How to cite this paper
Khan, N., Malik, Q., Saghir, A., Rasheed, M & Husnain, M. (2021). Does corporate social responsibility reduce financial distress? Evidence from emerging economy.Management Science Letters , 8(11), 2225-2232.
Refrences
Al‐Hadi, A., Chatterjee, B., Yaftian, A., Taylor, G., & Monzur Hasan, M. (2019). Corporate social responsibility performance, financial distress and firm life cycle: evidence from Australia. Accounting & Finance, 59(2), 961-989.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), 589-609.
Altman, E. I., & Hotchkiss, E. (2010). Corporate financial distress and bankruptcy: Predict and avoid bankruptcy, analyze and invest in distressed debt (Vol. 289): John Wiley & Sons.
Ameur, H. B., Jawadi, F., Jawadi, N., & Cheffou, A. I. (2020). Assessing downside and upside risk spillovers across conventional and socially responsible stock markets. Economic Modelling, 88, 200-210.
Attig, N., & Cleary, S. (2015). Managerial practices and corporate social responsibility. Journal of Business Ethics, 131(1), 121-136.
Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694.
Becchetti, L., Ciciretti, R., & Hasan, I. (2015). Corporate social responsibility, stakeholder risk, and idiosyncratic volatility. Journal of Corporate Finance, 35, 297-309.
Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does corporate social responsibility reduce financial distress risk? Economic Modelling.
Cai, Y., Jo, H., & Pan, C. (2012). Doing well while doing bad? CSR in controversial industry sectors. Journal of Business Ethics, 108(4), 467-480.
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67.
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311.
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723-759.
Edwards, A., Schwab, C., & Shevlin, T. (2013). Financial constraints and the incentive for tax planning. Paper presented at the 2013 American Taxation Association midyear meeting: New faculty/doctoral student session.
Ehsan, S., Nazir, M. S., Nurunnabi, M., Raza Khan, Q., Tahir, S., & Ahmed, I. (2018). A multimethod approach to assess and measure corporate social responsibility disclosure and practices in a developing economy. Sustainability, 10(8), 2955.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business ethics quarterly, 409-421.
Gangi, F., Meles, A., Monferrà, S., & Mustilli, M. (2018). Does corporate social responsibility help the survivorship of SMEs and large firms? Global Finance Journal, 100402.
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of management review, 30(4), 777-798.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.
Harjoto, M., & Laksmana, I. (2018). The impact of corporate social responsibility on risk taking and firm value. Journal of Business Ethics, 151(2), 353-373.
Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88(6), 2025-2059.
Hsu, F. J., & Chen, Y.-C. (2015). Is a firm’s financial risk associated with corporate social responsibility? Management decision.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.
Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441-456.
Khan, N., & Malik, Q. A. (2020). Impact of corporate socilal responsibility on firm performance mediating role of investment inefficiency. International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, 11(12).
Khan, N., & Saghir, A. (2020). Corporate Social Responsibility and Firm Performance: Evidence from Pakistan. International Review of Management and Business Research, 09(04).
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329.
Lin, C.-H., Yang, H.-L., & Liou, D.-Y. (2009). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society, 31(1), 56-63.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The journal of finance, 72(4), 1785-1824.
Lu, W., Chau, K., Wang, H., & Pan, W. (2014). A decade's debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011. Journal of Cleaner Production, 79, 195-206.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
Mitnick, B. M. (1975). The theory of agency. Public Choice, 24(1), 27-42.
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: reflections on choice-based sample bias. Journal of economics and finance, 26(2), 184-199.
Pradhan, A. K., & Nibedita, B. (2019). The determinants of corporate social responsibility: Evidence from Indian Firms. Global Business Review, 0972150918814318.
Pyo, G., & Lee, H.-Y. (2013). The association between corporate social responsibility activities and earnings quality: Evidence from donations and voluntary issuance of CSR reports. Journal of Applied Business Research (JABR), 29(3), 945-962.
Sarwar, B., Xiao, M., Husnain, M., & Naheed, R. (2018). Board financial expertise and dividend-paying behavior of firms. Management decision.
Shen, C.-H., Wu, M.-W., Chen, T.-H., & Fang, H. (2016). To engage or not to engage in corporate social responsibility: Empirical evidence from global banking sector. Economic Modelling, 55, 207-225.
Shleifer, A., & Vishny, R. W. (1992). Liquidation values and debt capacity: A market equilibrium approach. The journal of finance, 47(4), 1343-1366.
Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.
Sun, Y., Duong, H. N., & Singh, H. (2014). Information Asymmetry, Trade Size, and the Dynamic Volume‐Return Relation: Evidence from the Australian Securities Exchange. Financial Review, 49(3), 539-564.
Taylor, G., Al-Hadi, A., Richardson, G., Alfarhan, U., & Al-Yahyaee, K. (2019). Is there a relation between labor investment inefficiency and corporate tax avoidance? Economic Modelling.
Wang, K., Sewon, O., & Claiborne, M. C. (2008). Determinants and consequences of voluntary disclosure in an emerging market: Evidence from China. Journal of International Accounting, Auditing and Taxation, 17(1), 14-30.
Weber, M. (2008). The business case for corporate social responsibility: A company-level measurement approach for CSR. European Management Journal, 26(4), 247-261.
Yang, A. S., & Baasandorj, S. (2017). Exploring CSR and financial performance of full-service and low-cost air carriers. Finance Research Letters, 23, 291-299.
Yang, S.-L., Chang, A., Chen, Y.-H., & Shiu, Y.-M. (2019). Can country trade flows benefit from improved corporate social responsibility ratings? Economic Modelling, 80, 192-201.
Zheng, Y., Wang, Y., & Jiang, C. (2019). Corporate Social Responsibility and Likelihood of Financial Distress.
Zmijewski, M. E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of accounting research, 59-82.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The journal of finance, 23(4), 589-609.
Altman, E. I., & Hotchkiss, E. (2010). Corporate financial distress and bankruptcy: Predict and avoid bankruptcy, analyze and invest in distressed debt (Vol. 289): John Wiley & Sons.
Ameur, H. B., Jawadi, F., Jawadi, N., & Cheffou, A. I. (2020). Assessing downside and upside risk spillovers across conventional and socially responsible stock markets. Economic Modelling, 88, 200-210.
Attig, N., & Cleary, S. (2015). Managerial practices and corporate social responsibility. Journal of Business Ethics, 131(1), 121-136.
Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694.
Becchetti, L., Ciciretti, R., & Hasan, I. (2015). Corporate social responsibility, stakeholder risk, and idiosyncratic volatility. Journal of Corporate Finance, 35, 297-309.
Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does corporate social responsibility reduce financial distress risk? Economic Modelling.
Cai, Y., Jo, H., & Pan, C. (2012). Doing well while doing bad? CSR in controversial industry sectors. Journal of Business Ethics, 108(4), 467-480.
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of Management, 37(1), 39-67.
Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311.
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723-759.
Edwards, A., Schwab, C., & Shevlin, T. (2013). Financial constraints and the incentive for tax planning. Paper presented at the 2013 American Taxation Association midyear meeting: New faculty/doctoral student session.
Ehsan, S., Nazir, M. S., Nurunnabi, M., Raza Khan, Q., Tahir, S., & Ahmed, I. (2018). A multimethod approach to assess and measure corporate social responsibility disclosure and practices in a developing economy. Sustainability, 10(8), 2955.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-2406.
Freeman, R. E. (1994). The politics of stakeholder theory: Some future directions. Business ethics quarterly, 409-421.
Gangi, F., Meles, A., Monferrà, S., & Mustilli, M. (2018). Does corporate social responsibility help the survivorship of SMEs and large firms? Global Finance Journal, 100402.
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of management review, 30(4), 777-798.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.
Harjoto, M., & Laksmana, I. (2018). The impact of corporate social responsibility on risk taking and firm value. Journal of Business Ethics, 151(2), 353-373.
Hoi, C. K., Wu, Q., & Zhang, H. (2013). Is corporate social responsibility (CSR) associated with tax avoidance? Evidence from irresponsible CSR activities. The Accounting Review, 88(6), 2025-2059.
Hsu, F. J., & Chen, Y.-C. (2015). Is a firm’s financial risk associated with corporate social responsibility? Management decision.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
Jiraporn, P., Jiraporn, N., Boeprasert, A., & Chang, K. (2014). Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financial Management, 43(3), 505-531.
Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441-456.
Khan, N., & Malik, Q. A. (2020). Impact of corporate socilal responsibility on firm performance mediating role of investment inefficiency. International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, 11(12).
Khan, N., & Saghir, A. (2020). Corporate Social Responsibility and Firm Performance: Evidence from Pakistan. International Review of Management and Business Research, 09(04).
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329.
Lin, C.-H., Yang, H.-L., & Liou, D.-Y. (2009). The impact of corporate social responsibility on financial performance: Evidence from business in Taiwan. Technology in Society, 31(1), 56-63.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The journal of finance, 72(4), 1785-1824.
Lu, W., Chau, K., Wang, H., & Pan, W. (2014). A decade's debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011. Journal of Cleaner Production, 79, 195-206.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
Mitnick, B. M. (1975). The theory of agency. Public Choice, 24(1), 27-42.
Platt, H. D., & Platt, M. B. (2002). Predicting corporate financial distress: reflections on choice-based sample bias. Journal of economics and finance, 26(2), 184-199.
Pradhan, A. K., & Nibedita, B. (2019). The determinants of corporate social responsibility: Evidence from Indian Firms. Global Business Review, 0972150918814318.
Pyo, G., & Lee, H.-Y. (2013). The association between corporate social responsibility activities and earnings quality: Evidence from donations and voluntary issuance of CSR reports. Journal of Applied Business Research (JABR), 29(3), 945-962.
Sarwar, B., Xiao, M., Husnain, M., & Naheed, R. (2018). Board financial expertise and dividend-paying behavior of firms. Management decision.
Shen, C.-H., Wu, M.-W., Chen, T.-H., & Fang, H. (2016). To engage or not to engage in corporate social responsibility: Empirical evidence from global banking sector. Economic Modelling, 55, 207-225.
Shleifer, A., & Vishny, R. W. (1992). Liquidation values and debt capacity: A market equilibrium approach. The journal of finance, 47(4), 1343-1366.
Sun, W., & Cui, K. (2014). Linking corporate social responsibility to firm default risk. European Management Journal, 32(2), 275-287.
Sun, Y., Duong, H. N., & Singh, H. (2014). Information Asymmetry, Trade Size, and the Dynamic Volume‐Return Relation: Evidence from the Australian Securities Exchange. Financial Review, 49(3), 539-564.
Taylor, G., Al-Hadi, A., Richardson, G., Alfarhan, U., & Al-Yahyaee, K. (2019). Is there a relation between labor investment inefficiency and corporate tax avoidance? Economic Modelling.
Wang, K., Sewon, O., & Claiborne, M. C. (2008). Determinants and consequences of voluntary disclosure in an emerging market: Evidence from China. Journal of International Accounting, Auditing and Taxation, 17(1), 14-30.
Weber, M. (2008). The business case for corporate social responsibility: A company-level measurement approach for CSR. European Management Journal, 26(4), 247-261.
Yang, A. S., & Baasandorj, S. (2017). Exploring CSR and financial performance of full-service and low-cost air carriers. Finance Research Letters, 23, 291-299.
Yang, S.-L., Chang, A., Chen, Y.-H., & Shiu, Y.-M. (2019). Can country trade flows benefit from improved corporate social responsibility ratings? Economic Modelling, 80, 192-201.
Zheng, Y., Wang, Y., & Jiang, C. (2019). Corporate Social Responsibility and Likelihood of Financial Distress.
Zmijewski, M. E. (1984). Methodological issues related to the estimation of financial distress prediction models. Journal of accounting research, 59-82.