TY  - JOUR
AB  - Purpose The theoretical and empirical relationships between corporate social responsibility (CSR) and corporate financial performance are not without controversy. Yet, CSR activities are increasingly undertaken by a large number of firms, not only in developed countries but also in emerging countries. This paper aims to investigate the moderating effect of different aspects of corporate governance, which are foreign and state ownership, board size and board independence, on the relationship between CSR and financial performance.Design/methodology/approach A sample of Vietnamese listed firms is analyzed. Robust regression analysis is performed using ordinary least squares as well as fixed-effects and two-stage least squares model.Findings Ordinary least squares regression results show that CSR activities affect the financial performance of firms positively. Furthermore, corporate governance features like foreign ownership, board size and board independence strengthen the positive relationship between CSR and financial performance, but there is no such impact of state ownership.Originality/value Previous studies mostly investigate the direct effect of CSR on financial performance. A few studies examine the moderating effect of corporate governance, which is ownership concentration and board gender diversity. As an emerging country, Vietnam has some specific characteristics on corporate governance. This paper contributes by investigating the moderating effect of few major aspects of corporate governance, which are foreign and state ownership, board size and board independence.
VL  - 29
IS  - 2
SN  - 0114-0582
DO  - 10.1108/PAR-10-2016-0091
UR  - https://doi.org/10.1108/PAR-10-2016-0091
AU  - Kabir Rezaul
AU  - Thai Hanh Minh
PY  - 2017
Y1  - 2017/01/01
TI  - Does corporate governance shape the relationship between corporate social responsibility and financial performance?
T2  - Pacific Accounting Review
PB  - Emerald Publishing Limited
SP  - 227
EP  - 258
Y2  - 2024/04/16
ER  -