Does green finance facilitate firms in achieving corporate social responsibility goals?

Figures & data

Figure 1. Conceptual framework.

Table 1. Source of measures.

Constructs	Number of Items	Sources
Economic Dimension	7	Zheng et al. (2021), Akter et al. (2018), Raihan (2019), Nwobu et al. (2017)
Environmental Dimension	3
Social Dimension	6
CSR-Employees	5	Pérez and del Bosque (2017), Raza et al. (2021), Shahzad et al. (2020)
CSR-Customers	5
CSR-Community	6
CSR-Shareholders	3
CSR-Legal and Ethical issues	3

Table 2. Descriptive statistics.

		Frequency	Percent
Gender	Female	124	35%
	Male	233	65%
	Total	357	100%
Age	20-30 years	117	33%
	31-40 years	144	40%
	41-50 years	64	18%
	51 and above	32	9%
	Total	357	100%
Education	Undergraduate	125	35%
	Graduate	137	38%
	Post Graduate	72	20%
	Others	23	6%
	Total	357	100%

Source: Authors Estimation.

Table 3. Measurement model results.

Variables	Items	Factor Loadings	Cronbach's Alpha	Composite Reliability	AVE
Economic Dimension	ECD1	0.774	0.758	0.729	0.636
	ECD2	0.773
	ECD3	0.772
	ECD4	0.776
	ECD5	0.733
	ECD6	0.747
	ECD7	0.737
Environmental Dimension	END1	0.755	0.837	0.733	0.664
	END2	0.799
	END7	0.757
Social Dimension	SCD1	0.773	0.834	0.705	0.544
	SCD2	0.712
	SCD3	0.764
	SCD4	0.771
	SCD5	0.778
	SCD6	0.755
CSR-Employees	EMP1	0.755	0.729	0.764	0.555
	EMP2	0.738
	EMP3	0.746
	EMP4	0.702
	EMP5	0.784
CSR-Customers	CST1	0.777	0.692	0.767	0.596
	CST2	0.790
	CST3	0.792
	CST4	0.767
	CST5	0.746
CSR-Community	CMT1	0.709	0.819	0.768	0.682
	CMT2	0.707
	CMT3	0.776
	CMT4	0.741
	CMT5	0.699
	CMT6	0.745
CSR-Shareholders	SHH1	0.723	0.815	0.767	0.515
	SHH2	0.760
	SHH3	0.759
CSR-Legal and Ethical issues	LEI1	0.750	0.784	0.698	0.627
	LEI2	0.767
	LEI3	0.695

Source: Authors Estimation.

Table 4. Results of loadings and cross loadings.

Variable	ECD	END	SCD	EMP	CST	CMT	SHH	LEI
Economic Dimension	0.774	0.398	0.318	0.397	0.344	0.395	0.337	0.303
	0.773	0.333	0.292	0.306	0.312	0.317	0.292	0.300
	0.772	0.346	0.391	0.415	0.305	0.447	0.443	0.359
	0.776	0.325	0.364	0.425	0.387	0.388	0.377	0.380
	0.733	0.369	0.341	0.316	0.298	0.444	0.384	0.331
	0.747	0.311	0.356	0.427	0.307	0.408	0.422	0.336
	0.737	0.332	0.419	0.353	0.415	0.424	0.297	0.409
Environmental Dimension	0.350	0.755	0.444	0.399	0.390	0.433	0.317	0.385
	0.356	0.799	0.392	0.355	0.323	0.300	0.325	0.343
	0.359	0.757	0.368	0.440	0.394	0.297	0.396	0.383
Social Dimension	0.367	0.330	0.773	0.294	0.364	0.342	0.370	0.309
	0.447	0.423	0.712	0.431	0.302	0.344	0.366	0.352
	0.372	0.310	0.764	0.429	0.383	0.397	0.447	0.414
	0.418	0.328	0.771	0.307	0.434	0.409	0.402	0.354
	0.293	0.390	0.778	0.358	0.360	0.362	0.349	0.390
	0.372	0.368	0.755	0.439	0.353	0.353	0.366	0.322
CSR-Employees	0.369	0.346	0.366	0.755	0.439	0.367	0.426	0.331
	0.411	0.294	0.404	0.738	0.399	0.291	0.302	0.292
	0.449	0.325	0.311	0.746	0.375	0.295	0.367	0.408
	0.440	0.428	0.372	0.702	0.406	0.446	0.381	0.379
	0.421	0.396	0.328	0.784	0.333	0.426	0.323	0.358
CSR-Customers	0.364	0.422	0.374	0.360	0.777	0.449	0.321	0.294
	0.372	0.411	0.334	0.344	0.790	0.448	0.345	0.342
	0.341	0.365	0.302	0.355	0.792	0.323	0.418	0.369
	0.421	0.305	0.413	0.399	0.767	0.357	0.422	0.314
	0.296	0.434	0.300	0.317	0.746	0.375	0.368	0.322
CSR-Community	0.426	0.427	0.354	0.400	0.426	0.709	0.418	0.345
	0.422	0.308	0.414	0.428	0.334	0.707	0.337	0.403
	0.359	0.441	0.356	0.351	0.375	0.776	0.367	0.355
	0.391	0.374	0.418	0.325	0.387	0.741	0.390	0.317
	0.407	0.299	0.376	0.329	0.442	0.699	0.326	0.330
	0.339	0.340	0.407	0.423	0.390	0.745	0.420	0.378
CSR-Shareholders	0.430	0.442	0.420	0.418	0.373	0.356	0.723	0.387
	0.430	0.362	0.403	0.309	0.354	0.323	0.760	0.440
	0.431	0.440	0.386	0.421	0.349	0.431	0.759	0.326
CSR-Legal and Ethical issues	0.391	0.302	0.390	0.316	0.306	0.425	0.339	0.750
	0.380	0.411	0.293	0.449	0.432	0.295	0.405	0.767
	0.378	0.392	0.398	0.312	0.365	0.433	0.345	0.695

Source: Authors Estimation.

Table 5. Discriminant validity Fornell-Larcker criterion.

	ECD	END	SCD	EMP	CST	CMT	SHH	LEI
ECD	0.797
END	0.429	0.815
SCD	0.484	0.456	0.737
EMP	0.438	0.466	0.433	0.745
CST	0.461	0.480	0.413	0.410	0.772
CMT	0.436	0.444	0.396	0.468	0.474	0.826
SHH	0.427	0.434	0.474	0.418	0.428	0.409	0.718
LEI	0.456	0.400	0.473	0.404	0.416	0.453	0.498	0.792

Source: Authors Estimation.

Table 6. Results of HTMT ratio of correlations.

	ECD	END	SCD	EMP	CST	CMT	SHH	LEI
ECD
END	0.431
SCD	0.597	0.394
EMP	0.461	0.525	0.609
CST	0.508	0.544	0.532	0.468
CMT	0.406	0.524	0.635	0.482
SHH	0.407	0.480	0.390	0.419	0.510
LEI	0.561	0.404	0.521	0.484	0.558	0.393	0.471

Source: Authors Estimation.

Table 7. Predictive power of construct.

	R-Square	Q-Square
EMP	0.139	0.033
CST	0.190	0.089
CMT	0.198	0.025
SHH	0.218	0.023
LEI	0.115	0.078

Source: Authors Estimation.

Table 8. Results of path coefficients.

Hypothesized Path	Path Coefficient	C.R	P-Value	Remarks
EMP ← ECD	0.113	3.020	0.000	Supported
CST ← ECD	0.242	5.373	0.000	Supported
CMT ← ECD	0.182	4.047	0.000	Supported
SHH ← ECD	0.119	3.797	0.000	Supported
LEI ← ECD	0.229	7.278	0.000	Supported
EMP ← END	0.246	3.055	0.000	Supported
CST ← END	0.118	4.668	0.000	Supported
CMT ← END	0.120	3.822	0.000	Supported
SHH ← END	0.192	5.639	0.000	Supported
LEI ← END	0.174	6.209	0.000	Supported
EMP ← SCD	0.217	3.433	0.000	Supported
CST ← SCD	0.235	8.209	0.000	Supported
CMT ← SCD	0.176	5.099	0.000	Supported
SHH ← SCD	0.150	4.516	0.000	Supported
LEI ← SCD	0.090	8.105	0.000	Supported

Note: Level of Significance (5% i.e. 0.050).

Source: Authors' Estimation.

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