Analysis of the mitigation effects of corporate social responsibility on the negative impact of high leverage in ASEAN-5

Adrian Ade Surya, Rofikoh Rokhim

Research output: Contribution to journalArticlepeer-review

Abstract

One of the ASEAN Economic Community's intentions is to direct firms in ASEAN to society-oriented development. We investigate the impact of corporate social responsibility that is moderated by high leverage to sales growth in the region of ASEAN-5. The research sample consisted of 87 firms that were listed in the stock exchange of ASEAN-5, including Indonesia, Malaysia, Singapore, Thailand, and the Philippines during the period of 2014–2018. This research found a significant positive impact of corporate social responsibility moderated by a high leverage to sales growth. This research contributes to previous research on high leverage costs literature through reviewing existing determinants of high leverage costs including additional variables such as country-level factors in the ASEAN-5 region.

Original languageEnglish
JournalAsia Pacific Management Review
DOIs
Publication statusAccepted/In press - 2021

Keywords

  • Corporate social responsibility
  • High leverage
  • Sales growth

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