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https://doi.org/10.2308/accr.00000005

has been cited by the following article:

• TITLE: Examining CSR’s Financial Impact: The Moderating Roles of Audit Quality, Leverage, and Industry Sector in Saudi Firms Listed on Tadawul

  AUTHORS: Imen Ben Saanoun, Houneida Ben Brahim, Mounira Ben Arab

  KEYWORDS: Corporate Social Responsibility, Corporate Performance, Leverage, Audit Quality, Industry Sector, GMM, Moderator Effect, Saudi Companies

  JOURNAL NAME: Open Journal of Business and Management, Vol.13 No.6, November 17, 2025

  ABSTRACT: This study investigates the impact of Corporate Social Responsibility (CSR) on financial performance for non-financial firms listed on the Saudi Stock Exchange (Tadawul) from 2016 to 2022, focusing on the moderating roles of leverage, audit quality, and industry sector. Using System GMM and performance indicators like ROA, ROE, and Tobin’s Q, we find that CSR has a short-term direct negative effect on financial performance but positively contributes to long-term value, enhancing market-based indicators. Audit quality strengthens the CSR-performance link, while leverage negatively affects short-term performance, although it can improve long-term performance when coupled with social disclosures. The impact of CSR varies across industries, with stronger effects in regulated and consumer-centric industries, but less significant in capital-intensive and less regulated industries. These empirical findings highlight the industry-specific nature of the CSR-financial performance relationship in emerging markets.