The Impact of Corporate Social Responsibilities on Firm Performance: Evidence From Family Owned Firm In Malaysia
Year: 2024
Type: article
Abstract: Corporate social responsibility (CSR) remains a prominent area of emphasis for companies worldwide.This study aims to analyze the key concerns for corporate social responsibility and examine the relationship between environmental sustainability; social justice, and diversity; philanthropy, ethical business practices, employee well-being and reporting and transparency toward the firm performance of family-owned businesses in Malaysia.The problem statement highlights the family businesses often have to manage the delicate balance of preserving family legacy and traditions while embracing innovation and change necessary such as applying corporate social responsibility for business growth.The study has two objectives, (i) to identify the most significant factors influencing corporate social responsibility and (ii) to examine the relationship between independent variables (environmental sustainability, social justice and diversity, philanthropy, ethical business practices, employee well-being and reporting and transparency), and dependent variable (firm performance).A quantitative research is used with an explanatory research design.Additionally, this study use non-probability sampling technique (purposive sampling).Self-administered questionnaire were chosen because it is low economic maintenance and ability to reach a broad sample.The study was conducted in Malaysia.The findings indicated that environmental sustainability, social justice and diversity, employee well-being, and reporting and transparency positively impact firm performance.However, philanthropy and ethical business practices showed no significant relationship with firm performance.In summary, the literature study highlights that corporate social responsibility (CSR) initiatives have been found to enhance firms' relationships with their stakeholders.
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4405904946