Benedict Valentine ARULANANDAM, Ben-Oni ARDELEAN, Vikineswaran A MANIAM


The study of corporate social responsibility CSR has been a very prominent one. This study examines the CSR activities of Malaysian firms and their respective financial performances. The purpose of this study is to examine the relationship between firms’ CSR activities and their financial performance. A total of 50 listed companies were selected based on market capitalization from the years 2015 – 2019. Financial and CSR information were obtained from the annual reports of firms. An in-depth content analysis approach was applied together with the method of a checklist to measure CSR, coupled with financial performance. The statistical software package (SPSS) was used to analyze the data collected. The results indicated no significant relationship between the CSR activities of the firm and their financial performance during the said period.

Full Text:



Abdallah, Z.M., Mohamed, F. A, Corporate social responsibility and financial performance of hotels in Zanzibar, Journal of Economics, Management and Trade, 23(5), pp. 1-8, 2019.

Adam Skrzypek, N.S., Profitability of socially responsible public listed companies in Poland. Research Papers of Wrocław University of Economics, pp. 108-121, 2016.

Adam, M., Evaluating the financial performance of banks using financial ratios-A case study of Erbil Bank for Investment and Finance, European Journal of Accounting Auditing and Finance Research, 2(6), pp. 162-177, 2014.

Aggarwal, P., Singh, A.K., CSR and sustainability reporting practices in India: an in-depth content analysis of top-listed companies, Social Responsibility Journal, 5(8), pp. 1033-1053, 2019

Ahmad, I.A., Lin, P.E., Fitting a multiple regression function,

Journal of statistical planning and inference, 9(2), 163-176, 1984.

Ahmad, N.R., Board independence and corporate social responsibility (CSR) reporting in Malaysia, Australasian Accounting Business & Finance Journal, 11(2), pp. 61-85, 2018.

Amran, A., Zain, M.M., Sulaiman, M., Sarker, T., Ooi, S.K., Empowering society for better corporate social responsibility (CSR): The case of Malaysia, Kajian Malaysia, 31(1), pp. 57-58, 2013.

Anas, A., Abdul Rashid, H. M., Annuar, H. A., The effect of award on CSR disclosures in annual reports of Malaysian PLCs, Social Responsibility Journal, 11(4), pp. 831-852, 2015.

Cormier, D., Magnan, M., Environmental reporting management: a continental European perspective, Journal of Accounting and public Policy, 22(1), pp. 43-62, 2003.

Cornell, B., Shapiro, A., Corporate stakeholders and corporate finance, Financial Management, 16, pp. 5-14, 1987.

Curtis, E. A., Comiskey, C., Dempsey, O., Importance and use of correlational research, Nurse Researcher, 23(6), 2016.

Dahlsrud, A., How corporate social responsibility is defined: An analysis of 37 definitions, Corporate Social Responsibility and Environmental Management, 15(I), pp. 1-13, 2006.

Damodaran, A., Return on capital (ROC), Return on invested capital (ROIC). 11, 2007.

Fahmi, I., Strategy and application management, Alfabeta, Bandung, Indonesia, 2015.

Kigali K, Understanding CSR dimensions helps your firm meet its targets, The New Times, 2020.

Kim, J., Cho, K., Park, C.K., Does CSR assurance affect the relationship between CSR performance and financial performance?, Sustainability, 11(20), p. 5682, 2019.

Kooskora, M., Juottonen, M., Cundiff, K., The relationship between corporate social responsibility and financial performance (A case study from Finland), Social Responsibility and Sustainability, pp. 471-491, 2019.

Krippendorff, K., Content analysis: An introduction to its methodology, New York: Sage publications, 2018.

Lech, A., Corporate social responsibility and financial performance, 18, pp. 49-61, 2013.

Lu, J.Y., Castka, P., Corporate social responsibility in Malaysia–experts' views and perspectives, Corporate Social Responsibility and Environmental Management, 16(3), pp. 146-154, 2019.

Luo, Y., Analysis of relationship between corporate social responsibility and corporate financial performance: An investigation into a group of companies listed in the Dow Jones Industrial Average index, Doctoral dissertation, Dublin, National College of Ireland, 2019.

Abdullah, M.I., Dechun, H., Sarfraz, M., Ivascu, L., Riaz, A., Effects of Internal Service Quality on Nurses’ Job Satisfaction, Commitment, and Performance: Mediating Role of Employee Well-Being, Nursing Open Journal, 8(2), ISBN 2054-1058, 2020.

Izvercian, M., Potra, S., Ivascu, L., Job Satisfaction Variables: A Grounded Theory Approach, 13th International Symposium in Management (SIM2015), Procedia - Social and Behavioral Sciences, 221, ISBN 1877-0428, 86-94, 2015.

Draghici, A., Baban, C.F., Ivascu, L.V., Sarca, I., Key Success Factors for University -Industry Collaboration in Open Innovation, 8th Annual International Conference of Education, Research and Innovation (ICERI 2015), ISBN 978-84-608-2657-6 (ISSN: 2340-1095), pp. 7357-7365, Seville, Spain, 2015.

Banciu, D., Rădoi, M., Belloiu, S., Information Security Awareness in Romanian Public Administration: An Exploratory Case Study, Studies in Informatics and Control, 29(1), pp. 121-129, ISSN 1220-1766, 2020.

Banciu, D., Petre, I., Dumitrache, M., Electronic system for assessing and analysing digital competences in the context of Knowledge Society, ECAI 2019- International Conference – 11th Edition, Electronics, Computers and Artificial Intelligence, Romania, 11 (1), 2019.

Banciu, D., Mantykangas, A., Library management in the context of the GDPR, eLSE, 4, pp. 372-377, 2018.

Sarfraz, M., Ivascu, L., Radian, B., Artene, A., Accentuating the Interconnection between Business Sustainability and Organizational Performance in the Context of the Circular Economy: The Moderating Role of Organizational Competitiveness, Business Strategy and the Environment Journal, 30(4), pp. 2108-2118, ISSN 0964-4733, 2021.

Cioca, L.I., Ivascu, L., Rus, S., Integrating Corporate Social Responsibility and Occupational Health and Safety to Facilitate the Development of the Organizations, 4th Review of Management and Economic Engineering, pp. 2-7, ISBN 2247- 8639, 2014.


  • There are currently no refbacks.