Evidence from multiple countries: does investment into internal corporate social responsibility improve firm efficiency?

Arum Setyowati, Peter Wanke, Fakarudin Kamarudin, A. N. Bany-Ariffin and Bolaji Tunde Matemilola

Journal of Sustainable Finance & Investment, 2024, vol. 14, issue 2, 444-448

Abstract: This paper investigates the relationship between internal corporate social responsibility (ICSR) and firm efficiency. Our research employed a two-stage analysis of 33,413 firm-year observations from between 2008 and 2020. First, we measured the level of firm efficiency using data envelopment analysis (DEA). Second, we used panel regression to investigate the impact of investments made by firms into ICSR on their efficiency. Our results showed that such investments into ICSR (e.g. on employee development) increased firm efficiency during the study period.

Date: 2024
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DOI: 10.1080/20430795.2021.2016362

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