Exploring How Corporate Governance Shape the Relationship of Corporate Social Responsibility and Financial Performance: Evidence from Insurance Companies in Malaysia
Abstract
The theoretical and empirical relationships between corporate social responsibility and firm financial performance continue to be extensively debated in academia. The association between CSR and corporate financial performance remains an ongoing topic of discussion, with various theoretical and empirical perspectives. Nevertheless, CSR initiatives have gained widespread adoption among numerous companies, spanning both developed and emerging markets. This literature review explores how different facets of corporate governance, including foreign and state ownership, board size, and board independence, can shape the relationship between CSR and financial performance. Accordingly, this paper seeks to investigate the impact of various corporate governance aspects on CSR and firm financial performance within a single industry context. The paper identifies gaps in the literature and proposes potential future research directions. Exploring how corporate governance can influence the relationship between corporate social responsibility and financial performance in the insurance industry, an area often overlooked in existing literature, may require integrative approaches to reconcile these competing logics, maintaining both high quality and commercial viability. The paper underscores the need for future research to further explore the nuanced responses within the Insurance industry. Previous studies have primarily investigated the direct effect of CSR on financial performance, with a few examining the moderating effect of corporate governance, such as ownership concentration and board gender diversity, but often excluding the specific Finance Industry, particularly the insurance sector. As a Developing/Emerging Upper-middle income country, Malaysia has unique characteristics in its corporate governance landscape. This paper contributes by investigating the moderating effect of several major aspects of corporate governance. Additionally, while existing studies often view CSR as a comprehensive activity, this study aims to explore each dimension separately. Although some research has delved into specific aspects like environmental or social CSR, comprehensively understanding the various motivations and implications of CSR requires examining its distinct dimensions. This paper will conduct a deeper investigation into both aggregate and individual dimensions of CSR, aiming to shed light on the ongoing debate surrounding the CSR-firm performance relationship. The comprehensive literature review in this study is expected to provide valuable insights for policymakers, regulators, and investors interested in promoting sustainable business practices and enhancing the financial performance of insurance companies in Malaysia and other developing economies.
References
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Hui, Y. E., & Foong, W. M. (2021). Sector-Specific, Monetary Policy, and Macroeconomic Determinants of Business Dynamics: Evidence from Financial Services Industry in Malaysia. Atlantis Press. https://doi.org/10.2991/aebmr.k.210507.033
Jamaludin, S. Z. H. S., Mahayuddin, S. A., & Hamid, S. H. A. (2018). Challenges of Integrating Affordable and Sustainable Housing in Malaysia. IOP Publishing, 140, 012001–012001. https://doi.org/10.1088/1755-1315/140/1/012001
Jarboui, A., Dammak Ben Hlima, N., & Bouaziz, D. (2023). Do sustainability committee characteristics affect CSR performance? Evidence from India. Benchmarking, 30(2), 628–652. https://doi.org/10.1108/BIJ-04-2021-0225
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Kamaşak, R., & Yavuz, M. (2018). Revisiting the corporate social responsibility (CSR) and performance relationship through a dynamic resource management view. Association of Food Technology, Turkey, 7(1), 97–100. https://doi.org/10.17261/pressacademia. 2018.862
Karabay, M. E., & Çağıl, G. (2016, December). Examining Financial Innovation and Performance in Financial Sector: A Comprehensive Review of Emerging Markets. In Springer Nature (pp. 353–369). https://doi.org/10.1007/978-3-319-44591-5_24
Khan, Z. S. (2019). Contribution towards Understanding of Corporate Governance: Thematic Analysis of Review Papers on Corporate Governance. 15(2), 152–181. https://doi.org/10.46745/ilma.jbs.2019.15.02.11
Liew, P. (2007). Corporate Governance Reforms in Malaysia: The key leading players’ perspectives. Wiley-Blackwell, 15(5), 724–740. https://doi.org/10.1111/j.1467-8683.2007.00618.x
Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009, March). Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance.
Mohamad, S., & Sori, Z. M. (2011). Corporate Governance from a Global Perspective. RELX Group (Netherlands). https://doi.org/10.2139/ssrn.1817082
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Published
2024-12-01
How to Cite
A., Lynna,; N., Ellisha,.
Exploring How Corporate Governance Shape the Relationship of Corporate Social Responsibility and Financial Performance: Evidence from Insurance Companies in Malaysia.
Asian Journal of Law and Governance, [S.l.], v. 6, n. 4, p. 55-73, dec. 2024.
ISSN 2710-5849.
Available at: <https://myjms.mohe.gov.my/index.php/ajlg/article/view/28408>. Date accessed: 24 mar. 2025.
Section
English Section
