Effects of CSR, company size, and company age on financial performance: firms listed on the Tunisian stock exchange

Wissem Benali ()
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Wissem Benali: ESCT, University of Manouba, LARIMRAF

SN Business & Economics, 2025, vol. 5, issue 7, 1-12

Abstract: Abstract The objective is to examine the relationships between CSR, company size, age, financial performance, and the debt-to-equity ratio. The study employs dynamic model estimation techniques using the generalized moments method (GMM). Secondary data sources, including company websites, are used to gather information on 30 firms listed on the Tunisian Stock Exchange from 2010 to 2022.The findings reveal that CSR significantly impacts company performance, alongside firm size, firm age, and LEV. Firm age has a substantial influence on performance, measured by both return on equity (ROE) and price-to-book value (PBV).Future research directions include exploring additional factors like corporate governance, encompassing samples from all industrial sectors, and broadening the understanding of CSR’s overall impact on Tunisian companies.

Keywords: Financial performance; Corporate social responsibility; Tunisian stock exchange; GMM; Firm size; Firm age (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s43546-025-00851-6

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