Impact of TBL-Based CSR Disclosure on Financial Performance in Halal Food Companies: A System GMM Analysis

Zaki Ahmad, Mohammad Helmi Bin Hidthiir, Md Mahfujur Rahman, Mohd Zukime Mat Junoh and Mohd Faizal Bin Yusof

SAGE Open, 2025, vol. 15, issue 1, 21582440241296659

Abstract: The goal of this study is to evaluate the relationship between corporate social responsibility disclosure and financial performance (Return on Equity and Tobin’s Q) in Halal food companies. The sample consists of 75 listed Halal food companies on the Bursa Malaysia Stock Exchange for the period between 2012 and 2021. Based on the empirical results using a generalized moment of method (GMM), the dimensions of triple bottom line-based corporate social responsibility—economic, environmental, and social—have a significant effect on return on assets. Furthermore, findings indicate that economic factors have an insignificant effect on Tobin’s Q in static models; however, it is significant in the dynamic model of the system GMM. Whereas environmental factor has a highly significant impact on Tobin’s Q in the static model and it has also significant impact in the GMM’s dynamic model. Nonetheless, social factors have a significant effect on Tobin’s Q in both static and dynamic models. The outcome of the study suggests that policymakers must comprehend the significance of corporate social responsibility disclosure, and it is imperative to determine whether Halal food companies must engage in corporate social responsibility disclosure a priori for short and long-term growth.

Keywords: halal food industry; corporate social responsibility disclosure (CSRD); financial performance (FP); generalized moment of method (GMM) (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:15:y:2025:i:1:p:21582440241296659

DOI: 10.1177/21582440241296659

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