Anisha Synopsis
Anisha Synopsis
Anisha Synopsis
CHAPTER-1: INTRODUCTION
Corporate social responsibility refers to the initiatives that every company fulfils
towards a society and environment. Business under corporate social responsibility
conducts its business in an ethical manner, complying with national and international
norms and laws. Apart from legal compliance companies also involve themselves into
some social activity and do well for society. Corporate social responsibility helps
businesses to increase profits and stakeholders trust through maintaining positive
relationship with them and high legal standards. CSR also helps in creating positive
impact on environment and its stakeholders.
The concept of corporate social responsibility has grown over last few decades.
Earlier CSR was not considered that important but nowadays every company follows
it and considers it to be the key problem. Every organization not only thinks of
earning profits but also work towards welfare of the society as their key
responsibility. So CSR may be defined as when a company considers the
stakeholders, society and environment as its major responsibility.
As per the consumers, they strongly feel that businesses and organization should
engage themselves in CSR activities apart from achieving their set targets; this not
only helps in creating a positive image of an organization or goodwill of the firm but
will also help them in earning more profits through positive responses from
consumers. Most of the consumers are more inclined towards those businesses and
retailers those who do more of charity work and are actively participating in any of
the social work around them.
There are few actions taken up by the companies as corporate social responsibility
actions which include the following:
10. ITC limited: initiatives taken up by ITC limited are that they were actively
involved in providing shelter to the disadvantage people of our society. Other
initiative of ITC includes working towards women empowerment and they
have successfully created 1183 self-help group as part of women
empowerment. ITC limited has opened 2334 learning classes as part of
providing education to primary school students. ITC has taken E-Choupal
initiative as well.
The research work conducted describes how Indian companies are impacted through
CSR activities and what impact whether positive or negative is created by CSR
activities.
The main purpose of the study is to find out what role CSR plays in making a
business more profitable and how important it is for each and every organization to
contribute some amount as donation to society and environment. There are various
organizations that have taken some or the other initiative taken up by many
companies which were part of study. Also to find out what relationship exists between
CSR and financial performance of the companies taken up for study?
by CSR. So it was concluded that banks in Nigeria does not actively involved in CSR
because it does not increase their profitability and thus financial performance remains
unaffected. “Impact of CSR on financial performance of Ghee and fertilizers industry
situated in Southern Punjab, Pakistan” ( Prof. Dr. Abdul Ghafoor Awan and Sobia
Saeed; both of them were part of Institute of Southern Punjab, Multan-Pakistan).
There are fundamentally four types of CSR, 1. Market oriented 2. Society oriented
3.workforce oriented and 4. Environment oriented. Each and every firm need to focus
on any of the above mentioned CSR in order to maintain their reputation. Main
purpose of this study was to check that how many firms falling under this category
actually follow CSR and how many of them do not do so and also to study their
impact. Both primary and secondary data are collected for 5 years (2009-13). It was
observed that only 15% of the firms involve themselves in all four areas of CSR
whereas 85% of the firms involve in any of the CSR activities. It was also seen that
environment oriented CSR was most preferred. It was observed that ghee and
fertilizer industry fully involve them in CSR and there is a positive relationship
between revenues, return on capital and CSR. Sukanya Chetty, Rebekah Naidoo, and
Yudhvir Seetharam from University of the Witwatersrand - School of Economic and
Business Sciences, South Africa focused on studying the impact of CSR on financial
performance of various firms in South Africa. Investors use JSE SRI Index to find out
socially responsible companies and this index was launched in year 2004. Impact of
CSR on MNC’s financial performance in Bangladesh (Naheem Mahtab)was observed.
CSR is of utmost importance in all the areas of operations but a firm cannot
implement it everywhere so it is the responsibility of every employee and
management to look after CSR. One need to frame CSR strategies and align that with
the firm’s objectives. In Bangladesh, CSR was a new concept and every company
need to adopt that. To study the impact of CSR, 5 MNC’s of Bangladesh listed in
DSE were taken and secondary of all those MNC’s were collected. Correlation and
regression analysis was conducted and it was observed that a positive relationship
exists between CSR and all the variables. In India it was mandatory to contribute at
least 2% of their profits towards CSR activities and India is the first country that made
it mandatory for companies to contribute towards CSR (Akshmi Das, Amalendu
Bhunia, july 2016). Various studies conducted in India and abroad were discussed;
valuable suggestions and conclusion given by various researchers were monitored and
discussed. Studies showed that a positive relationship exists between CSR and
8
2012). Various pharmaceutical companies were taken up for study and managers of
these companies were questioned and it was seen that there exists a strong correlation
between the variables. There are various initiatives taken up by many companies
towards the society and environment, so study was conducted to observe the various
researches already done to study the relationship between CSR done by organizations
and the financial performances of the organizations (Ravi Sankar.R, December 2014).
Study disclosed therein showed that some researchers reported positive impact of
CSR while others found negative impact, some of them also found that no relationship
exist between them. In India earlier organizations use to focus more on making profits
rather than thinking about society or its environment but now focus has shifted and
they have become more society oriented (Harpreet Singh Bedi, Punjab). In India, out
of 37 companies 26 companies spent fewer amounts than recommended on CSR
activity. There exists a positive relationship between CSR and financial performances
of the companies. Another area of study was Indonesia where companies listed in
Indonesia stock exchange were taken for study. 24 Companies relating to mining and
basic chemical industries were observed and impact of CSR were studied on that
industry (Novrianty Kamatra and Ely Kartikaningdyah, January 2015). CSR does not
impact on ROE and EPS of these companies whereas ROA and NPM are significantly
impacted by CSR. When it comes to aviation industry, a strong need is arising to
create an environmental agenda and take required initiatives to reduce the impact of
activities on the environment (Eleni Rapti and Francesca Medda, 2008). Various
airports in UK, Europe, and china were considered for study. It was observed that
CSR activities help in generating revenues in case of Manchester and European
airports. A study was conducted to observe the effect of CSR on firm’s profitability in
Nigeria (Babalola, Yisau Abiodun, 2012). Secondary data of firms in Nigeria was
collected and it was observed that firms invest less than 10% of their profit towards
corporate social responsibility. After study it was observed that CSR significantly
impacts the firm’s financial performance in Nigeria so it was recommended that the
firms in Nigeria should adopt more social activities and do more of social work for
the welfare of the firms. Banks in India were compared on the basis of their sector.
Two banks of private sector whereas two banks of public sector were taken for the
study (Rajnish Yadav and Dr. F.B. Singh, 2016). Net worth of all four banks were
taken as financial measure to study the impact of CSR on performance of banks.
ANOVA table was used for the analysis and it was found that in all the four banks
10
there was a positive relationship between net worth of the banks and the financial
performance of the banks. Another area of study was MTN Ghana limited (Alex
Anlesinya, Joseph Ahinsah, Fatimatu Bawa, Eunice W. Appoh and Zakari Bukari,
January-March 2014). 35 respondents were considered for the study and regression
and multiple regression were the techniques of analysis and at various levels impact
were studied. It was revealed that there comes out to be a positive relationship
between CSR and the financial performance of Ghana LTD. It was also seen that
company is very obedient in following all the laws and regulations relating to its
operations so it was required that company should put in more for employee
enhancement and customers for long term perspective. With the increase in CSR
activities by the organizations its impact has also increased over a period of time.
Major implementations have been made in case of developing nations and especially
in west areas and one the areas discussed over here is Nigeria. Financial performance
of 40 audited companies were taken for study using financial instrument like return on
Assets and return on equity(Olayinka Marte Uadiale and Temitope Olamide Fagbemi,
2012). There seems to exist a positive relationship.
11
Research problem:
To study the impact that corporate social responsibility creates on the financial
performance of companies listed in National stock exchange descriptive research is
used.
Sources of data:
Secondary data is used for the study and not the primary data. Secondary data is the
data which is also published or used by others as well. Secondary data is collected to
reach every aspect of the study and find valuable conclusions.
Annual and sustainability reports of the 15 companies taken for the study
Research papers on CSR
Published documents and reports taken from ministry of corporate affairs
website
Journals published in context of CSR
Various online portals
Data secured from NDTV profit and Economic times
To study the impact that CSR has on financial performance of company has
been studied through following data:
Data for 14 companies listed in national stock exchange from year 2013-2017(5
year data) has been to study the objective.
NET PROFITS:
TOTAL ASSETS:
CSR CONTRIBUTION:
4.1 Correlation of total companies year wise between CSR & Net profits,
CSR & EPS and CSR & Total Assets.
Figure 4.1
INTERPRETATION:
On comparing year 2013 and 2014 it is very clear that there is a positive degree of
correlation between the contribution made by the companies towards CSR activities
and the profit generated during the year but there is a decline correlation for the year
2014 from 0.85 to 0.71.
On comparing 2016 and 2017, there is sharp rise in correlation from 0.65 to 0.79.
Since 2014 there is rise in correlation up to 2017 and there is strong positive
correlation between CSR and net profits of the companies.
16
Figure 4.2
INTERPRETATION:
From the above table and graph it is observed that in 2013 and 2014 there is a weak
correlation between earning per share and CSR contribution of the companies. So in
this case CSR and EPS are not related with each other.
In 2015 the correlation is 0.37 which is a weak correlation but when comparing with
year 2013 and 2014 there is a rise in correlation from 0.17 to 0.38.
In 2016 and 2017 correlation is moderate which signify that there is relationship
between CSR and EPS of the firm but not that strong relationship exists. But when
compared to other years correlation has increased.
17
CORRELATION IN
CASE OF TOTAL CORRELATION IN CASE OF TOTAL
ASSETS ASSETS
0.15
2017 -0.13569
0.1
2016 -0.05962
0.05
2015 -0.02052
0
2014 0.102473
2017 2016 2015 2014 2013
2013 0.089726 -0.05
-0.15
Figure 4.3
INTERPRETATION:
From the above diagram it is clear that CSR and total Assets of the companies are not
at all correlated. In 2013 correlation was 0.09 which is very weak correlation but in
2014 correlation increased to 0.1 which also very weak. This shows that there is no
relationship between contribution towards CSR and the total Assets of the companies.
In 2015 there is a drop in correlation from 0.1 to -0.02. Here it is observed that
correlation is negative.
In 2016 and 2017 there was a sharp fall in correlation from -0.02 to -0.13. this shows
that EPS and CSR of companies are negatively correlated and there is a negative
correlation between them.
18
4.2 Correlation of 14 companies between CSR & Net Profits, CSR &
EPS and CSR & Total Assets.
Figure 4.4
INTERPRETATION:
Reliance Industries Limited has a very weak correlation of Net Profits and EPS with
CSR. But there exists a positive correlation between them. Net Profits and EPS have a
correlation of 28% each. As such no relationship exists between CSR & Net Profits
and CSR & EPS. But there exists a moderate and positive correlation in case of Total
Assets of 44%. So there is some sort of relationship between them.
19
TCS LIMITED
TCS LIMITED
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.897244778 0.895788874 0.962793575
Table 4.9
0.96
0.94
0.92
0.9
0.88
0.86
NET PROFITS EPS TOTAL ASSETS
Figure 4.5
INTERPREATATION:
From the above diagram it is observed that total Assets are highly correlated with
CSR contribution. Correlation is 0.96 which is very strong correlation. Net profits and
CSR are also strongly correlated with 0.9. EPS and CSR of TCS limited are also
positively correlated with correlation of 0.89. So it can be seen that all the 3 variables
are positively related with CSR contribution.
20
IOC LIMITED
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.978937434 0.765737838 0.695793392
Table 4.10
0.8
0.6
0.4
0.2
0
NET PROFITS EPS TOTAL ASSETS
Figure 4.6
INTERPRETATION:
From above bar graph it is seen that Net profits are highly correlated with CSR.
Among total Assets and EPS net profits has the highest correlation of 97%. Whereas
EPS is also positively correlated but not that strong. And Assets are moderately
correlated with CSR. All three have a strong relationship with contribution towards
CSR.
21
ONGC LIMITED
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR -0.702811321 -0.827774492 0.87171667
Table 4.11
Figure 4.7
INTERPRETATION:
From above bar graph it is observed that only total Assets are positively correlated
with CSR. Total Assets of ONGC Limited have a strong correlation with CSR of
87%. But when we talk about ONGC’S net profits and EPS they both are negatively
correlated with CSR. There exists no relationship between EPS & CSR and Net
profits & CSR of ONGC Limited. EPS has strong negative correlation of 82%
whereas Net profits has a negative correlation of 0.7.
22
HDFC BANK
HDFC BANK
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.797755234 0.798258066 0.791332924
Table 4.12
Figure 4.8
INTERPRETATION:
HDFC Bank has a strong positive relation in case of all three variables i.e. Net profits,
EPS and total Assets with CSR. EPS has highest correlation of 0.8 which is highly
strong correlation. Net profits have a strong positive correlation of 79%, whereas total
Assets has a correlation of 0.7. EPS, Net profits and total Assets of HDFC bank has a
strong relationship with CSR.
23
COAL INDIA
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR -0.46035065 -0.439047958 0.423133468
Table 4.13
Figure 4.9
INTERPRETATION:
Coal India Limited has a positive correlation between Total Assets and CSR. But
there is moderate correlation of 0.42 between CSR and Total Assets of Coal India
Limited. There exists some relationship between CSR contribution and total Assets of
Coal India Limited. But net profits and EPS are negatively correlated with CSR. They
are moderately negatively correlated with correlation 46% and 43% respectively.
24
INFOSYS LIMITED
INFOSYS
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.813648817 -0.582022419 0.763784895
Table 4.14
Figure 4.10
INTERPRETATION:
For Infosys it is seen that Net profits and Total Assets are positively correlated
whereas EPS is negatively correlated. Net profits have a strong positive correlation of
81% with CSR whereas Total Assets have a strong correlation of 76% with CSR. This
shows that there exists a positive and strong relationship of CSR with Net profits and
Total Assets. But if EPS is seen it has moderate negative correlation with CSR of
58%. There exists no correlation between EPS and CSR.
25
VEDANTA LIMITED
VEDANTA
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.812109216 0.806612918 0.437205861
Table 4.15
Figure 4.11
INTERPRETATION:
From the above bar graph it is observed that Net profits, EPS and total Assets of
Vedanta Limited are positively correlated with CSR. Both Net profits and EPS of
Vedanta have strong correlation of 81% with CSR contribution. This shows that there
exists a positive and strong relationship between CSR & Net profits and CSR & EPS
of Vedanta Limited. When it comes to Total Assets it is seen that it has a moderate
positive correlation with CSR. Up to 43% it is correlated with CSR which implies that
to some extent they are related.
26
SBI
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR -0.343666121 0.348307824 -0.393947373
Table 4.16
Figure 4.12
INTERPRETATION:
State Bank of India is the only company which has Total Assets negatively correlated
with CSR. Also Net Profits of SBI are negatively correlated with CSR. Net profits are
moderately negatively correlated with 34% and Total Assets with 40%. There exists
negative relationship between CSR & Net Profits and CSR & Total Assets of State
Bank of India. Whereas if EPS is seen it has positive correlation with CSR. It is
moderately correlated with 35%.
27
ITC LIMITED
ITC
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.937555387 0.053996173 0.97031284
Table 4.17
0.8
0.6
0.4
0.2
0
NET PROFITS EPS TOTAL ASSETS
Figure 4.13
INTERPRETATION:
There exists a very strong correlation of Net profits and Total Assets with CSR of ITC
Limited. Total Assets has a correlation of 97% and Net Profits has a correlation of
93%. This shows that there exists a very strong relationship between CSR & Net
Profits and CSR & Total Assets of ITC Limited. Whereas in case of EPS it is totally
opposite, there exists positive but a very weak correlation between EPS and CSR of
ITC Limited. This shows that no relationship exists between them.
28
ICICI BANK
ICICI BANK
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.735103613 -0.331775309 0.475487549
Table 4.18
0.6
0.4
0.2
0
NET PROFITS EPS TOTAL ASSETS
-0.2
-0.4
Figure 4.14
INTERPRETATION:
In case of ICICI Bank there exists a strong correlation between Net Profits and CSR
of ICICI Bank. Positive correlation of 75% exists between them. Total Assets is
moderately positively correlated with 48%. It is observed that a positive relation
between exists between CSR & Net profits and CSR & Total Assets of ICICI bank.
But if EPS is observed than it is negatively correlated with CSR. It has a negative
correlation of 33% which shows a negative relationship.
29
NTPC LIMITED
NTPC
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR -0.282028348 -0.282542882 0.411019841
Table 4.19
Figure 4.15
INTERPRETATION:
Like many other companies NTPC also has a negative correlation of Net profits and
EPS with CSR. There exists a very weak negative correlation between the Net profits
& CSR and EPS & CSR of 28% each. There is no significant relation between these
two variables with CSR. It is observed that NTPC has a moderate but positive
correlation with CSR of 41%. There exists some sort of relationship CSR and Total
Assets of NTPC Limited.
30
HIND ZINC
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.92170272 0.922192686 0.864003482
Table 4.20
Figure 4.16
INTERPRETATION:
Hindustan Zinc Limited has the positive correlation of its Net profits, EPS and Total
Assets with CSR. Both Net Profits and EPS have a very strong positive correlation
with CSR of 92%. This shows that Net Profits and EPS of Hindustan Zinc Limited
have very strong and significant relationship with CSR. Total assets of Hindustan
Zinc Limited have a strong correlation with CSR of 86% which depicts a strong
relationship between them.
31
WIPRO LIMITED
WIPRO
NET PROFITS EPS TOTAL ASSETS
CORR WITH CSR 0.868186602 0.886204197 0.995739382
Table 4.21
0.95
0.9
0.85
0.8
NET PROFITS EPS TOTAL ASSETS
Figure 4.17
INTERPRETATION:
There exists a perfect correlation between the Total Assets and CSR of Wipro
Limited. Correlation of Total Assets to CSR is equal to 1 which shows that not only
positive relationship exits but a perfect relationship exists between them. Whereas net
profits and EPS of Wipro Limited have a very strong correlation with CSR of 87%
and 89% respectively.
32
CHAPTER-5 : FINDINGS
Table 1.1, 1.2, 1.3 and 1.4 shows the Net profits, EPS, Total Assets and CSR
contribution of 14 companies from the year 2013 to 2017, Which shows the
increase and decrease in the above mentioned variables.
It was found that there exists a very strong correlation between the net profits
of the mentioned 14 companies and the CSR. This shows that there is strong
positive relationship that exists between net profits and CSR. Although in
2013 correlation was maximum, companies had decline in profits due which
CSR also declined but in 2017 correlation was as high as 79%. Slowly
correlation increased.
While first measure was net profit EPS stood the second measure to study the
objective. But in case of EPS it was found that in initial years like 2013 and
2014 very weak correlation existed between EPS & CSR so no relation could
be defined. But there exists moderate positive correlation in current scenario.
Graph shows that currently companies have a positive correlation of 50%
which signifies that some relationship exists between CSR and EPS of the
firms.
Third measure which was used to study the relationship was the Total Assets
of the firms. It was observed that in 2013 and 2014 there was very minute
correlation between them but currently they are nowhere related. There is
negative correlation between CSR and Total Assets of the companies. This
shows that if one is increasing other is decreasing so there is no relationship
between them when all the companies are seen.
Correlation was also seen in case of individual companies whether it is
positive or negative in all the three measures. Correlation for an individual
company was calculated between CSR & Net profits, CSR & EPS and CSR &
Total Assets.
In case of correlation between Net Profits and Corporate Social responsibility
it was observed that Indian oil corporation limited has the highest correlation
of 0.98 followed by ITC limited with 93% and Hindustan zinc limited with
92%, which shows there is a strong positive relationship between CSR and
33
Net Profits. Reliance industries limited has a very weak correlation. While
ONGC limited has very strong negative correlation of 79%. Which means no
relationship exists between Net profits and CSR of such companies.
In case of correlation between Earning per Share and corporate social
responsibility of companies it was observed that Hindustan Zinc Limited has
highest correlation of 92% followed by Tata Consultancy services limited with
89% and Wipro 88%. From this it can be concluded that a strong positive
relationship between EPS and CSR of these companies. Following with trend
Reliance Industries Limited here also has the lowest correlation and very weak
correlation in case of EPS. When it comes to strong negative correlation
ONGC Limited tops the list again with negative correlation of 83% followed
by Infosys with 58% which shows that no relationship exists between EPS &
CSR of these companies.
In case of correlation between Total Assets and Corporate social responsibility
of companies it was observed that Wipro has the highest correlation of 1
which means CSR and Total assets of Wipro have perfect relationship
between them. Wipro is followed by ITC which has a positive and strong
correlation of 97% followed by Tata Consultancy services limited with 96%.
This shows that Total assets of these companies have strong and significant
relationship with CSR. NTPC Limited and Coal India Limited have weak
correlation of 42% which shows that very little relationship exists in CSR and
total assets of these companies. It was a strong observation that State Bank of
India is the only company which has a weak negative correlation of 39%
which shows that total assets and CSR of state bank of India are nowhere
related and also they move apart from each other.
34
CHAPTER-6: CONCLUSION
Corporate social responsibility refers to the duty, initiative that an organization fulfils
or does for their employees, society, and environment. It justify the way the company
shall conduct its business and carry out its operations and activity. Earlier corporate
social responsibility was not accepted by each and every organization but its
importance grew over decades. Now company do corporate social responsibility as
their obligation to do it.
Objective of the study was to find whether any relationship exists between the
corporate social responsibility and financial performance of the companies or not. It
was found that there exists a positive relationship between the corporate social
responsibility & net profits and corporate social responsibility & earning per share of
the companies. But total assets have no significant relationship with corporate social
responsibility. There is a positive impact of corporate social responsibility with net
profits and earning per share.
It was observed that Indian firms invest more and more towards corporate social
responsibility not as an obligation but with a zeal to improve the society. They invest
more and more towards education of girl child, focus more on health of our society,
working towards women empowerment through SHGs and much more. Corporate
social responsibility helps in retaining employees and also help in building new
employees. So therefore spending more and more towards corporate social
responsibility will help in overall development of an organization.
RECOMMENDATIONS
LIMITATIONS
The authenticity of the data collected from the secondary sources cannot be
100% verified.
36
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