References
- Abor, J. (2005). The effect of capital structure on profitability: An empirical analysis of listed firms in Ghana. The Journal of Risk Finance, 6(5), 438–445. https://doi.org/https://doi.org/10.1108/15265940510633505
- Abor, J., & Powers, M. R. (2007). Debt policy and performance of SMEs: Evidence from Ghanaian and South African firms. The Journal of Risk Finance, 8(4), 364–379. https://doi.org/https://doi.org/10.1108/15265940710777315
- Adams, R., & Ferreira, D. (2007). A theory of friendly boards. Journals of Finance, 62(1), 217–225. https://doi.org/https://doi.org/10.1111/j.1540-6261.2007.01206.x
- Alexander, G. J., & Buchholz, R. A. (1978). Corporate social responsibility and stock market performance. Academy of Management Journal, 21(No3), pp 479–486.
- Allouche, J., & Laroche, P. (2005). A meta-analytical examination of the link between corporate social and financial performance. Revue Française de GestionDes Ressources Humaines, 57, 18–41.
- Balcerowicz, L. (2015). Corporate social responsibility: Some clarifications and questions. In B. Fryzel (Ed.), The true value of CSR: Corporate identity and stakeholder perceptions (pp. 15–28). Palgrave Macmillan.
- Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159–178. https://doi.org/https://doi.org/10.2307/2490232
- Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304–1320. https://doi.org/https://doi.org/10.1002/smj.1980
- Benavides-Velasco, C.A., Quintana-García, C. and Marchante-Lara, M., (2014). Total quality management, corporate social responsibility and performance in the hotel industry. International Journal of Hospitality Management,41, 77–87.
- Bolanle, A. B., Adebiyi, S. O., & Muyideen, A. A. (2012). Corporate social responsibility and profitability of Nigeria banks-A causal relationship. Research Journal of Finance and Accounting, 3(1), 6–17.
- Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. The Academy of Management Review, 4(4), 497–505. https://doi.org/https://doi.org/10.5465/amr.1979.4498296
- Cavazotte, F., & Chang, N. C. (2016). Internal corporate social responsibility and performance: A study of publicly traded companies. BAR - Brazilian Administration Review, 13(4), 64-94. https://doi.org/https://doi.org/10.1590/1807-7692bar2016160083
- Chen, H., & Wang, X. (2011). Corporate social responsibility and corporate financial performance in China: An empirical research from Chinese firms corporate governance. The International Journal of Business in Society, 11(4), 361–370.
- Choi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30(8), 895–907. https://doi.org/https://doi.org/10.1002/smj.759
- Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. The Academy of Management Journal, 27(1), 42–56.
- Dahlsrud, A. (2008). How corporate social responsibility is defined: An analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15(1), 1–13. https://doi.org/https://doi.org/10.1002/csr.132
- Dewi, K., Young, M., & Sundari, R. (2014). Firm characteristics and intellectual capital disclosure on service companies listed in Indonesia stock exchange period 2008-2012. Merit Research Journal of Accounting, Auditing, Economics and Finance, 2(2), 022–035.
- Ebaid, I. E. (2009). The impact of capital-structure choice on firm performance: Empirical evidence from Egypt. The Journal of Risk Finance, 10(5), 477–487. https://doi.org/https://doi.org/10.1108/15265940911001385
- Ehikioya, B. I. (2009). Corporate governance structure and firm performance in developing economies: Evidence from Nigeria. Corporate Governance: The International Journal of Business in Society, 9(3), 231–243. https://doi.org/https://doi.org/10.1108/14720700910964307
- Eisenhardt, K. (1989). Building theories from case study research. Academy of Management Review, 14(4), 488–511. https://doi.org/https://doi.org/10.5465/amr.1989.4308385
- European Commission. (2001). Green paper promoting a European framework for corporate social responsibility.
- Fama, F. (1980). Agency problems and the theory of the firm. The Journal of Political Economy, 88(2), 288–307. https://doi.org/https://doi.org/10.1086/260866
- Fauzi, F., Basyith, A., & Idris, M. (2013). The determinants of capital structure: An empirical study of New Zealand-listed firms. Asian Journal of Finance & Accounting, 5(2), 1. https://doi.org/https://doi.org/10.5296/ajfa.v5i2.3740
- Flammer, C., (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. Academy of Management Journal,56(3), 758–781.
- Freeman, D. (2007). Suspicious minds: The psychology of persecutory delusions. Clinical Psychology Review, 27(4), 425–457. https://doi.org/https://doi.org/10.1016/j.cpr.2006.10.004
- Freeman, R.E. and Reed, D.L., 1983. Stockholders and stakeholders: A new perspective on corporate governance. California management review,25(3),88–106
- Freeman, R.E. and Reed, D.L., (1983). Stockholders and stakeholders: A new perspective on corporate governance. California management review,25(3), 88–106.
- Garriga, E., & Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of Business Ethics, 53(1/2), 51–71. https://doi.org/https://doi.org/10.1023/B:BUSI.0000039399.90587.34
- Gilli, M. (1981). Analysis of static and dynamic structures in economic models: Methodological and practical aspects. Applied Mathematical Modelling, 5(2), 84–88. https://doi.org/https://doi.org/10.1016/0307-904X(81)90003-2
- Gołaszewska-Kaczan, U., (2015). Actions for promoting work–life balance as an element of corporate social responsibility. Research Papers of the Wroclaw University of Economics/Prace Naukowe Uniwersytetu Ekonomicznego we Wroclawiu, (387).
- Guney, Y., & Schilke, A. (2010). The relationship between corporate social and financial performance: Do endogeneity, non-linearity and adjustment issues matter?. University of Hull.
- Hambrick, D. C. (1995). The effects of ownership structure on conditions at the top: The case of CEO pay raises. Strategic Management Journal, 10(3), 102.
- Henderson, J. C. (2007). Corporate social responsibility and tourism: Hotel companies in Phuket, Thailand, after the Indian Ocean tsunami. International Journal of Hospitality Management, 26(1), 228–239. https://doi.org/https://doi.org/10.1016/j.ijhm.2006.02.001
- Henriques, I. and Sadorsky, P., 1996. The determinants of an environmentally responsive firm: An empirical approach. Journal of environmental economics and management,30(3), 381–395.
- Im, P., & Shin. (1995). Testing for unit roots in heterogeneous panels. Working Paper, Amalgamated Series, 9526, Department of Applied Economics, University of Cambridge.
- Inoue, Y., & Lee, S. (2011). Effects of different dimensions of corporate social responsibility on corporate financial performance in tourism-related industries. Tourism Management, 32(4), 790–804. https://doi.org/https://doi.org/10.1016/j.tourman.2010.06.019
- Isshaq, Z., Bokpin, G. A., & Onumah, J. M. (2009). Corporate governance, ownership structure, cash holdings, and firm value on the Ghana Stock Exchange. The Journal of Risk Finance, 10(5), 488–499. https://doi.org/https://doi.org/10.1108/15265940911001394
- Jamali, D. (2008). A stakeholder approach to corporate social responsibility: A fresh perspective into theory and practice. Journal of Business Ethics, 82(1), 213–231. https://doi.org/https://doi.org/10.1007/s10551-007-9572-4
- Jenkins, H. (2009). A ‘business opportunity’ model of corporate social responsibility for small- and medium-sized enterprises. Business ethics. A European Review, 18(1), 21–36.
- Jiang, W., Chai, H., Shao, J. and Feng, T., (2018). Green entrepreneurial orientation for enhancing firm performance: A dynamic capability perspective. Journal of Cleaner Production,198, 1311–1323
- Jo, K., & Kim, Y. (2007). Disclosure frequency and earnings management. Journal of Financial Economics, 84(2), 561–590. https://doi.org/https://doi.org/10.1016/j.jfineco.2006.03.007
- Kang, C., Germann, F., & Grewal, R. (2016). Washing away your sins? Corporate social responsibility, corporate social irresponsibility, and firm performance. Journal of Marketing, 80(2), 59–79. https://doi.org/https://doi.org/10.1509/jm.15.0324
- Kang, K.H., Lee, S. and Huh, C., 2010. Impacts of positive and negative corporate social responsibility activities on company performance in the hospitality industry. International journal of hospitality management, 29(1), pp.72–82
- Kesimli, I. G., & Günay, S. G. (2011). The impact of the global economic crisis on working capital of real sector in Turkey.
- Khan, F., Rahman, M. M., Ullah, W. M., & Tanu, T. M. (2016). Impact of corporate social responsibility expenditure on bank’s financial performance: A case study on the South East Bank Ltd. International Journal of Multidisciplinary Research and Development, 3(2), pp 271–276.
- Ksiezak, P. (2016). The CSR challenges in the clothing industry. Journal of Corporate Responsibility and Leadership, 3(2), 51–65. https://doi.org/https://doi.org/10.12775/JCRL.2016.008
- Kurucz, E. C., Colbert, B. A., & Wheeler, D. (2008). The business case for corporate social responsibility. In A. Crane, A. McWilliams, D. Matten, J. Moon, & D. S. Siegel (Eds.), The oxford handbook of corporate social responsibility (pp. 83–112).
- Kyereboah‐Coleman, A. (2007). The impact of capital structure on the performance of microfinance institutions. The Journal of Risk Finance, 8(1), 56–71. https://doi.org/https://doi.org/10.1108/15265940710721082
- Kylanen, M., & Rusko, R. (2011). Unintentional coopetition in the service industries: The case of Pyha-Luosto tourism destination in the Finnish Lapland. European Management Journal, 29(3), 193–205. https://doi.org/https://doi.org/10.1016/j.emj.2010.10.006
- Lassar, W. M., & Kerr, J. L. (1996). Strategy and control in supplier-distributor relationships: An agency perspective. Strategic Management Journal, 17(8), 613–632. https://doi.org/https://doi.org/10.1002/(SICI)1097-0266(199610)17:8<613::AID-SMJ836>3.0.CO;2-B
- Lee, N., & Lee, H. (2013). Employee perception of CSR activities: Its antecedents and consequences. Daehyun-dong Seodaemun-gu Seoul, 11(1), 120–750.
- Lee, S. and Park, S.Y., 2009. Do socially responsible activities help hotels and casinos achieve their financial goals?. International journal of hospitality management,28(1), 105–112.
- Lee, S., Singal, M., & Kang, K. H. (2013). The corporate social responsibility–financial performance link in the U.S. restaurant industry: Do economic conditions matter?. International Journal of Hospitality Management, 32, 2–10. https://doi.org/https://doi.org/10.1016/j.ijhm.2012.03.007
- Lee, W.J. and Choi, S.U., 2018. Effects of corporate life cycle on corporate social responsibility: Evidence from Korea. Sustainability,10(10), 3794.
- Lopez, M., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of Business Ethics, 75(3), 285–300. https://doi.org/https://doi.org/10.1007/s10551-006-9253-8
- Lu, W., Ye, M., Chau, K. W., & Flanagan, R. (2018). The paradoxical nexus between corporate social responsibility and sustainable financial performance: Evidence from the international construction business. Corporate Social Responsibility and Environmental Management, 25(5), 844–852. https://doi.org/https://doi.org/10.1002/csr.1501
- Luo, X., & Bhattacharya, C. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4), 1–18. https://doi.org/https://doi.org/10.1509/jmkg.70.4.001
- Mahoney, L., & Roberts, R. W. (2007). Corporate social performance, financial performance and institutional ownership in Canadian firms. Accounting Forum, 31(3), 233–253. https://doi.org/https://doi.org/10.1016/j.accfor.2007.05.001
- Makni, R., Francoeur, C., & Bellavance, F. (2008). Causality between corporate social performance and financial performance: Evidence from Canadian firms. Journal of Business Ethics, 89(3), 409–422. https://doi.org/https://doi.org/10.1007/s10551-008-0007-7
- Maqbool, S., & Zameer, M. N. (2018). A Meta-analytical investigation of the relationship between corporate social and financial performance. Future Business Journal, 4(1), 84-93.
- Margolis, J. D., & Walsh, J. P. (2001). People and profits? The search for a link between a company’s social and financial performance. Adminstrative Science Quarterly, 48, 268-305.
- Mariño-Romero, J.M., Hernández-Mogollón, J.M., Campón-Cerro, A.M. and Folgado-Fernández, J.A., 2020. Corporate social responsibility in hotels: A proposal of a measurement of its performance through marketing variables. Sustainability,12(7), 2961.
- McGehee, N., Wattanakamolchai, S., Perdue, R., & Calvert, E. (2009). Corporate social responsibility within the U.S. lodging industry: An exploratory study. Journal of Hospitality & Tourism Research, 33(3), 417–437. https://doi.org/https://doi.org/10.1177/1096348009338532
- McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. The Academy of Management Journal, 31(4), 854–872.
- McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of Management Journal,31(4), 854–872.
- Miles, D. R., & Carey, G. (1997). Genetic and environmental architecture on human aggression. Journal of Personality and Social Psychology, 72(1), 207–217. https://doi.org/https://doi.org/10.1037/0022-3514.72.1.207
- Miles, M. P., Covin, J. G., & Heeley, M. B. (2000). The relationship between environmental dynamism and small firm structure, strategy, and performance. Journal of Marketing Theory and Practice, 8(2), 63–78. https://doi.org/https://doi.org/10.1080/10696679.2000.11501869
- Milne, M.J. and Adler, R.W. (1999), “Exploring the reliability of social and environmental disclosures content analysis”, Accounting, Auditing & Accountability Journal, 12(2), 237–56
- Milne, M.J. and Adler, R.W. (1999). Exploring the reliability of social and environmentaldisclosures content analysis. Accounting, Auditing & Accountability Journal, 12(2),237–56.
- Mintzberg, H. (1992). Structure in fives: Designing effective organizations. Prentice Hall.
- Mocan, M., Rus, S., & Draghici, A. (2014). Impact of corporate social responsibility practices on the banking industry in Romania. Procedia Economics and Finance, 23.
- Mocan, M., Rus, S., Draghici, A., Ivascu, L. and Turi, A., 2015. Impact of corporate social responsibility practices on the banking industry in Romania. Procedia Economics and Finance, 23, pp.712–716
- Moore, G. (2001). Corporate social and financial performance: An investigation in the U.K. supermarket industry. Journal of Business Ethics, 34(3/4), 299–315. https://doi.org/https://doi.org/10.1023/A:1012537016969
- Muchtar, D., Nor, F.M., Albra, W., Arifai, M. and Ahmar, A.S., (2018). Dynamic performance of Indonesian public companies: An analysis of financial decision behavior. Cogent Economics & Finance,6(1), p.1488343
- Mullerat, R. (2010). International corporate social responsibility: The role of corporations in the economic order of the 21st century. Kluwer Law International.
- Naceur, S. B., & Goaied, M. (2001). The determinants of the Tunisian deposit banks’ performance. Applied Financial Economics, 11(3), 317–319. https://doi.org/https://doi.org/10.1080/096031001300138717
- Nohria, N., & Gulati, R. (1996). Is slack good or bad for innovation?. Academy of Management Journal, 39(5), 1245–1264. https://doi.org/https://doi.org/10.5465/256998
- Nunkoo, R., & Gursoy, D. (2012). Residents’ support for tourism. An identity perspective. Annals of Tourism Research, 39(1), 243–268. https://doi.org/https://doi.org/10.1016/j.annals.2011.05.006
- Nunkoo, R., Gursoy, D., & Juwaheer, T. D. (2010). Island residents‘ identities and their support for tourism: An integration of two theories. Journal of Sustainable Tourism, 18(5), 675–693. https://doi.org/https://doi.org/10.1080/09669581003602341
- Olweny, T., & Shipho, T. M. (2011). Effects of banking sectoral factors on the profitability of commercial banks in Kenya. Economics and Finance Review, 1(5), 01–30.
- Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403–441. https://doi.org/https://doi.org/10.1177/0170840603024003910
- Pan, X., Sha, J., Zhang, H. and Ke, W., (2014). Relationship between corporate social responsibility and financial performance in the mineral Industry: Evidence from Chinese mineral firms.Sustainability,6(7), 4077–4101.
- Perry, P., Towers, N., & Autry, C. W. (2013). Conceptual framework development. International Journal of Physical Distribution & Logistics Management, 43(5/6), 478–500. https://doi.org/https://doi.org/10.1108/IJPDLM-03-2012-0107
- Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics, Springer, 151(2), 451–471. https://doi.org/https://doi.org/10.1007/s10551-016-3229-0
- Porter, M.E. and Kramer, M.R., 2006. The link between competitive advantage and corporate social responsibility. Harvard business review,84(12), 78–92.
- Prahalad, C. K., & Hamel, G. (1994). Strategy as a field of study: Why search for a new paradigm?. Strategic Management Journal, 15(S2), 5–16. https://doi.org/https://doi.org/10.1002/smj.4250151002
- Quéré, B. P., Nouyrigat, G., & Baker, R. C. (2018). Erratum to: A bi-directional examination of the relationship between corporate social responsibility ratings and company financial performance in the European context. Journal of Business Ethics, 148(3), 545–547. https://doi.org/https://doi.org/10.1007/s10551-017-3628-x
- Rodriguez, F. J. G., & Cruz, Y. A. (2007). Does size matter? Corporate social responsibility and firm performance in the restaurant industry. International Journal of Hospitality Management, 51(4), 127–134.
- Russo, A., & Perrini, F. (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. Journal of Business Ethics, 91(2), 207–221. https://doi.org/https://doi.org/10.1007/s10551-009-0079-z
- Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal.
- Salazar, J., & Husted, B. W. (2008). Principals and agents: Further thoughts on the friedmanite critique of corporate social responsibility. In A. Crane et al. (Eds.) The Oxford handbook of corporate social responsibility (pp. 1–18). Oxford University Press satisfaction, and market value. Journal of Marketing, 70(4).
- Scholtens, N. (2008). Stakeholder relations and financial performance. Sustainable Development, 16(3), 137–232. https://doi.org/https://doi.org/10.1002/sd.364
- Seetanah, B., Seetah, K., Appadu, K., & Padachi, K. (2014). Capital structure and firm performance: Evidence from an emerging economy . The Business & Management Review, 4(4).
- Seifert, B., Gonenc, H., & Wright, J. (2005). The international evidence on performance and equity ownership by insiders, blockholders, and institutions. Journal of Multinational Financial Management, 15(2), 171–191. https://doi.org/https://doi.org/10.1016/j.mulfin.2004.08.003
- Sen, S., & Bhattacharya, C. B. (2001). Does doing good always lead to doing better? Consumer reactions to corporate social responsibility. Journal of Marketing Research, 38(2), 225–243. https://doi.org/https://doi.org/10.1509/jmkr.38.2.225.18838
- Serra-Cantallops, A., Peña-Miranda, D. D., Ramón-Cardona, J., & Martorell-Cunill, O. (2018). Progress in research on CSR and the hotel industry (2006-2015). Cornell Hospitality Quarterly, 59(1), 15–38. https://doi.org/https://doi.org/10.1177/1938965517719267
- Singal, M. (2014). Corporate social responsibility in the hospitality and tourism industry: Do family control and financial condition matter?. International Journal of Hospitality Management, 36, 81–89. https://doi.org/https://doi.org/10.1016/j.ijhm.2013.08.002
- Tang, J. J., Bouges, J. C., & Karim, K. (2018). Corporate social responsibility performance under various economic conditions. International Journal of Sustainable Economy, 10(2), 123–152. https://doi.org/https://doi.org/10.1504/IJSE.2018.090729
- Teets, W. R., & Wasley, C. E. (1996). Estimating earnings response coefficients: Pooled versus firm-specific models. Journal of Accounting and Economics, 21(3), 279–295. https://doi.org/https://doi.org/10.1016/0165-4101(96)00423-5
- Ulfa, M. (2009). The influence of corporate characteristics on corporate social responsibility disclosure. Thesis, Universitas Islam Indonesia.
- Waddock, S. A., & Graves, S. B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, 18(4), 303–319. https://doi.org/https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.0.CO;2-G
- Wang, Z. and Sarkis, J., (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of Cleaner Production,162, 1607–1616.
- Withisuphakorn, P., & Jiraporn, P. (2017). CEO age and CEO gender: Are female CEOs older than their male counterparts?. Finance Research Letters, 22, 129–135. https://doi.org/https://doi.org/10.1016/j.frl.2016.12.026
- Wood, D. J. (1991). Corporate social performance revisited. Academy of Management Review, 16(4), 691–718. https://doi.org/https://doi.org/10.5465/amr.1991.4279616
- Wuttichindanon, S. (2017). Corporate social responsibility disclosure—choices of report and its determinants: Empirical evidence from firms listed on the Stock Exchange of Thailand. Kasetsart Journal of Social Sciences, 38(2), 156–162. https://doi.org/https://doi.org/10.1016/j.kjss.2016.07.002
- Yang, F. J., Lin, C. W., & Chang, Y. N. (2010). The linkage between corporate social performance and corporate financial performance. African Journal of Business Management, 4(4), 406–413.