship between CSR expenses and EPS.

Table 3(sector wise)

Correlations
CSR Earning Per
Expenses Share
CSR Expenses Pearson 1 .750
Correlation
Sig. (2-tailed) .250
N 4 4
Earning Per Pearson .750 1
Share Correlation
Sig. (2-tailed) .250
N 4 4

According to Table 4 the correlation coefficient .847 of commercial banks, at 95

percent level of confidence, depicts positive linear correlationship between CSR
expenditure and Earning Per Share
.

Table 4(sector wise)

Correlations
CSR Earning Per
Expenses Share
CSR Expenses Pearson 1 .082
Correlation
Sig. (2-tailed) .847
N 8 8
Earning Per Pearson .082 1
Share Correlation
Sig. (2-tailed) .847
N 8 8

Table 5(overall)
Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) 251.412 291.830 .862 .409
csr -2.683E-6 .000 -.063 -.198 .847
expenses
a. Dependent Variable: Earning Per Share

Here in Table 5 the interpretation of regression equation Financial_ P = 251.412 -

2.683E-6 CSR+ …+et , that each million of csr expenses result the 2.683% decline
in the Earning Per Share.

Table 6(commercial Bank)

Coefficientsa
Model Unstandardized Standardized t Sig.
Coefficients Coefficients
 B Std. Error Beta
1 (Constant) 18.702 5.116 3.655 .011
csr 4.159E-8 .000 .082 .201 .847
expenses
a. Dependent Variable: earning per share

Here in Table 6 the regression equation of commercial Banks Fin_ P = 18.702 +

4.159E-8 CSR+ …+et , shows that the every billion of spending on csr results the
4.155% increase in Earning Per Share.

Table 7( Manufacturing and processing companies)

Coefficientsa
Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) -227.077 580.942 -.391 .734
csr 7.216E-5 .000 .750 1.601 .250
expenses
a. Dependent Variable: earning per share

Here in Table 7 the regression equation Fin_ P = -227.077 + 7.216E-5 CSR+ …+et
, shows that the every million of spending on csr results the 7.216% increase in
Earning Per Share.

Conclusion: This study's primal goal was to examine the relationship between the
Earning Per Share (EPS) of commercial banks and manufacturing enterprises in
Nepal and their CSR expenditures. Eight banks were chosen as sample for the
study out of the twenty banks listed in the population on NEPSE, and four
manufacturing and processing companies were chosen as a sample out of the eight
listed enterprises. It included CSR expenditure in their 078/79 financial filings. A
bank's financial performance was gauged by its earnings per share (EPS) (Servaes
& Tamayo, 2013). The results indicate that, in the sample banks and
manufacturing enterprises, there is a positive correlation between CSR expenditure
and EPS; however, this correlation changes when we mix the two sectors. As we
find in the analysis the overall relation between EPS and CSR combining both
manufacturing and commercial bank is negatively correlated. This report can be
used as a springboard for additional CSR investigation.

Bibliography :

ADB. (n.d.). Five Years After the Nepal Earthquake – Building Back Better
Schools for a Safer Future | Asian Development Bank. ADB. Retrieved
September 15, 2023, from https://www.adb.org/results/five-years-after-nepal-
earthquake-building-back-better-schools-safer-future
Adhikari, D. R., Gautam, D. K., & Chaudhari, M. K. (2016). Corporate social
responsibility domains and related activities in Nepalese companies.
International Journal of Law and Management, 58(6), 673–684.
https://doi.org/10.1108/IJLMA-08-2015-0044
Bose, S., Saha, A., & Abeysekera, I. (2020). The Value Relevance of Corporate
Social Responsibility Expenditure: Evidence from Regulatory Decisions.
Abacus, 56(4), 455–494. https://doi.org/10.1111/ABAC.12207
Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social and
governance disclosures and performance on firm value: A review of the
literature in accounting and finance. British Accounting Review, 50(1), 1–15.
https://doi.org/10.1016/j.bar.2017.11.005
Bu, L., Chan, K. C., Choi, A., & Zhou, G. (2021). Talented inside directors and
corporate social responsibility: A tale of two roles. Journal of Corporate
Finance, 70. https://doi.org/10.1016/j.jcorpfin.2021.102044
Carroll, A. B. (2016). Carroll’s pyramid of CSR: taking another look. International
Journal of Corporate Social Responsibility, 1(1), 1–9.
https://doi.org/10.1186/s40991-016-0004-6
Celka, A., & Sales, A. (2019). From crisis to CSR leadership: A case study of
successful implementation under external pressures. In Ethical Economy (Vol.
57). https://doi.org/10.1007/978-3-030-15407-3_14
Chapagain, B. R. (2020). Status of Corporate Social Responsibility Practices in
Nepal. Quest Journal of Management and Social Sciences, 2(1), 1–12.
 https://doi.org/10.3126/qjmss.v2i1.29012
Firahmatika, I. R. (2021). Corporate Social Responsibility & Ethics Corporate
Social Responsibility & Ethics. Encyclopedia of the UN Sustainable
Development Goals, January 2020. https://doi.org/10.1007/978-3-319-95726-
5
Hancock, J. (2005). Investing in Corporate Social Responsibility : A Guide to Best
Practice, Business Planning & the UK’s Leading Companies. In a guide to
best practice, business planning & the UK’s leading companies.
https://books.google.com/books?
hl=en&lr=&id=qWoiD88rBAgC&oi=fnd&pg=PR7&dq=fraudulent+financial
+reporting+cash+based+investment+accrual+based+investment+ratio+financi
al+stability+and+external+pressure&ots=UlNvBBIKRp&sig=r5ijCxYoVuaJ
WhD9wIvbM9GKeR0
Idowu, S. O., Capaldi, N., & Gupta, D. A. (2013). Encyclopedia of CSR. In
Tourism Management Perspectives (Vol. 26, Issue 3).
http://dx.doi.org/10.1016/j.tmp.2013.03.002%0Ahttps://doi.org/10.1080/09669
582.2018.1488856%0Ahttp://dx.doi.org/10.1016/j.tmp.2013.02.001
Idowu, S. O., Schmidpeter, R., Capaldi, N., & Fifka, M. S. (2015). Dictionary of
Corporate Social Responsibility CSR, Sustainability, Ethics and Governance.
In Sustainability (Switzerland) (Vol. 8, Issue 4).
Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking and
Finance, 34(10), 2549–2561. https://doi.org/10.1016/j.jbankfin.2010.04.013
Li, B., & Li, X. (2018). Research on the Relationship between Corporate Social
Responsibility and Financial Performance Based on Grey Correlation
Analysis: Taking the Smartphone Company as an Example. Open Journal of
Applied Sciences, 08(09), 431–440. https://doi.org/10.4236/ojapps.2018.89033
Li, J., Haider, Z. A., Jin, X., & Yuan, W. (2019). Corporate controversy, social
responsibility and market performance: International evidence. Journal of
International Financial Markets, Institutions and Money, 60, 1–18.
https://doi.org/10.1016/j.intfin.2018.11.013
Luu, T. T. (2019). CSR and Customer Value Co-creation Behavior: The
Moderation Mechanisms of Servant Leadership and Relationship Marketing
Orientation. Journal of Business Ethics, 155(2), 379–398.
https://doi.org/10.1007/s10551-017-3493-7
Rastra Bank, N. (2021). Corporate Social Responsibility in Nepalese Banking
 Industry.
Sayekti, Y. (2015). Strategic Corporate Social Responsibility (CSR), Company
Financial Performance, and Earning Response Coefficient: Empirical
Evidence On Indonesian Listed Companies. Procedia - Social and Behavioral
Sciences, 211, 411–420. https://doi.org/10.1016/j.sbspro.2015.11.054
Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility
on firm value: The role of customer awareness. Management Science, 59(5),
1045–1061. https://doi.org/10.1287/MNSC.1120.1630
Shahbaz, M., Karaman, A. S., Kilic, M., & Uyar, A. (2020). Board attributes, CSR
engagement, and corporate performance: What is the nexus in the energy
sector? Energy Policy, 143. https://doi.org/10.1016/j.enpol.2020.111582
Škare, M., & Golja, T. (2014). The impact of government CSR supporting policies
on economic growth. Journal of Policy Modeling, 36(3), 562–577.
https://doi.org/10.1016/j.jpolmod.2014.01.008
Sweeney, L. (2009). A Study of Current Practice of Corporate Social
Responsibility (CSR) and an Examination of the Relationship Between CSR
and Financial Performance Using Structural Equation Modelling (SEM).
Dublin Institution of Technology, pp 1-451. https://doi.org/10.21427/D79C7F
Waworuntu, S. R., Wantah, M. D., & Rusmanto, T. (2014). CSR and Financial
Performance Analysis: Evidence from Top ASEAN Listed Companies.
Procedia - Social and Behavioral Sciences, 164(August), 493–500.
https://doi.org/10.1016/j.sbspro.2014.11.107
Wirba, A. V. (2023). Corporate Social Responsibility (CSR): The Role of
Government in promoting CSR. Journal of the Knowledge Economy,
0123456789. https://doi.org/10.1007/s13132-023-01185-0
Zhou, G., Sun, Y., Luo, S., & Liao, J. (2021). Corporate social responsibility and
bank financial performance in China: The moderating role of green credit.
Energy Economics, 97, 105190. https://doi.org/10.1016/j.eneco.2021.105190