CSR, Governance & Financial Outcomes—India

Serial
no. Paper (Full APA citation) Author Year DOI/URL Key research questions answered Methods used Limitations Research Gaps Conclusions
1 Guo, X., Li, S., Song, X., & Tang, Z. (2024). ESG, financial constraint Guo, X. 2024 [Link] RQ1: “Does CSR reduce financial distress risk and Panel regressions on 2010–2020 Focused solely on China; ESG Extend to India with mandated Higher ESG scores associate with lower
and financing activities: A study in the Chinese market. *Accounting improve financial resilience?” and RQ2: “Does Chinese listed firms; splits sample measure may differ from Indian CSR; incorporate corporate financial constraints and more equity
& Finance*, 64, 1637–1663. CSR influence financing decisions such as pre/post-2016; examines SOEs vs. CSR; endogeneity issues remain. governance and distress risk; and debt issuance, especially post-
leverage, cost of capital, and institutional non-SOEs. explore causal identification. 2016 and among non-SOEs.
investment?” by testing whether ESG
performance reduces financial constraints and
alters firms’ equity vs. debt financing choices in
China.

2 Farooq, M., Noor, A., & Maqbool, N. (2023). How does corporate Farooq, M. 2023 [Link] RQ1: “Does CSR reduce financial distress risk and System GMM on 117 PSX firms Sample is small and country- Replicate in India with larger CSR is inversely related to financial
social responsibility affect financial distress? The moderating role of improve financial resilience?” and RQ4: “Does (2008–2021) using CSR scores, specific; CSR and governance sample; test heterogeneity by distress; stronger corporate
corporate governance. *Social Responsibility Journal*, 19(8), 1555– corporate governance moderate the relationship Altman Z-score and governance measures could be noisy; firm size/industry; use mandated governance amplifies the negative
1573. between CSR and financial outcomes?” by index. survivorship bias possible. CSR shock. CSR–distress relationship.
examining CSR’s effect on financial distress and
the moderating role of a governance index in
Pakistani firms.

3 Wu, W., Zhang, S., Fan, Y., & Shi, Y. (2024). Financial flexibility, firm Wu, W. 2024 [Link] Partially informs RQ1: “Does CSR reduce Panel regressions on 26,621 U.S. Does not examine CSR; cross- Investigate CSR’s role in financial Financial flexibility reduces financial
performance, and financial distress: A comparative study of China financial distress risk and improve financial and 5,212 Chinese firms (2000– country differences may flexibility in India; consider distress in the U.S.; the effect in China
and the U.S. during pandemics. *International Review of Financial resilience?” by exploring how financial flexibility, 2022); analyses SARS/Covid-19 confound results; limited to governance moderation; use is mixed and depends on market
Analysis*, 96, 103706. not CSR, affects financial distress during periods; tests moderation by pandemics. causal designs. maturity and regulatory interventions.
pandemics in China vs. the U.S. profitability.

4 Rahman, M. J., Zhu, H., & Chen, S. (2023). Does CSR reduce Rahman, M. J. 2023 [Link] RQ1: “Does CSR reduce financial distress risk and Propensity-score matching, 2SLS China-only; CSR measured by one Apply similar moderating analysis CSR reduces financial distress; the
financial distress? Moderating effect of firm characteristics, auditor improve financial resilience?” and RQ3: “Does and GMM on 1,257 Chinese firms database; potential unobserved to Indian firms; explore effect is stronger for non-SOEs, firms
characteristics and Covid-19. *International Journal of Accounting the impact vary by firm size or industry?” by (2011–2021) with CSR scores and confounders; generalizability governance indices; use audited by non-BigN auditors and
& Information Management*, 31(5), 756–784. testing whether CSR lowers financial distress in Z/O/ZM-scores for distress. limited. mandated CSR as instrument. during Covid-19.
Chinese firms and whether the effect varies by
SOE status, auditor type and pandemic periods.

5 Boubaker, S., Cellier, A., Manita, R., & Saeed, A. (2020). Does Boubaker, S. 2020 [Link] RQ1: “Does CSR reduce financial distress risk and Logit/hazard models on 1,201 US-based; older data; different Conduct similar analysis under Higher CSR performance lowers
corporate social responsibility reduce financial distress risk? improve financial resilience?” and RQ4: “Does U.S. firms (1991–2012) using CSR institutional setting; potential India’s mandatory CSR regime; financial distress risk; effect is stronger
*Economic Modelling*, 91, 835–851. corporate governance moderate the relationship ratings and Altman Z-score; measurement error; limited consider cost of capital and for firms with strong governance and
between CSR and financial outcomes?” by includes governance and external validity for India. financing variables. high product-market competition,
assessing whether CSR reduces financial distress competition interactions. especially in non-crisis periods.
risk and whether governance and competition
strengthen the effect using U.S. firms.

6 Oware, K. M., & Botchway, K. D. K. (2022). Exchange and moral Oware, K. M. 2022 [Link] RQ1: “Does CSR reduce financial distress risk and Panel logistic regressions on Focuses only on family-managed Extend to non-family firms and Moral capital in CSR disclosure
capital of CSR disclosure and financial distress likelihood of family- improve financial resilience?” by testing whether 2010–2019 data of Indian family firms; CSR categories may be mandated CSR; examine financing significantly lowers distress likelihood;
management firms: Evidence from India. *Management Research moral and exchange CSR disclosures reduce firms using CSR disclosure scores misclassified; endogeneity outcomes; address self-selection exchange capital has no effect.
Review*, 46(1), 76–101. financial distress among Indian family-managed and Altman Z-score. concerns. via DiD.
firms.

7 Yadav, N. (2024). Corporate social responsibility and financial risk: Yadav, N. 2024 [Link] RQ1: “Does CSR reduce financial distress risk and Panel regressions on Indian firms CSR spending may not capture Incorporate governance CSR spending is negatively associated
Exploring default risk in Indian firms. *Journal of Applied Economic improve financial resilience?” and RQ3: “Does (2016–2022) using CSR spending CSR quality; sample may omit measures and leverage; extend to with default risk; group-affiliated firms
Sciences*, 19(3), 337–349. the impact vary by firm size or industry?” by and distance-to-default unlisted firms; endogeneity other risk metrics and Indian benefit less than standalone firms.
examining whether CSR expenditure lowers measures; controls for firm remains. sectors.
default risk in Indian firms and comparing group- characteristics.
affiliated vs. standalone firms.

8 Chaudhry, N., & Dhawan, P. (2025). CSR and exposure to systemic Chaudhry, N. 2025 [Link] RQ1: “Does CSR reduce financial distress risk and Panel regressions and difference- Forthcoming; systemic risk Investigate governance and firm Higher CSR spending reduces systemic
risk: Building resilience in non-financial firms. *Pacific-Basin Finance improve financial resilience?” by analysing in-differences on Indian non- measures may be noisy; size heterogeneity; assess effect and default risk; the effect persists
Journal* (forthcoming). whether CSR spending reduces systemic risk and financial firms (2012–2021) using identification relies on on financing decisions; refine during crises and is stronger for
default risk in Indian firms across crises. CSR spending and SRISK/default observational data. causal design. mandated firms.
measures.

9 Kumar, S., & Pathak, R. (2025). Compliance to the mandatory CSR Kumar, S. 2025 [Link] RQ2: “Does CSR influence financing decisions Difference-in-differences and Assumes parallel trends; may Examine other financing choices CSR compliance accelerates leverage
regulation and leverage adjustment: A quasi-natural experiment. such as leverage, cost of capital, and institutional target-adjustment models on omit other reforms; sample (equity issuance); test adjustment toward target levels and
*International Review of Economics & Finance*, 85, 103918. investment?” by testing whether compliance Indian firms (2011–2018); excludes unlisted firms. heterogeneity by industry and enhances firm value.
with India’s CSR mandate affects the speed of compares compliant vs. non- governance; use longer horizon.
leverage adjustment and firm value. compliant firms.

10 Prasad, K., Kumar, S., Devji, S., Lim, W. M., Prabhu, N., & Prasad, K. 2022 [Link] RQ2: “Does CSR influence financing decisions Panel fixed-effects regressions on Potential endogeneity; limited to Use quasi-experimental designs; Higher CSR performance decreases
Moodbidri, S. (2022). Corporate social responsibility and cost of such as leverage, cost of capital, and institutional 512 Indian non-financial firms non-financial firms; does not explore industry and size effects; cost of debt but increases cost of
capital: The moderating role of policy intervention. *Research in investment?” and RQ4: “Does corporate (2014–2018) measuring CSR address firm heterogeneity. assess long-run financing equity; mandatory CSR amplifies both
International Business and Finance*, 60, 101620. governance moderate the relationship between performance and costs of capital; outcomes. effects, indicating signalling and
CSR and financial outcomes?” by examining tests interaction with mandate. agency costs.
CSR’s effect on cost of debt and cost of equity
and using mandatory CSR as a moderating policy
intervention.

11 Jadiyappa, N., & Shette, R. (2024). CSR regulation and the working- Jadiyappa, N. 2024 [Link] RQ2: “Does CSR influence financing decisions Panel regressions and DiD on Observational data; possible Extend to long-term financing Mandatory CSR increases cash
capital-management policy. *Global Finance Journal*, 64, 100934. such as leverage, cost of capital, and institutional Indian firms (2011–2018); uses omitted variables; results specific decisions; examine heterogeneity conversion cycle; firms replace trade
investment?” by investigating how India’s CSR cash conversion cycle; analyses to working-capital metrics. by firm size/industry; incorporate credit with cheaper institutional debt,
mandate influences working-capital substitution between trade credit governance. suggesting improved access to
management and access to institutional finance. and institutional debt. institutional finance.

12 Roy, P. P., Rao, S., & Zhu, M. (2022). Mandatory CSR expenditure Roy, P. P. 2022 [Link] RQ2: “Does CSR influence financing decisions Difference-in-differences on Potential confounders; liquidity Assess long-term market effects; Mandated CSR expenditure improves
and stock-market liquidity. *Journal of Corporate Finance*, 77, such as leverage, cost of capital, and institutional Indian firms (2011–2017); uses measures may be volatile; short consider investor composition stock liquidity, particularly for
102158. investment?” and RQ3: “Does the impact vary by liquidity ratios; compares post-mandate window. and governance; extend sample standalone firms, by reducing
firm size or industry?” by assessing whether mandated vs. non-mandated period. information asymmetry and enhancing
mandated CSR spending improves stock market firms and group vs. standalone reputational capital.
liquidity and whether the effect differs by firms.
business-group affiliation.

13 Yadav, N., & Kumar, S. (2025). Mandatory CSR expenditure Yadav, N. 2025 [Link] RQ1: “Does CSR reduce financial distress risk and Event-study and probit models on Rating data may not capture Explore long-term rating CSR compliance boosts credit ratings;
regulation and credit ratings: Evidence from India. *Finance improve financial resilience?” and RQ2: “Does Indian firms (2014–2019) with qualitative changes; potential movements; integrate effect stronger for firms with prior
Research Letters*, 59, 106811. CSR influence financing decisions such as credit-rating transitions; endogeneity; limited years. governance and investor voluntary CSR, indicating rating
leverage, cost of capital, and institutional compares firms that meet vs. miss reactions; consider private credit agencies reward CSR commitment.
investment?” by testing whether compliance CSR spending requirements. data.
with mandated CSR improves credit ratings, a
proxy for financial risk and financing conditions.

14 El Ghoul, S., Guedhami, O., Kwok, C. C. Y., & Mishra, D. R. (2011). El Ghoul, S. 2011 [Link] RQ2: “Does CSR influence financing decisions Cross-sectional regressions on U.S. context limits applicability; Replicate for India and include Firms with better CSR scores have
Does corporate social responsibility affect the cost of capital? such as leverage, cost of capital, and institutional U.S. firms (1992–2007) using CSR only cost of equity studied; early cost of debt; assess mandatory lower cost of equity capital, suggesting
*Journal of Banking & Finance*, 35(9), 2388–2406. investment?” by providing global evidence on ratings and implied cost of equity; period; potential measurement CSR and governance effects. CSR reduces perceived equity risk.
how CSR performance influences the cost of controls for firm characteristics. error.
equity capital.

15 Benlemlih, M., Shaukat, A., Qiu, Y., & Trojanowski, G. (2019). Benlemlih, M. 2019 [Link] RQ1: “Does CSR reduce financial distress risk and Theoretical model plus panel Global sample may mask country Develop India-specific theory; test CSR reduces systematic risk and
Corporate social responsibility and firm risk: Theory and empirical improve financial resilience?” by modelling how regressions on global firms effects; not specific to emerging firm-level default risk and increases firm value, supporting a risk-
evidence. *Management Science*, 65(10), 4451–4481. CSR affects systematic risk and empirically (1991–2013) using CSR scores and markets; systematic risk not financing decisions; integrate mitigation view of CSR.
testing this on global data. market beta; includes firm directly equal to default risk. governance.
controls.
16 Mishra, S., & Suar, D. (2010). Does corporate social responsibility Mishra, S. 2010 [Link] Touches RQ1: “Does CSR reduce financial Survey-based cross-sectional Small sample and self-reported Employ panel data with CSR involvement positively influences
influence firm performance of Indian companies? *Journal of distress risk and improve financial resilience?” regressions on Indian firms circa CSR may cause bias; cross- mandated CSR; study distress risk firm performance, suggesting that
Business Ethics*, 95(4), 571–601. and RQ2: “Does CSR influence financing 2007–2008 using self-reported sectional design limits causal and financing outcomes; include doing good aligns with doing well.
decisions such as leverage, cost of capital, and CSR measures and accounting inference. governance factors.
institutional investment?” by analysing how CSR performance.
orientation relates to financial performance in
Indian companies.

17 Jadiyappa, N., Boregowda, A., & Narayana, V. (2021). Corporate Jadiyappa, N. 2021 [Link] RQ2: “Does CSR influence financing decisions Difference-in-differences on Only cash holdings analysed; Analyse other liquidity measures Mandated CSR leads to higher cash
social responsibility and cash holdings in India: Evidence from a such as leverage, cost of capital, and institutional Indian firms (2010–2016) around short post-mandate period; and leverage; study long-term holdings, indicating firms hold more
natural experiment. *Finance Research Letters*, 39, 101581. investment?” by exploring whether mandated CSR mandate; uses cash holdings potential omitted variables. effects; include governance liquid assets post-regulation.
CSR affects cash holdings and liquidity ratio; firm and year fixed effects. moderating effects.
management of Indian firms.

18 Bansal, M., & Kumar, V. (2021). Forcing responsibility? Examining Bansal, M. 2021 [Link] Relates to RQ2: “Does CSR influence financing Panel regressions and difference- Focuses on earnings management Study how CSR thresholds affect Firms misclassify revenue and engage
earnings management induced by mandatory corporate social decisions such as leverage, cost of capital, and in-differences on Indian firms rather than distress; financing and distress; assess in downward real and accrual earnings
responsibility: Evidence from India. *Review of Accounting and institutional investment?” and RQ3: “Does the (2014–2019); analyses accrual measurement of manipulation corporate governance mitigation; management to avoid mandatory CSR
Finance*, 20(2), 194–216. impact vary by firm size or industry?” by and real earnings management may have error; potential omitted use causal designs. thresholds.
investigating whether firms manage earnings to around CSR thresholds. variables.
stay below CSR spending thresholds and
whether this varies by pre-CSR behaviour.

19 Hickman, L., Spencer, R., & Yao, D. (2021). The effect of voluntary Hickman, L. 2021 [Link] Addresses RQ3: “Does the impact vary by firm Difference-in-differences on Limited to earnings management; Evaluate effect on distress and Voluntary CSR firms engaged in more
and mandatory corporate social responsibility on earnings size or industry?” and RQ4: “Does corporate Indian firms (2010–2018); does not cover financial distress cost of capital; incorporate firm earnings management pre-Act; overall
management: Evidence from India and the 2% rule. *Emerging governance moderate the relationship between compares firms with voluntary or financing decisions; size/industry and governance earnings management declined after
Markets Review*, 48, 100750. CSR and financial outcomes?” by comparing CSR pre-Act to those mandated; identification may not isolate CSR quality; extend sample. the Act but mandate had no additional
earnings management under voluntary vs. analyses accrual and real earnings from other reforms. effect.
mandated CSR and other governance reforms in management.
India.

20 Mateut, S., & Varal, S. (2024). Mandatory CSR spending and stock- Mateut, S. 2024 [Link] Addresses RQ1: “Does CSR reduce financial Difference-in-differences on Working paper; limited peer Validate with final published Mandated CSR spending increases
price crash risk: Evidence from India. SSRN working paper. distress risk and improve financial resilience?” by Indian firms; uses negative review; crash risk measures may version; explore financial distress stock-price crash risk, particularly for
examining whether mandated CSR affects stock- skewness and down-to-up be noisy; sample period and default risk; study financially weak firms and those with
price crash risk and whether ownership volatility as crash-risk measures; unspecified. governance effects and firm size. concentrated ownership.
concentration moderates the effect. compares high vs. low CSR
spenders.

21 Marshall, A., Li, Z., Adams, J., & Ballester, L. (2022). Mandatory Marshall, A. 2022 [Link] Addresses RQ2: “Does CSR influence financing Panel regressions on Indian firms Focuses on foreign investors only; Incorporate domestic institutional CSR compliance attracts more foreign
corporate social responsibility and foreign institutional investor decisions such as leverage, cost of capital, and (2011–2017) using FII holdings; does not capture domestic investors and cost of capital; institutional investment; the effect is
preferences. *Journal of Corporate Finance*, 77, 102261. institutional investment?” and RQ3: “Does the analyses differences by civil-law institutional responses; potential explore governance; extend to stronger for investors from civil-law
impact vary by firm size or industry?” by vs. common-law investors and endogeneity. later years. countries and for long-term investors.
exploring whether CSR compliance attracts investment horizons.
foreign institutional investors and whether
investor type matters.

22 Duggal, A., He, W., & Shaw, W. (2025). Mandatory corporate social Duggal, A. 2025 [Link] Addresses RQ2: “Does CSR influence financing Panel regressions and difference- Family control measure may be Examine cost of equity; consider Mandatory CSR compliance lowers
responsibility spending, family control, and the cost of debt. *The decisions such as leverage, cost of capital, and in-differences on Indian firms coarse; potential endogeneity; governance index; study long- cost of debt; the effect is weaker in
British Accounting Review*, 57(2), 101356. institutional investment?” and RQ3: “Does the (2011–2018); uses interest-rate limited to cost of debt. term debt ratings and distress family-controlled firms and stronger
impact vary by firm size or industry?” by spreads; interacts CSR spending risk. when firms already engaged in CSR.
analysing whether mandated CSR lowers cost of with family control.
debt and how family control moderates this
relationship.

23 Jadiyappa, N., Iyer, V., & Pavana Jyothi, P. T. (2021). Does social Jadiyappa, N. 2021 [Link] Addresses RQ2: “Does CSR influence financing Difference-in-differences on Short time horizon; potential Extend timeframe; examine Mandatory CSR regulations increase
responsibility improve firm value? Evidence from mandatory CSR decisions such as leverage, cost of capital, and Indian firms (2012–2016); uses confounding reforms; limited to accounting performance and risk; firm value for mandated firms,
regulations in India. *International Review of Finance*, 21(2), 471– institutional investment?” and RQ3: “Does the Tobin’s Q; compares mandated market value; no governance incorporate board characteristics suggesting that CSR investments are
492. impact vary by firm size or industry?” by testing vs. exempt firms. analysis. and sectoral differences. valued by the market.
whether mandatory CSR increases firm value
and comparing mandated vs. non-mandated
firms.

24 Tripathi, N. N., & Ahamed, N. (2023). Does mandatory corporate Tripathi, N. N. 2023 [Link] Addresses RQ1: “Does CSR reduce financial Panel fixed-effects regressions on Observational; performance Investigate distress risk, leverage CSR expenditure positively relates to
social responsibility expenditure by businesses help their distress risk and improve financial resilience?” NSE 500 firms (2014–2020); uses measures may be noisy; potential and cost of capital; test accounting performance but
stakeholders? *Corporate Social Responsibility and Environmental and RQ2: “Does CSR influence financing ROA/ROE and Tobin’s Q; includes endogeneity; limited to listed differential effects by industry negatively to market-based
Management*, 30(5), 2033–2050. decisions such as leverage, cost of capital, and board variables. firms. and firm size; use causal methods. performance; board characteristics
institutional investment?” by examining how have mixed moderating effects.
CSR spending affects accounting and market
performance and whether board characteristics
influence the outcomes.

25 Mohammed, S. S., Avabratha, A. B., Chowdhury, S., & Periyasami, Mohammed, S. S. 2025 [Link] Addresses RQ1: “Does CSR reduce financial Panel fixed-effects regressions on No significant effect may stem Expand to distress risk and cost of CSR has no statistically significant
P. (2025). Corporate social responsibility (CSR) and corporate distress risk and improve financial resilience?” 204 firms (2016–2023) using CSR from measurement error; limited capital; use mandated CSR shock; impact on financial performance,
financial performance (CFP): A panel data analysis of BSE 500 and RQ2: “Does CSR influence financing index and ROA/ROE; controls for time span; not focused on examine sectoral heterogeneity. suggesting neutral effects within the
companies in India. *Discover Sustainability*, 6(1), 141. decisions such as leverage, cost of capital, and firm characteristics. distress or financing. study period.
institutional investment?” by assessing whether
CSR scores affect financial performance among
BSE 500 firms.

26 Oware, K. M., Mallikarjunappa, T., & Praveena, A. (2023). CSR Oware, K. M. 2023 [Link] Addresses RQ2: “Does CSR influence financing Panel regressions on Indian Focus on public enterprises limits Extend to private firms and other CSR expenditure facilitates access to
expenditure and debt financing: Do the unspent CSR expenditure decisions such as leverage, cost of capital, and public-sector firms (2014–2019); generalizability; unspent CSR financing metrics; examine debt financing; unspent CSR negatively
and firm age of public sector enterprises in India matter? *Public institutional investment?” and RQ3: “Does the uses debt financing ratio; includes measure may be imprecise; governance; test long-term influences debt access; firm age
Organization Review*, 23(4), 987–1006. impact vary by firm size or industry?” by unspent CSR amount and firm endogeneity possible. effects. positively moderates the CSR–debt
exploring how CSR expenditure affects access to age. relationship.
debt financing for Indian public-sector
enterprises and whether unspent CSR and firm
age moderate the relationship.

27 Yadav, N., & Kumar, S. (2022). Firm’s tax aggressiveness under Yadav, N. 2022 [Link] Addresses RQ1: “Does CSR reduce financial Panel regressions on Indian firms Focuses on tax behaviour rather Study impact on distress and CSR-compliant firms reduce tax
mandatory CSR regime: Evidence after mandatory CSR regulation distress risk and improve financial resilience?” (2014–2018) using effective tax than distress; endogeneity may financing; incorporate aggressiveness due to reputational
of India. *International Review of Finance*, 22(3), 1239–1257. and RQ4: “Does corporate governance moderate rates and CSR spending; uses firm persist; short post-mandate governance indices and sectoral concerns, indicating CSR promotes
the relationship between CSR and financial fixed effects. period. differences; employ causal ethical financial behaviour.
outcomes?” by analysing whether CSR designs.
compliance affects corporate tax aggressiveness,
a risk-related behaviour, and whether
governance or affiliation plays a role.

28 Roy, P. P., Shette, R., & Rao, S. (2020). Mandatory CSR expenditure Roy, P. P. 2020 [Link] Addresses RQ2: “Does CSR influence financing Panel regressions on Indian firms Short sample window; returns Examine long-term abnormal Mandatory CSR spending negatively
and stock return: Evidence from India. *Meditari Accountancy decisions such as leverage, cost of capital, and (2014–2017) using CSR spending may be volatile; potential omitted returns and risk; incorporate affects stock returns, supporting a
Research*, 28(6), 849–879. institutional investment?” by assessing whether as independent variable and stock variables; limited generalizability. governance and investor shareholder-expense view; effect
mandatory CSR spending influences stock returns as dependent; controls composition; test sectoral varies with CSR spending amount.
returns and whether effects differ by spending for firm factors. heterogeneity.
levels.

29 Bansal, M., & Kumar, V. (2018). Does mandatory expenditure on Bansal, M. 2018 No DOI – [Link] Addresses RQ2: “Does CSR influence financing Difference-in-differences and Working paper, not peer- Validate with updated data and Mandatory CSR spending increases
CSR affect firm value? Empirical evidence from Indian firms. EFMA decisions such as leverage, cost of capital, and matching on Indian firms (2012– reviewed; data may be limited; peer-reviewed study; incorporate firm value, indicating positive market
Annual Meeting working paper. institutional investment?” by exploring whether 2016); compares mandated vs. other reforms may confound governance and financing perception of mandated CSR
India’s mandatory CSR spending influences firm exempt firms; uses Tobin’s Q. results. outcomes; assess heterogeneity. investments.
value using a quasi-experimental approach.

30 Nair, A., Sacheendran, R., & Bansal, S. (2019). Corporate social Nair, A. 2019 [Link] Addresses RQ1: “Does CSR reduce financial Panel regressions on Indian firms Financial transparency proxies Assess effect on distress risk and CSR disclosure enhances financial
responsibility disclosure and financial transparency: Evidence from distress risk and improve financial resilience?” (2012–2017) using CSR disclosure may be noisy; limited to cost of capital; explore mandated transparency; effect is stronger when
India. *Pacific-Basin Finance Journal*, 57, 101188. and RQ4: “Does corporate governance moderate scores and measures of financial disclosure, not actual spending; CSR; consider governance quality retail ownership is high and
the relationship between CSR and financial transparency; interacts with retail potential endogeneity. and firm size. insignificant under large institutional
outcomes?” by examining whether CSR vs. institutional ownership. ownership.
disclosure improves financial transparency and
how investor ownership affects the relationship.
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