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Corporate Social Responsibility, Risk Factor and Financial Performance of Listed Firms in Ghana

Author

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  • John Gartchie Gatsi
  • Comfort Ama Akorfa Anipa
  • Samuel Gameli Gadzo
  • Joseph Ameyibor

Abstract

Corporate managers over the years have been confronted with the task of making decisions relating to financing, investment, dividend policy and social responsibility expenditure on behalf of their shareholders. However, decision about corporate social responsibility and its relationship with performance of firms has been a subject of unending debate among scholars. This study therefore provides evidence using companies listed on the Ghana Stock Exchange. The empirical results from the panel random effect regression suggested that the level of CSR disclosed has, a significant negative relationship with firm performance while firm risk, measured by asset-to-equity, significantly and positively relates to firm performance. The link between growth and firm performance on one hand, and size and firm performance on the other revealed positive and negative but insignificant relationships respectively.

Suggested Citation

  • John Gartchie Gatsi & Comfort Ama Akorfa Anipa & Samuel Gameli Gadzo & Joseph Ameyibor, 2016. "Corporate Social Responsibility, Risk Factor and Financial Performance of Listed Firms in Ghana," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 6(2), pages 1-2.
    • Handle: RePEc:spt:apfiba:v:6:y:2016:i:2:f:6_2_2
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    Citations

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    Cited by:

    1. Wafa Ghardallou, 2022. "Corporate Sustainability and Firm Performance: The Moderating Role of CEO Education and Tenure," Sustainability, MDPI, vol. 14(6), pages 1-16, March.
    2. Jayasree Mangalagiri & Malla Praveen Bhasa, 2022. "Corporate social responsibility and firm performance: evidence from India’s national stock exchange listed companies," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(2), pages 144-152, June.
    3. Cao Thi Mien Thuy & Nguyen Vinh Khuong & Nguyen Thi Canh & Nguyen Thanh Liem, 2021. "Corporate Social Responsibility Disclosure and Financial Performance: The Mediating Role of Financial Statement Comparability," Sustainability, MDPI, vol. 13(18), pages 1-15, September.
    4. Cao Thi Mien Thuy & Trinh Quoc Trung & Nguyen Vinh Khuong & Nguyen Thanh Liem, 2021. "From Corporate Social Responsibility to Stock Price Crash Risk: Modelling the Mediating Role of Firm Performance in an Emerging Market," Sustainability, MDPI, vol. 13(22), pages 1-17, November.
    5. Abdulateif A. Almulhim & Abdullah A. Aljughaiman, 2023. "Corporate Sustainability and Financial Performance: The Moderating Effect of CEO Characteristics," Sustainability, MDPI, vol. 15(16), pages 1-21, August.
    6. Tafadzwa Mark Wasara & Fortune Ganda, 2019. "The Relationship between Corporate Sustainability Disclosure and Firm Financial Performance in Johannesburg Stock Exchange (JSE) Listed Mining Companies," Sustainability, MDPI, vol. 11(16), pages 1-23, August.
    7. Collins Kankam-Kwarteng & George Nana Agyekum Donkor & Francis Osei & Ofosu Amofah, 2024. "Do corporate social responsibility and corporate image influence performance of the financial sector?," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 306-317, June.

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