Purpose

This study investigated how corporate social responsibility (CSR) impacts financial performance (FP) and examined the moderated role of corporate governance (CG). In particular, this paper aims to empirically examine the impact of CG on the relationship between CSR and FP.

Design/methodology/approach

This study was based on a sample of 200 firms over 2010/2021. The direct and moderating effects were tested by using multiple regression techniques.

Findings

The empirical findings indicated that companies with higher levels of CSR reporting invested more effectively than companies with lower CSR reporting levels. The empirical analysis suggested two main findings: CSR has a significant effect on FP, and this relationship depends on CG practices. This research presents new evidence that improves the discussion around CSR involvement and FP in French firms. Then, this research shows that CG positively moderates the impact of CSR on corporate FP.

Originality/value

These findings may be of interest to academic researchers, practitioners and regulators interested in discovering dividend policies, FP and CSR. The findings may interest different stakeholders, policymakers and regulatory bodies interested in enhancing CG initiatives to strengthen CSR because it suggests implementing a broadly accepted framework of good CG practices to meet the demand for greater transparency and accountability.

中文翻译：

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企业社会责任对公司财务绩效的影响：公司治理重要吗？

目的

本研究调查了企业社会责任（CSR）如何影响财务绩效（FP），并检验了公司治理（CG）的调节作用。特别是，本文旨在实证检验CG对CSR和FP之间关系的影响。

设计/方法论/途径

本研究基于 2010/2021 年 200 家公司的样本。使用多元回归技术测试了直接效应和调节效应。

发现

实证结果表明，企业社会责任报告水平较高的公司比企业社会责任报告水平较低的公司投资更有效。实证分析提出了两个主要发现：企业社会责任对 FP 有显着影响，并且这种关系取决于 CG 实践。这项研究提供了新的证据，改善了法国公司关于企业社会责任参与和 FP 的讨论。然后，本研究表明，CG 正向调节 CSR 对企业 FP 的影响。

原创性/价值

这些发现可能会引起对股息政策、FP 和企业社会责任感兴趣的学术研究人员、从业者和监管机构的兴趣。研究结果可能会引起不同利益相关者、政策制定者和监管机构的兴趣，这些利益相关者、政策制定者和监管机构可能会对加强企业管治举措以加强企业社会责任感兴趣，因为它建议实施一个被广泛接受的良好企业管治实践框架，以满足提高透明度和问责制的需求。