Journal Screenshot

International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Corporate Social Responsibility Disclosure and Financial Performance of Shariah PLCS in Malaysia

Muhamad Fikri Aziz, Razali Haron

http://dx.doi.org/10.6007/IJARBSS/v11-i6/10155

Open access

Corporate social responsibility disclosure (CSRD) has become a critical issue, as evidenced by an increasing number of studies conducted in both developed and developing countries. As such, this study will examine the CSRD of Shariah-compliant PLCs in Malaysia and its relationship to financial performance. From 2007 to 2017, 175 Shariah PLCs listed on Bursa Malaysia's Main Market were chosen as samples for this study. The findings indicate that the level of CSRD in Shariah PLCs in Malaysia remains low. Additionally, the CSRD is positively correlated with financial performance (ROA and Tobin's Q). Also, Muslim directors have a negative correlation with financial performance (ROA and Tobin’s Q), whereas board size has no such correlation with ROA or Tobin's Q. There is a need for additional encouragement from the Malaysian government or regulatory bodies to encourage all PLCs to include CSR activities in their annual reports, particularly Shariah PLCs in Malaysia. Future research can therefore examine the determinants and extent of CSRD in Shariah and non-Shariah PLCs in Malaysia or by industry or compare Shariah PLCs to other Shariah PLCs in ASEAN countries (Indonesia, Singapore, Brunei Darussalam, Thailand, Cambodia, or Bangladesh); and employ alternative financial performance measures (e.g., stock returns, market capitalization, or dividend yields.

Abd Rahman, I. M., Jamil, N. N., & Ismail, K. N. I. K. (2019). Does Political Connection Moderate Women Directors’ Effect on CSR Disclosure? Evidence from Malaysia. Asian Journal of Accounting and Governance, 11.
Abdul Hamid, F. Z., & Atan, R. (2011). Corporate Social Responsibility by the Malaysian Telecommunication Firms. International Journal of Business and Social Science, 2(5), 198–208.
Abdul Wahab, N., Ahmad, N., & Yusoff, H. (2017). CSR Inflections: An Overview of CSR Practices on Financial Performance by Public Listed Companies in Malaysia. SHS Web of Conferences, 36, 1–14. https://doi.org/10.1051/shsconf/20173600003
Abidin, Z. Z., Kamal, N. M., & Jusoff, K. (2009). Board Structure and Corporate Performance in Malaysia. International Journal of Economics and Finance, 1(1), p150. https://doi.org/10.5539/ijef.v1n1p150
Abu Qa’dan, M. B., & Suwaidan, M. S. (2019). Board Composition, Ownership Structure and Corporate Social Responsibility Disclosure: The Case of Jordan. Social Responsibility Journal, 15(1), 28–46. https://doi.org/10.1108/SRJ-11-2017-0225
Haji, A. (2013). Corporate Social Responsibility Disclosures Over Time: Evidence from Malaysia. Managerial Auditing Journal, 28(7), 647–676. https://doi.org/10.1108/MAJ-07-2012-0729
Alazzani, A., Wan-Hussin, W. N., & Jones, M. (2019). Muslim CEO, Women on Boards and Corporate Responsibility Reporting: Some Evidence from Malaysia. Journal of Islamic Accounting and Business Research, 10(2), 274–296. https://doi.org/10.1108/JIABR-01-2017-0002
Ali, W., Frynas, J. G., & Mahmood, Z. (2017a). Determinants of Corporate Social Responsibility (CSR) Disclosure in Developed and Developing Countries: A Literature Review. In Corporate Social Responsibility and Environmental Management (Vol. 24, Issue 4, pp. 273–294). https://doi.org/10.1002/csr.1410
Ali, W., Frynas, J. G., & Mahmood, Z. (2017b). Determinants of Corporate Social Responsibility (CSR) Disclosure in Developed and Developing Countries: A Literature Review: Determinants of CSR Disclosure. Corporate Social Responsibility and Environmental Management, 24(4), 273–294. https://doi.org/10.1002/csr.1410
Al-Matari, E. M. (2019). Do Characteristics of the Board of Directors and Top Executives Have an Effect on Corporate Performance among the Financial Sector? Evidence Using Stock. Corporate Governance: The International Journal of Business in Society, 20(1), 16–43. https://doi.org/10.1108/CG-11-2018-0358
Alotaibi, K. O., & Hussainey, K. (2016). Determinants of CSR Disclosure Quantity and Quality: Evidence from Non-financial Listed Firms in Saudi Arabia. International Journal of Disclosure and Governance, 13(4), 364–393. https://doi.org/10.1057/jdg.2016.2
Alshehhi, A., Nobanee, H., & Khare, N. (2018). The Impact of Sustainability Practices on Corporate Financial Performance: Literature Trends and Future Research Potential. Sustainability, 25.
Amran, A., Fauzi, H., Purwanto, Y., Darus, F., Yusoff, H., Zain, M. M., Naim, D. M. A., & Nejati, M. (2017). Social Responsibility Disclosure in Islamic Banks: A Comparative Study of Indonesia and Malaysia. Journal of Financial Reporting and Accounting, 15(1), 99–115. https://doi.org/10.1108/JFRA-01-2015-0016
Andrew, J., & Baker, M. (2020). Corporate Social Responsibility Reporting: The Last 40 Years and a Path to Sharing Future Insights. Abacus, 56(1), 35–65.
https://doi.org/10.1111/abac.12181
Anuar, H. A., Sulaiman, M., & Ahmad, N. N. N. (2009). Some Evidence of Environmental Reporting by Shariah Compliant Companies in Malaysia. IIUM Journal of Economics and Management, 17(2), 177–208.
Aras, G., Aybars, A., & Kutlu, O. (2010). Managing Corporate Performance Investigating the Relationship between Corporate Social Responsibility and Financial Performance in Emerging Markets. International Journal of Productivity and Performance Management, 59(3), 229–254. https://doi.org/10.1108/17410401011023573
Azid, N. N. A., & Tahir, P. R. (2019). Corporate Social Responsibility Environment in Malaysia: Lessons Learned from the Effectiveness of the CSR Programme by Axiata Group. International Journal of Entrepreneurship, 2(5), 72–82.
Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors Influencing Voluntary Corporate Disclosure by Kenyan Companies. Corporate Governance: An International Review. https://doi.org/10.1111/j.1467-8683.2006.00491.x
Baydoun, N., & Willett, R. (2000). Islamic Corporate Reports. Abacus, 36(1), 71–90. https://doi.org/10.1111/1467-6281.00054
Bhatia, A., & Makkar, B. (2019). CSR Disclosure in Developing and Developed Countries: A Comparative Study. Journal of Global Responsibility, 11(1), 1–26. https://doi.org/10.1108/JGR-04-2019-0043
Bodhanwala, S., & Bodhanwala, R. (2018). Does Corporate Sustainability Impact Firm Profitability? Evidence from India. Management Decision, 56(8), 1734–1747. https://doi.org/10.1108/MD-04-2017-0381
Bursa Malaysia. (2006). CSR framework for Malaysian PLCs. www.bursamalaysia.com
Campbell, J. L. (2007). Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility. Academy of Management Review, 32(3), 946–967. https://doi.org/10.5465/AMR.2007.25275684
CCM. (2013). SSM?: Best Business Practice Circular 5/2013 Corporate Responsibility: Guidance to Disclosure and Reporting. Best Business Circular, 5(5/2013), 1–24.
Che-Adam, N., Lode, N. A., & Abd-Mutalib, H. (2019). The Influence of Board of Directors’ Characteristics on the Environmental Disclosure among Malaysian Companies. Malaysian Management Journal, 23(December), 1–25.
https://doi.org/10.32890/mmj.23.2019.9682
Choi, J.-S., Kwak, Y.-M., & Choe, C. (2010). Corporate Social Responsibility and Corporate Financial Performance: Evidence from Korea. Australian Journal of Management, 35(3), 291–311. https://doi.org/10.1177/0312896210384681
Daub, C. H. (2007). Assessing the Quality of Sustainability Reporting: An Alternative Methodological Approach. Journal of Cleaner Production, 15(1), 75–85.
https://doi.org/10.1016/j.jclepro.2005.08.013
Del Sarto, N., Isabelle, D. A., & Di Minin, A. (2020). The Role of Accelerators in Firm Survival: An fsQCA Analysis of Italian Startups. Technovation, 90, 102102.
Dewi, K., & Monalisa, M. (2016). Effect of Corporate Social Responsibility Disclosure on Financial Performance with Audit Quality as a Moderating Variable. Binus Business Review, 7(2), 149. https://doi.org/10.21512/bbr.v7i2.1687
Dkhili, H., & Ansi, H. (2012). The Link between Corporate Social Responsibility and Financial Performance: The Case of the Tunisian Companies. Journal of Organizational Knowledge Management. https://doi.org/10.5171/2012.640106
Douglas, A., Doris, J., & Johnson, B. (2004). Corporate Social Reporting in Irish Financial Institutions. The TQM Magazine, 16(6), 387–395.
https://doi.org/10.1108/09544780410563301
Eldaia, M. (2020). The Relationship Between Muslim Directors on Board of Directors and Audit Committee Characteristics on Performance Evidence from Jordan. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3751808
Esa, E., & Ghazali, A. M. N. (2012). Corporate Social Responsibility and Corporate Governance in Malaysian Government?linked Companies. Corporate Governance: The International Journal of Business in Society, 12(3), 292–305.
https://doi.org/10.1108/14720701211234564
Esa, E., & Zahari, A. R. (2017). Disclosure on Corporate Websites: CSR in Malaysia & Singapore GLCs. Journal of Technology Management and Business, 04(01), 2289–7224.
Feng, M., Wang, X., & Kreuze, J. G. (2017). Corporate social responsibility and firm financial performance. American Journal of Business, 32(3/4), 106–133. https://doi.org/10.1108/AJB-05-2016-0015
Fifka, M. S. (2011). Corporate Responsibility Reporting and its Determinants in Comparative Perspective—A Review of the Empirical Literature and a Meta-analysis. Business Strategy and the Environment, 22(1), 1–35. https://doi.org/10.1002/bse.729
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. In Analysis (Vol. 1). https://doi.org/10.2139/ssrn.263511
Freeman, R. E. (1994). The Politics of Stakeholder Theory: Some Future Directions. Business Ethics Quarterly. https://doi.org/10.2307/3857340
Freeman, R. E., Wicks, A. C., & Parmar, B. (2004). Stakeholder Theory “The Corporate Objective Revisited.” Organization Science. https://doi.org/10.1287/orsc.1040.0066
Galbreath, J., & Shum, P. (2012). Do Customer Satisfaction and Reputation Mediate the CSR-FP Link? Evidence from Australia. Australian Journal of Management, 37(2), 211–229. https://doi.org/10.1177/0312896211432941
Gamerschlag, R., Möller, K., & Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: Empirical evidence from Germany. Review of Managerial Science, 5(2–3), 233–262. https://doi.org/10.1007/s11846-010-0052-3
Ghazali, F. H., Bakar, A. A., & Hasnan, R. (2019). Integrity Practice in Corporate Social Responsibility by Malaysian Islamic Financial Institutions. Journal of Advanced Research in Dynamic and Control Systems, Volume 11(05-Special Issue), 1065–1075.
Gray, R. (2000). Current Developments and Trends in Social and Environmental Auditing, Reporting and Attestation: A Review and Comment. International Journal of Auditing, 4(3), 247–268. https://doi.org/10.1111/1099-1123.00316
Guthrie, J., & Parker, L. D. (1989). Corporate Social Reporting: A Rebuttal of Legitimacy Theory. Accounting and Business Research, 19(76), 343–352.
https://doi.org/10.1080/00014788.1989.9728863
Hackston, D., & Milne, M. J. (1996). Some determinants of social and environmental disclosures in New Zealand companies. Accounting, Auditing & Accountability Journal, 9(1), 77–108. https://doi.org/10.1108/09513579610109987
Hamid, F. Z. A. (2004). Corporate social disclosure by banks and finance companies: Malaysian evidence. Corporate Ownership and Control, 1(4), 118–130.
https://doi.org/10.22495/cocv1i4p10
Hamid, F. Z. A., Atan, R., & Saleh, M. S. M. (2014). A Case Study of Corporate Social Responsibility by Malaysian Government Link Company. Procedia - Social and Behavioral Sciences, 164, 600–605. https://doi.org/10.1016/j.sbspro.2014.11.152
Hamid, S., Riaz, Z., & Azeem, S. M. W. (2020). Carroll’s dimensions and CSR disclosure: Empirical evidence from Pakistan. Corporate Governance: The International Journal of Business in Society, 20(3), 365–381. https://doi.org/10.1108/CG-10-2018-0317
Handayati, P., Krisnawati, D., Soetjipto, B. E., Sudarmiatin, & Suharto. (2017). The shariah enterprise theory: Implementation of corporate social responsibility disclosure for Islamic Banking in Indonesia and Malaysia. International Journal of Economic Research, 14(13), 195–206.
Haniffa, R., & Hudaib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance Accounting, 33(7–8), 1034–1062. https://doi.org/10.1111/j.1468-5957.2006.00594.x
Haron, R. (2018). Do Muslim Directors Influence Firm Performannce? Empirical Evidence from Malaysia. Al-Shajarah: Journal of Islamic Thought and Civilization (ISTAC), Special Issue: Islamic Banking and Finance, 283–305.
Hassan, N. T. (2013). Corporate social responsibility disclosure: An examination of framework of determinants and consequences. Durham E-Theses.
Hassan, S., & Christopher, T. (2005). Corporate governance statement disclosure of Malaysian banks and the role of Islam. Asian Review of Accounting, 13(2), 36–50. https://doi.org/10.1108/eb060786
Hizam, S. M., binti Othman, Z. I. S., & Amin, M. M. (2019). Corporate social responsibility in Malaysia. International Journal of Financial Research, 10(5), 381–386.
Hooy, C.-W., & Ali, R. (2017). Does a Muslim CEO matter in Shariah-compliant companies? Evidence from Malaysia. Pacific-Basin Finance Journal, 42, 126–141. https://doi.org/10.1016/j.pacfin.2016.08.010
Huang, X. “Beryl,” & Watson, L. (2015). Corporate social responsibility research in accounting. Journal of Accounting Literature, 34, 1–16.
https://doi.org/10.1016/J.ACCLIT.2015.03.001
Huu Nguyen, A., Thuy Doan, D., & Ha Nguyen, L. (2020). Corporate Governance and Agency Cost: Empirical Evidence from Vietnam. Journal of Risk and Financial Management, 13(5), 103. https://doi.org/10.3390/jrfm13050103
Ibañez, P. S. M. (2013). Corporate Social Responsibility Disclosure (CSRD) In Malaysia Telecommunication Companies. South East Asia Journal of Contemporary Business, Economics and Law, 53(9), 266–276. https://doi.org/10.1017/CBO9781107415324.004
Inoue, Y., & Lee, S. (2011). Effects of different dimensions of corporate social responsibility on corporate financial performance in tourism-related industries. Tourism Management. https://doi.org/10.1016/j.tourman.2010.06.019
Ismail, A. H., Abdul Rahman, A., & Hezabr, A. A. (2018). Determinants of corporate environmental disclosure quality of oil and gas industry in developing countries. International Journal of Ethics and Systems, 34(4), 527–563. https://doi.org/10.1108/IJOES-03-2018-0042
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. https://doi.org/10.1016/0304-405X(76)90026-X
Jo, H., & Harjoto, M. A. (2011). Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y
Kabir, R., & Thai, H. M. (2017). Does Corporate Governance Shape the Relationship between Corporate Social Responsibility and Financial Performance? Pacific Accounting Review, 29(2), 227–258. https://doi.org/10.1108/PAR-10-2016-0091
Kamel, H., & Awadallah, E. (2017). The extent of voluntary corporate disclosure in the Egyptian Stock Exchange. Journal of Accounting in Emerging Economies, 7(2), 266–291. https://doi.org/10.1108/JAEE-05-2015-0037
Kaymak, T., & Bektas, E. (2017). Corporate Social Responsibility and Governance: Information Disclosure in Multinational Corporations. Corporate Social Responsibility and Environmental Management, 24(6), 555–569. https://doi.org/10.1002/csr.1428
Khan, Md. H.-U.-Z. (2010). The effect of corporate governance elements on corporate social responsibility (CSR) reporting: Empirical evidence from private commercial banks of Bangladesh. International Journal of Law and Management, 52(2), 82–109. https://doi.org/10.1108/17542431011029406
Khemir, S., & Baccouche, C. (2010). Analysis of the determinants of corporate social responsibility disclosure in the annual reports of tunisian listed firms. Research in Accounting in Emerging Economies, 10, 119–144. https://doi.org/10.1108/S1479-3563
Lan, Y., Wang, L., & Zhang, X. (2013). Determinants and features of voluntary disclosure in the Chinese stock market. China Journal of Accounting Research. https://doi.org/10.1016/j.cjar.2013.04.001
Lee, S. P., & Isa, M. (2020). Environmental, Social and Governance (ESG) Practices and Performance in Shariah Firms: Agency or Stakeholder Theory? Asian Academy of Management Journal of Accounting and Finance, 16(1), 1–34. https://doi.org/10.21315/aamjaf2020.16.1.1
Lioui, A., & Sharma, Z. (2012). Environmental corporate social responsibility and financial performance: Disentangling direct and indirect effects. Ecological Economics. https://doi.org/10.1016/j.ecolecon.2012.04.004
Lui, T. K., Zainuldin, M. H., Wahidudin, A. N., & Foo, C. C. (2021). Corporate Social Responsibility Disclosures (CSRDs) in the Banking Industry: A Study of Conventional Banks and Islamic Banks in Malaysia. International Journal of Bank Marketing, ahead-of-print(ahead-of-print). https://doi.org/10.1108/IJBM-04-2020-0192
Madugba, J. U., & Okafor, M. C. (2016). Impact of Corporate Social Responsibility on Financial Performance: Evidence from Listed Banks in Nigeria. Expert Journal of Finance, 4, 1–9.
Mamun, M. A., Shaikh, J. M., & Easmin, R. (2017). Corporate Social Responsibility Disclosure in Malaysian Business. Academy of Strategic Management Journal, 16(2), 19.
Mathews, M. R. (1997). Twenty-five years of social Is there a silver jubilee to celebrate? Journal of Business Ethics, 10(4), 481–531.
McWilliams, A., & Siegel, D. S. (2010). Creating and Capturing Value: Strategic Corporate Social Responsibility, Resource-Based Theory, and Sustainable Competitive Advantage. Journal of Management, 37(5), 1480–1495.
https://doi.org/10.1177/0149206310385696
Mohamed, M. Bin, & Sawandi, N. B. (2007). Corporate Social Responsibility (CSR) Activities in Mobile Telecommunication Industry: Case Study of Malaysia. European Critical Accounting Conference, 1–26.
Mohd Razali, M. W., Sin, W. H. S., Lunyai, J. A., Hwang, J. Y. T., & Md Yusoff, I. Y. (2018). Corporate Social Responsibility Disclosure and Firm Performance of Malaysian Public Listed Firms. International Business Research, 11(9), 86.
https://doi.org/10.5539/ibr.v11n9p86
Nasir, N. E. M., Halim, N. A. A., Sallem, N. R. M., Jasni, N. S., & Aziz, N. F. (2015). Corporate Social Responsibility: An Overview from Malaysia. Journal of Applied Environmental and Biological Sciences, 4(10S), 82–87.
Niresh, J. A., & Silva, W. H. E. (2018a). The Nexus between Corporate Social Responsibility Disclosure and Financial Performance: Evidence from the Listed Banks, Finance and Insurance Companies in Sri Lanka. Accounting and Finance Research. https://doi.org/10.5430/afr.v7n2p65
Niresh, J. A., & Silva, W. H. E. (2018b). The Nexus between Corporate Social Responsibility Disclosure and Financial Performance: Evidence from the Listed Banks, Finance and Insurance Companies in Sri Lanka. Accounting and Finance Research, 7(2), 65. https://doi.org/10.5430/afr.v7n2p65
Norhayati, M. A., & Siti?Nabiha, A. K. (2009). A case study of the performance management system in a Malaysian government linked company. Journal of Accounting & Organizational Change, 5(2), 243–276. https://doi.org/10.1108/18325910910963454
Oh, W., & Park, S. (2015). The Relationship Between Corporate Social Responsibility and Corporate Financial Performance in Korea. Emerging Markets Finance and Trade, 51(sup3), 85–94. https://doi.org/10.1080/1540496X.2015.1039903
Othman, S., Darus, F., & Arshad, R. (2011). The influence of coercive isomorphism on corporate social responsibility reporting and reputation. Social Responsibility Journal, 7(1), 118–135. https://doi.org/10.1108/17471111111114585
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018a). The Impact of Corporate Social Responsibility Disclosure on Financial Performance: Evidence from the GCC Islamic Banking Sector. Journal of Business Ethics, 151(2), 451–471.
https://doi.org/10.1007/s10551-016-3229-0
Ramli, N. E., & Haron, R. (2017). Debt Determinants of Shari’ah Approved Firms: Empirical Evidence from Malaysia. Journal of Islamic Finance, 176(5872), 1–17.
Rashid, A. (2018). Does corporate social responsibility reporting enhance shareholders’ value? Journal of Financial Reporting and Accounting, 16(1), 158–178.
https://doi.org/10.1108/JFRA-10-2016-0084
Razali, M. W. M., Sin, W. H. S., Lunyai, J. A., Hwang, J. Y. T., & Yusoff, I. Y. M. (2018). Corporate Social Responsibility Disclosure and Firm Performance of Malaysian Public Listed Firms. International Business Research, 11(9), 86–95.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341–350. https://doi.org/10.1016/j.jbusres.2014.06.024
Said, R., Abd Samad, K., Mohd Sidek, N. Z., Ilias, N. F., & Omar, N. (2018). Corporate social responsibility disclosure index of Malaysian Shariah – compliant companies. International Journal of Ethics and Systems, 34(1), 55–69.
https://doi.org/10.1108/IJOES-09-2016-0068
Said, R. M., Theng, L. T., Senik, R., Yusri, Y., & San, O. T. (2015). The State of Sustainability Disclosure and Effects on Companies’ Financial Performance. Financial Performance, 20.
Saleh, M., Zulkifli, N., & Muhamad, R. (2011). Looking for evidence of the relationship between corporate social responsibility and corporate financial performance in an emerging market. Asia-Pacific Journal of Business Administration, 3(2), 165–190. https://doi.org/10.1108/17574321111169849
Sarkar, S., Chatterjee, M., & Bhattacharjee, T. (2021). Does CSR disclosure enhance corporate brand performance in emerging economy? Evidence from India. Journal of Indian Business Research, ahead-of-print(ahead-of-print). https://doi.org/10.1108/JIBR-06-2019-0201
Schreck, P. (2011). Reviewing the Business Case for Corporate Social Responsibility: New Evidence and Analysis. Journal of Business Ethics, 103(2), 167–188. https://doi.org/10.1007/s10551-011-0867-0
Sekhon, A. K., & Kathuria, L. M. (2019). Analyzing the corporate social responsibility disclosures of selected companies in India. Corporate Communications: An International Journal, 24(4), 686–701. https://doi.org/10.1108/CCIJ-04-2019-0050
Shamsudin, S. M., Abdullah, W. R. W., & Osman, A. H. (2018). Corporate Governance Practices and Firm Performance After Revised Code of Corporate Governance: Evidence from Malaysia. In R. Said, N. Z. Mohd Sidek, Z. Azhar, & K. Anuar Kamarudin (Eds.), State-of-the-Art Theories and Empirical Evidence (pp. 49–63). Springer Singapore. https://doi.org/10.1007/978-981-10-6926-0_4
Shehata, N. F. (2014). Theories and Determinants of Voluntary Disclosure. Accounting and Finance Research. https://doi.org/10.5430/afr.v3n1p18
Suhazeli, W., Ahamed, W., Almsafir, M. K., & Al-smadi, A. W. (2014). Does Corporate Social Responsibility Lead to Improve in Firm Financial Performance? Evidence from Malaysia. 6(3), 126–138. https://doi.org/10.5539/ijef.v6n3p126
Surroca, J., Tribó, J. A., & Waddock, S. (2010). Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal. https://doi.org/10.1002/smj.820
Szegedi, K., Khan, Y., & Lentner, C. (2020). Corporate Social Responsibility and Financial Performance: Evidence from Pakistani Listed Banks. Sustainability, 12(10), 4080. https://doi.org/10.3390/su12104080
Theodoulidis, B., Diaz, D., Crotto, F., & Rancati, E. (2017). Exploring corporate social responsibility and fi nancial performance through stakeholder theory in the tourism industries. Tourism Management, 62, 173–188.
https://doi.org/10.1016/j.tourman.2017.03.018
Thompson, P., & Zakaria, Z. (2004). Corporate Social Responsibility Reporting in Malaysia: Progress and Prospects. Journal of Corporate Citizenship (pp. 125–136). Greenleaf Publishing. https://doi.org/10.2307/jcorpciti.13.125
Trebucq, S., & d’Arcimoles, C.-H. (2002). The Corporate Social Performance-Financial Performance Link: Evidence from France. In SSRN. https://doi.org/10.2139/ssrn.306599
Tsoutsoura, M. (2004). Corporate Social Responsibility and Financial Performance. Academy of Management Journal, 27(1), 42–56.
https://doi.org/ttp://ezproxy.itcr.ac.cr:2078/10.1108/14720700510604760
Uadiale, O. M. (2010). The Impact of Board Structure on Corporate Financial Performance in Nigeria. International Journal of Business and Management, 5(10), 155–166.
Vitolla, F., Raimo, N., Rubino, M., & Garzoni, A. (2019). The impact of national culture on integrated reporting quality. A stakeholder theory approach. Business Strategy and the Environment, 28(8), 1558–1571. https://doi.org/10.1002/bse.2332
Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance—Financial Performance Link. Strategic Management Journal, 18(4), 303–319. https://doi.org/10.1002/(SICI)1097-0266(199704)18:4<303::AID-SMJ869>3.3.CO;2-7
Wahyuningrum, I. F. S., & Djajadikerta, H. G. (2019). Non-financial Performance Disclosure and Company Performance: Australian Evidence. 1301–1326. https://doi.org/10.18502/kss.v4i6.6682
Wan Abd Rahman, N. H., Mohamed Zain, M., & Hanim Yaakop Yahaya Al?Haj, N. (2011). CSR disclosures and its determinants: Evidence from Malaysian government link companies. Social Responsibility Journal, 7(2), 181–201.
https://doi.org/10.1108/17471111111141486
Wang, W.-K., Lu, W., Kweh, Q. L., & Lai, H.-W. (2015). Does corporate social responsibility influence the corporate performance of the U. S. telecommunications ... Telecommunications Policy, 38(7), 580–591.
https://doi.org/10.1016/j.telpol.2014.01.004
Watson, A., Shrives, P., & Marston, C. (2002). Voluntary disclosure of accounting ratios in the UK. In British Accounting Review. https://doi.org/10.1006/bare.2002.0213
Yang, L., & Yaacob, Z. Bin. (2012). A Comparative Analysis of Corporate Social Disclosure of Top listed Companies in China and Malaysia. World Review of Business Research, 2(2), 45–61.
Yusoff, H., Khadijah, N., Azhari, M., & Darus, F. (2018). Effects of Financial Performance and Governance on Corporate Social Responsibility Disclosure: Evidence from Islamic Financial Institutions in Malaysia. Global Journal Al-Thaqafah, special issue, 57–72.
Yusoff, W. F. W., & Adamu, M. S. (2016). The relationship between corporate social responsibility and financial performance: Evidence from Malaysia. International Business Management, 10(4), 345–351. https://doi.org/10.3923/ibm.2016.345.351
Zahid, M., Rahman, H. U., Ali, W., Khan, M., Alharthi, M., Imran Qureshi, M., & Jan, A. (2020). Boardroom gender diversity: Implications for corporate sustainability disclosures in Malaysia. Journal of Cleaner Production, 244, 118683.
https://doi.org/10.1016/j.jclepro.2019.118683
Zahid, M., Rahman, H. U., Muneer, S., Butt, B. Z., Isah-Chikaji, A., & Memon, M. A. (2019). Nexus between government initiatives, integrated strategies, internal factors and corporate sustainability practices in Malaysia. Journal of Cleaner Production, 241, 118329. https://doi.org/10.1016/j.jclepro.2019.118329
Zainal, D., & Zainuddin, S. (2013). Corporate Social Responsibility Reporting in Malaysia: A Research Note. Asian Journal of Accounting Perspectives, 6(1), 21–36. https://doi.org/10.22452/AJAP.vol6no1.3
Zainal, D., Zulkifli, N., & Saleh, Z. (2013). Corporate Social Responsibility Reporting in Malaysia: A Comparison Between Shariah and Non-Shariah Approved Firms. Middle-East Journal of Scientific Research, 15(7), 1035–1046.
https://doi.org/10.5829/idosi.mejsr.2013.15.7.11034
Zainon, S., Mohd, Z., Adzrin, R., & Ahmad, R. (2014). New improved reporting index of corporate social reporting for shariah-compliant companies. Procedia - Social and Behavioral Sciences, 145, 146–151. https://doi.org/10.1016/j.sbspro.2014.06.021
Zhang, Z., Chan, T.-J., & Tee, K.-K. (2020). The Infuence of Corporate Social Responsibility Practices, Customer Satisfaction and Corporate Image of Mobile Service Industry. Journal of Critical Reviews, 7(19), 7177–7190.

In-Text Citation: (Aziz & Haron, 2021)
To Cite this Article: Aziz, M. F., & Haron, R. (2021). Corporate Social Responsibility Disclosure and Financial Performance of Shariah PLCS in Malaysia. International Journal of Academic Research in Business and Social Sciences, 11(6), 333–353.