Journal of Governance and Regulation / Volume 13, Issue 1, 2024

THE IMPACT OF RISK DISCLOSURE

ON THE CORPORATE SOCIAL
RESPONSIBILITY OF BANKS
Mahmoud Mahmoud *, Sawsan Ismail **, Safaa Ahmad **,
Firas N. Dahmash **, Ezzat Ghaidan **
* Corresponding author, The Hashemite University, Zarqa, Jordan
Contact details: The Hashemite University, P. O. Box 330127, Zarqa 13133, Jordan
** Accounting Department, Business School, The Hashemite University, Zarqa, Jordan.

Abstract
How to cite this paper: Mahmoud, M., This paper’s objective is to examine how Jordanian banks exposing
Ismail, S., Ahmad, S., Dahmash, F. N., &
risks affects their corporate social responsibility (CSR) (Pham &
Ghaidan, E. (2024). The impact of risk
disclosure on the corporate social Tran, 2020; Abu Qa’dan & Suwaidan, 2019). The primary purpose
responsibility of banks. Journal of of the study is to evaluate how risk disclosure and CSR are related
Governance & Regulation, 13(1), 63–72. in Jordan’s banking industry. For this investigation, information
https://doi.org/10.22495/jgrv13i1art6 was gathered from 23 Jordanian banks that are listed on
Copyright © 2024 The Authors the Amman Stock Exchange (ASE) throughout a ten-year period,
from 2010 to 2019. CSR was utilized as the dependent variable in
This work is licensed under a Creative a regression model that included four independent variables to
Commons Attribution 4.0 International represent the risk disclosure. The investigation included measures
License (CC BY 4.0).
https://creativecommons.org/licenses/by/
to guarantee that the outcomes were unaffected by the age of each
4.0/ bank, its size, leverage, and return on equity (ROE). The study’s
results indicate that there was a positive correlation between the
ISSN Online: 2306-6784 independent variables and CSR. This implies that risk disclosure is
ISSN Print: 2220-9352
a useful strategy for enhancing CSR in the banking sector.
Received: 12.04.2023 The results of this study have significant applications for
Accepted: 10.01.2024 policymakers, future scholars, and bank managers. In order to
comprehend the connection between risk disclosure and CSR in
JEL Classification: M40, M41, M48
different nations and within various industries, the study further
DOI: 10.22495/jgrv13i1art6
emphasizes the significance of further research in this area.

Keywords: Corporate Social Responsibility, Risk Disclosure,

Jordanian Banks

Authors’ individual contribution: Conceptualization — M.M., S.I., S.A.,

F.N.D., and E.G.; Methodology — M.M., S.I., S.A., F.N.D., and E.G.;
Software — M.M., S.I., S.A., F.N.D., and E.G.; Validation — M.M., S.I.,
S.A., F.N.D., and E.G.; Formal Analysis — M.M., S.I., S.A., F.N.D., and
E.G.; Investigation — M.M., S.I., S.A., F.N.D., and E.G.; Resources —
M.M., S.I., S.A., F.N.D., and E.G.; Data Curation — M.M., S.I., S.A.,
F.N.D., and E.G.; Writing — Original Draft — M.M., S.I., S.A., F.N.D.,
and E.G.; Writing — Review & Editing — M.M., S.I., S.A., F.N.D., and
E.G.; Visualization — M.M., S.I., S.A., F.N.D., and E.G.; Supervision —
M.M., S.I., S.A., F.N.D., and E.G.; Project Administration — M.M., S.I.,
S.A., F.N.D., and E.G.; Funding Acquisition — M.M., S.I., S.A., F.N.D.,
and E.G.

Declaration of conflicting interests: The Authors declare that there is no

conflict of interest.

1. INTRODUCTION position of a company based on full and accurate

financial information. In the absence of an annual
A company’s annual report and its financial report, investors would have incomplete information
disclosure is of critical importance for both upon which to base their investment decisions,
a company and its investors. It enables investors to therefore, leaving them more vulnerable to make
make informed decisions about the financial risky or poor investment decisions. A company’s

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 Journal of Governance and Regulation / Volume 13, Issue 1, 2024

reputation can also be affected as a result of other businesses operating in the same sector. This
the transparency of its financial reporting (Al Shbail, facilitates investors being able to identify companies
Salleh, et al., 2023; Taha et al., 2023; Ting, 2021; that are performing well and those that may be
Wichianrak et al., 2022; Yu & Bondi, 2019; Zubeltzu‐ experiencing difficulties (Sbaih et al., 2023; Taha
Jaka et al., 2020). A company is able to build trust et al., 2023). This information can also help to
with its investors and stakeholders by ensuring that highlight trends and patterns within the industry
it provides accurate and comprehensive financial that can assist investors with making informed
information; this is vital if a company wishes to have decisions regarding where to invest their money
long-term success as it encourages investment and (Peterson & Jeong, 2010; Sardo & Serrasqueiro,
support (Roberts, 1992; Santana et al., 2020; Sbaih 2017). In addition, financial disclosure in the annual
et al., 2023; Al Shbail, Alshurafat, et al., 2023). report is important with regard to regulation.
Corporate social responsibility (CSR) is where It helps regulators to ensure that companies are
a company takes responsibility for any acts or adhering to correct accounting practices and that
decisions that it takes that result in any social or any financial information they are providing is
environmental impact. CSR involves a company accurate and reliable. Regulators also use this
taking responsibility for its actions and making information to identify potential fraud or other
improvements that benefit society as a whole financial misconduct (Ananzeh, Alshurafat, Bugshan,
(Padilla-Lozano & Collazzo, 2022). CSR has become et al., 2022; Ananzeh, Alshurafat, & Hussainey, 2022;
of increased importance as both consumers and Dahmash et al., 2021; Peterson & Jeong, 2010; Sardo
investors are now more socially and environmentally & Serrasqueiro, 2017).
responsible (Odat et al., 2021; Pham & Tran, 2020; Finally, financial disclosure in the annual report
Pistoni et al., 2018; Pucheta‐Martínez & Gallego- is important for the purpose of company
Álvarez, 2019; Abu Qa’dan & Suwaidan, 2019). management. It provides managers with clarity
The mandatory or voluntary nature of regarding a company’s financial performance and
disclosure in the banking sector is a fundamental allows them to identify areas where improvements
characteristic that determines whether information can be made (Matar & Eneizan, 2018; Mattera et al.,
is provided by legal requirement or voluntarily by 2021). This information can thereafter be used in
banks (Pham & Tran, 2020; Pistoni et al., 2018; order to generate strategic decisions about
Pucheta‐Martínez & Gallego‐Álvarez, 2019). the company’s future direction and help ensure its
Mandatory disclosure ensures compliance and long-term success (Maharani & Faisal, 2019).
minimum transparency, while voluntary disclosure In conclusion, financial disclosure in the annual
allows banks to go beyond legal requirements, report is crucial for both companies and investors
showcase their strengths and values, and build trust (Hazaima et al., 2017). It provides investors with
with stakeholders. Both forms of disclosure play the information they need to make informed
a crucial role in promoting transparency, decisions, allows for transparency and builds trust.
accountability, and informed decision-making in Additionally, it allows for the performance of
the banking sector. various organizations to be compared by investors,
Importantly, CSR can help to improve and it assists regulators in ensuring correct
a company’s reputation and enable it to build trust accounting procedures, preventing fraud and
with its consumers and stakeholders (Bonuedi et al., wrongdoing (Alshurafat, Ananzeh, et al., 2023;
2020). When a company takes action to address any El Khoury et al., 2023; Galant & Cadez, 2017).
social or environmental issues, it can give The company’s management can discover areas for
the positive impression that it cares as much about improvement thanks to financial disclosure, which
these issues as its profit margins (Haloush et al., also helps it make strategic decisions (Alam et al.,
2021; Jaradat et al., 2022; Nekhili et al., 2017). This 2018; Desoky, 2020).
positive impression can result in the company CSR helps employers recruit and keep talent.
benefitting from an increase in both customer When considering a potential work opportunity,
loyalty and investor support, thereby resulting in an many individuals take other factors into account in
increase in profits and financial performance. This addition to pay (Alshurafat, Al-Mawali, et al., 2023;
paper intends to examine the impact of risk Ting, 2021; Wichianrak et al., 2022; Yu & Bondi,
disclosure on corporate social responsibility within 2019; Zubeltzu-Jaka et al., 2020). Many people are
the banking sector (Naseem et al., 2017). equally interested in working for a company whose
This paper has a number of components that values align with their own and which is making
make up its structure. The literature relating to a beneficial contribution to the world. By making
the subject matter of the paper is analyzed in CSR a higher priority, a company is likely to attract
Section 2. The methodologies used in the research and retain employees who are interested in making
are described in Section 3. Section 4 presents a difference in the world (Alshurafat, Alaqrabawi,
the data analysis and findings as well as et al., 2023; Dahmash et al., 2023; Stahl et al., 2020).
the significance of the results and their relation to CSR can also help to reduce an organization’s impact
existing literature are addressed. At last, the study’s on the environment, as well as improve its energy
conclusion is presented in Section 5. efficiency. Reducing its energy usage will lead to
an organization saving money. It can also reduce
2. LITERATURE REVIEW AND HYPOTHESES the likelihood of a company receiving onerous
DEVELOPMENT regulatory fines and penalties as well as help to
protect the environment and promote sustainable
development (Santana et al., 2020).
2.1. Hypotheses development
CSR also helps to address issues within society
and contributes to more sustainable development,
The financial data provided in the annual report
therefore, benefitting an organization and creating
allows investors to contrast the performance of

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a more stable and financially successful society, market risk, including value at risk (VaR), stress
providing additional opportunities for companies to testing and scenario analysis (Hang & Huy, 2021;
do business (Alshurafat, 2022; Alshurafat et al., Nur Probohudono et al., 2013).
2022; Pucheta‐Martínez & Gallego‐Álvarez, 2019; Operational risk is a further risk that banks are
Abu Qa’dan & Suwaidan, 2019; Roberts, 1992). CSR exposed to. This is the risk of suffering a loss as
also helps to mitigate against potential risks and a result of weak or unsuccessful internal procedures,
future business challenges that relate to issues controls, human errors, or outside circumstances.
within society. Many organizations undertake CSR Operational risk contains any risk as a result of
activities, for example, by carrying out voluntary fraud, cyber-attacks, natural disasters, and issues of
work, donating money to charity and investing in regulatory compliance. Banks must manage
community development programs. These actions operational risk by implementing strong internal
can all have a positive impact and contribute to controls, disaster recovery plans, and regular audits
creating stronger and more resilient communities that are effective in identifying and addressing any
(Al-Hazaima et al., 2022; Al Shbeil et al., 2023; potential vulnerabilities in the organization (Dai
Alaqrabawi & Alshurafat, 2021; Nekhili et al., 2017; et al., 2019; Hang & Huy, 2021; Nur Probohudono
Padilla-Lozano & Collazzo, 2022; Pistoni et al., 2018; et al., 2013).
Nur Probohudono et al., 2013). Interest rate risk is an additional risk that
In conclusion, CSR has become increasingly banks are exposed to. This is the risk that a bank’s
important in a world where consumers and investors financial performance may be adversely influencing
have become more socially and environmentally modifications in national and international interest
responsible ( Al Shbail, Alshurafat, Ananzeh, & rates. Banks are exposed to interest rate risk
Al-Msiedeen, 2022; Al Shbail, Alshurafat, Ananzeh, & because the interest rate applicable to their assets
Bani-Khalid, 2022; Al Shbail et al., 2021; Malik et al., (loans) and liabilities (deposits) is often different.
2021; Matuszak et al., 2019; Mulyadi & Anwar, 2012; Therefore, when interest rates rise, the value of
Naseem et al., 2017). It can help to improve a bank’s assets may decrease, while the value of its
an organization’s reputation, build trust with its liabilities may increase. Banks must manage interest
consumers and other stakeholders, attract and rate risk by paying close attention to interest rate
retain employees, reduce any environmental impact, trends, adjusting their lending and investment
address issues within society, contribute to strategies, and balancing their exposure to interest
sustainable development, benefit the community rate fluctuations (Dai et al., 2019; Hang & Huy, 2021).
and society in general, and mitigate potential Liquidity risk is a further risk that banks are
business risks and challenges (Suileek & Alshurafat, exposed to. This is the risk that a bank’s potential
2023; Ibrahim & Hanefah, 2016; Khan et al., 2013; inability to pay its financial commitments when they
Amoako & Dartey-Baah, 2020; Lindgreen & Swaen, become due. This situation can occur if a bank has
2010; Liu & Zhang, 2017; Al Shbail, Alshurafat, insufficient cash on hand (or other financial assets)
Ananzeh, & Bani-Khalid, 2022). to cover its immediate financial responsibilities.
Banks are exposed to specific risks that can Banks must manage liquidity risk by ensuring that
have a substantial impact on their financial they have sufficient levels of cash (and other liquid
performance and stability (Nur Probohudono et al., assets), monitoring their sources of funding,
2013; Ryu, 2018). These risks can be classified as regularly reviewing their use of funding, and
credit risk and market risk. ensuring that they implement effective contingency
Credit risk is where there is a risk of loss as plans (Hang & Huy, 2021; Ryu, 2018).
a consequence of a borrower’s failure to make In conclusion, several kinds of risk are
repayments towards a loan or other financial presented by banks that can have a significant
obligation. Banks are exposed to credit risk through impact on their financial performance and stability.
loans, leases, and other financial products they These risks include: 1) credit risk, 2) market risk,
provide, specifically: 1) mortgages, 2) personal loans, 3) operational risk, 4) interest rate risk, and
3) credit card loans, and 4) business loans. Banks 5) liquidity risk. It is important for banks to carefully
must be prudent at balancing credit risk by carefully manage these risks by evaluating and monitoring
assessing whether a borrower is creditworthy, them, implementing strong internal controls and
setting sensible and affordable credit limits for contingency plans, and adjusting their strategies to
borrowers, and regularly checking the situation minimize the influence of the risks on their financial
regarding borrowers with personal or business loans performance whenever possible (Dai et al., 2019;
for any signs that the debt is becoming Hang & Huy, 2021; Ryu, 2018). These arguments
unmanageable. Banks use various methods to above have led to the formulation of the following
measure credit risks, including: credit scoring, credit hypotheses:
rating, and credit monitoring (Nur Probohudono H1: There is a positive relationship between
et al., 2013). the disclosure of credit risk and CSR.
Market risk is the risk of loss that results from H2: There is a positive relationship between
variations in the value of a bank’s investments, the disclosure of interest rate risk and CSR.
including; stocks, bonds, and derivatives. A bank’s H3: There is a positive relationship between
trading activities can also expose it to market risk. the disclosure of liquidity risk and CSR.
These activities can include the buying and selling of H4: There is a positive relationship between
securities and currencies (Hang & Huy, 2021). Banks the disclosure of operational risk and CSR.
must ensure that they effectively manage market
risk by monitoring their investment portfolios and 2.2. Stakeholders’ theory
making any changes that are necessary to avoid, or
minimize any adverse impacts from market The stakeholders theory is a principle found in
fluctuations. Banks use various methods to measure business ethics and corporate governance that

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proposes that a company has a responsibility to, not and 2019. To ensure the accuracy and dependability
only its shareholders, but to all of its stakeholders, of the research findings, strict standards were
including customers, employees, suppliers, and applied to the sample selection. This included
the wider community (Roberts, 1992; Stahl et al., the requirement that the annual reports produced by
2020). According to this theory, a company’s success each bank be publicly available on the Amman Stock
is not confined to just its financial performance, but Exchange (ASE) and that the banks had been
also by its overall impact on all of its stakeholders. consistently traded on the exchange for at least ten
This means that a company should consider years. Based upon these criteria, a sample of
the needs and interests of all of its stakeholders 23 Jordanian banks listed on the ASE were chosen as
when making decisions and not merely focus on the subjects of the study.
maximizing profits for its shareholders. This By examining the interplay between risk
approach is supported by the idea that companies exposure, risk disclosure practices, and CSR
are not just economic entities but also social and initiatives, we can potentially uncover additional
political ones. On this basis, organizations should insights into how banks’ risk management strategies
consider the social and environmental impact of any may impact their commitment to social
decision-making (Peltier-Rivest & Pacini, 2019; responsibility. This multi-dimensional approach
Roberts, 1992). would allow for a more robust and holistic
The stakeholders theory promotes interpretation of the research findings.
a sustainable and responsible approach to business.
By considering the requirements and wishes of all its 3.1. Variables measurement
stakeholders, an organization can ensure that it is
not merely focused on its shareholders receiving This paper focuses on analyzing corporate social
short-term financial gain, but is also positively and responsibility (CSR) as the dependent variable. There
successfully contributing to a positive impact on are various methods that can be adopted in order to
society and the environment. This approach can evaluate corporate social responsibility, such as
result in long-term success for the organization and using content analysis, surveys, reputation
its stakeholders (Clarkson, 1995; Mi et al., 2018). indicators, and one-dimensional indicators
In support of this theory, Barghathi et al. (2017) (Alshurafat et al., 2023). In carrying out
argue that, by considering the needs of all the investigation, corporate social responsibility was
stakeholders, an organization can create a stable assessed using three dimensions: environmental,
and supportive environment for its operations that economic, and social. It was evaluated by using
can result in increased profits. 22 items. A dichotomous method was selected
By adopting the stakeholders theory, whereby a sustainable item was marked as 1 if it was
an organization can help to improve its reputation disclosed and 0 if it was not. To provide clarity,
and build trust with its stakeholders. a corporate social responsibility index for each bank
By demonstrating that it is committed to addressing is calculated by a specific method.
the needs and interests of all its stakeholders, it can
create a positive reputation, which can result in 𝑑𝑗
attracting additional customers, employees, and 𝐶𝑆𝑅 = ∑ (1)
𝑛
investors to the organization. In the long-term, this 𝑗=1
can result in an increase in profits and increased
success (Al-Hazaima et al., 2021; Barghathi, 2019). where, 𝑑𝑗 = 1 if item j is disclosed, or 0 if not, and n
is the maximum number of items, being 22 items.
3. RESEARCH METHODOLOGY The index is calculated on a yearly base.

To collect data on risk disclosure practices and CSR 3.2. Independent variables
activities, there are several methods to consider. One
option is to create surveys or questionnaires aimed This research uses a dichotomous method to
at bank executives, employees, or other stakeholders measure risk disclosure, where each item was
to gather quantitative data. This can reveal marked as 1 if it was disclosed, and 0 if it was not.
correlations and trends between the two areas Four types of risk were evaluated in this study:
(Cobanoglu & Cobanoglu, 2003). Another approach 1. Credit risk (CR): The probability that
is to choose a few banks and conduct case studies to a borrower will default on their loan or other credit
analyze their practices and initiatives in depth. This obligations.
qualitative approach can provide insights into their 2. Interest rate risk (IRR): The risk that
motivations, challenges, and outcomes. Interviews or fluctuations in interest rates will have an impact on
focus groups with key stakeholders, such as bank a bank’s profits and capital.
executives, regulators, investors, and CSR experts, 3. Liquidity risk (LR): The risk that a bank will
can also offer nuanced perspectives and insights not be able to fulfill its financial obligations when
that quantitative data might miss (Silverman, 2015). they fall due.
Finally, regression analysis can be used to assess the 4. Operational risk (OR): The risk of suffering
relationship between variables, such as the level of a loss as a result of weak or unsuccessful internal
risk disclosure and the extent of CSR efforts, in procedures, controls, human errors, or outside
order to identify statistically significant connections. circumstances. To provide clarity, a risk disclosure
The objective of this paper is to inquire into index for each bank is calculated by a specific
the connection between risk disclosure and method.
corporate social responsibility within Jordanian To clarify, each bank’s risk disclosure index
banks. To achieve this objective, a sample of was calculated in the following way:
23 Jordanian banks were selected between 2010

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 Journal of Governance and Regulation / Volume 13, Issue 1, 2024

𝑑𝑗 3.4. Regression model

𝐶𝑅 = ∑ (2)
𝑛
𝑗=1
The regression model that was employed to test
the study’s assumptions was as follows:
𝑑𝑗
𝐼𝑅𝑅 = ∑ (3)
𝑛 𝑆𝑢𝑠𝑡𝑎𝑖𝑛𝑎𝑏𝑖𝑙𝑖𝑡𝑦𝑖𝑡 = 𝛼 + 𝛽1 𝐶𝑅𝑖𝑡 + 𝛽2 𝐼𝑅𝑅𝑖𝑡 +
𝑗=1
𝛽3 𝐿𝑅𝑖𝑡 + 𝛽4 𝑂𝑅𝑖𝑡 + 𝛽5 𝐵𝐴𝐺𝐸𝑖𝑡 + 𝛽6 𝐵𝑆𝐼𝑍𝐸𝑖𝑡 + (6)
𝑑𝑗 𝛽7 𝐿𝐸𝑉𝑖𝑡 + 𝛽8 𝑅𝑂𝐸𝑖𝑡 + ɛ
𝐿𝑅 = ∑ (4)
𝑛
𝑗=1 where, CR is the credit risk, IRR stands for
the interest rate risk, LR is liquidity, OR is
𝑑𝑗 the operational risk, BAGE measures how long each
𝑂𝑅 = ∑ (5)
𝑛 bank has been in business (in years), BSIZE measures
𝑗=1 the asset worth of each bank that is expressed as
a logarithm, LEV (leverage) is total debt divided by
where, 𝑑𝑗 = 1 if item j is disclosed, or 0 if not, and n total asset value, finally, net income divided by
is the maximum number of items: 6 for CR, 4 for equity value is referred to as ROE.
IRR, 8 for LR, and 5 for OR. The indexes are
calculated on a yearly base. 4. DATA ANALYSIS AND EMPIRICAL RESULTS
3.3. Control variables 4.1. Descriptive statistics and CSR disclosure level
The investigation studied four control variables in Table 1 illustrates the statistics obtained further to
order to gain a deeper understanding of the variables that were included in the study.
the relationship between the dependent variable and The average level of corporate social responsibility
the independent variables. The first control variable disclosure among Jordanian banks is found to be
is the size of the bank (BSIZE), which was calculated low, at 0.22. This result indicates that there is a need
by considering the logarithm of each bank’s total to improve corporate social responsibility among
asset value in the Jordanian dinar (JOD). The second the Jordanian banks that were the subject of this
variable was the age of the bank (BAGE), calculated research. Additionally, the results reveal that credit
from the date that each bank was established, until risk is the most commonly reported area of risk,
the date of the study. By comparing total debts to with a value of 0.25, while liquidity risk was the least
total assets, leverage (LEV) was calculated. The last reported, with a value of 0.15. This illustrates that,
variable was the return on equity (ROE), determined on average, banks are not dedicating adequate time
by dividing net income by total equity (Suileek & and focus to matters relating to liquidity risk.
Alshurafat, 2023; Ananzeh, Alshurafat, Bugshan,
et al., 2022; Dahmash et al., 2021).

Table 1. Descriptive statistics and statistical distribution analysis

Variables Obs. Mean Std. dev Distribution analysis

Independent variables
CSR level 230 0.22 0.134 1.96 (Normal)
LR level 230 0.15 0.264 0.78 (Skewed)
IRR level 230 0.17 0.187 2.21 (Normal)
CR level 230 0.25 0.221 1.14 (Skewed)
OR level 230 0.157 0.352 1.88 (Normal)
Control variables
BSIZE 230 14,329,000.00 JOD 2,330,000.00 JOD -
ROE 230 0.662 7.927 1.23 (Normal)
LEV 230 37.2 24.079 -
BAGE 230 26.15 16.866 -

Table 1 displays significant variations in values, suggesting that there is no multicollinearity

the control variables. According to the descriptive among the independent variables.
statistics, the average size of each bank (BSIZE) is
14,329,000, the return on equity (ROE) has Table 2. Multicollinearity analysis
an average value of 0.662, the leverage (LEV) is 37.2,
and the average age of the banks (BAGE) is 26.15. Variables Variance inflation factor (VIF)
CSR level 1.689
LR level 1.570
4.2. Multicollinearity analysis IRR level 1.354
CR level 1.283
Table 2 illustrates the use of the variance inflation OR level 1.799
factor (VIF) method to Identify and assess any BSIZE 1.268
multicollinearity between the independent variables. ROE 1.649
With reference to Dahmash et al. (2021), when BAGE 1.566
the VIF value is less than 10, multicollinearity is not
an issue. The results presented in Table 2
demonstrate that this rule is observed across all

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4.3. Empirical analysis and discussion a correlation among CSR and credit risk in Jordanian
banks. The findings of the simple linear regression
We conducted a simple linear regression analysis to analysis that was conducted to examine this
assess our hypotheses, and the outcomes are hypothesis are displayed in Table 3.
outlined below. The initial hypothesis proposes

Table 3. Simple linear regression analysis results (credit risk and CSR)

Dependent ANOVA Coefficients

R R2 Adjusted R2
variable F Sig. F* B β T Sig. T*
CSR 0.745 0.631 0.629 284.350 0.000 0.872 0.798 20.034 0.000
Note: * At the significance level, the impact is statistically significant (α ≤ 0.05).

Table 3 indicates that there is a substantial values of the dependent variable. Furthermore,
positive association between credit risk and CSR in Table 3 indicates that the model is statistically
the Jordanian banks investigated. This is evidenced significant, with an F-value of 284.350 and a p-value
by a correlation coefficient of 0.745 and a coefficient of 0.000 (α ≤ 0.05), supporting the acceptance of
of determination (R2) of 0.631, which indicates that the H1.
63.1% of the changes in corporate social Regarding the H2, it proposes that a connection
responsibility within these banks are due to credit exists between interest rate risk and CSR within
risk. The adjusted coefficient of determination Jordanian banks. Table 4 presents the findings of
(Adj. R2) is only slightly lower than the coefficient of a simple linear regression analysis that tested this
determination at 0.629, demonstrating that hypothesis.
the model is capable of accurately predicting the

Table 4. Simple linear regression analysis results (interest rate risk and CSR)

Dependent ANOVA Coefficients

R R2 Adjusted R2
variable F Sig. F* B β T Sig. T*
CSR 0.738 0.614 0.611 198.684 0.000 0.796 0.647 16.154 0.000
Note: * At the significance level, the impact is statistically significant (α ≤ 0.05).

Table 4 displays that a robust positive that the model is capable of accurately predicting
correlation exists between interest rate risk and CSR the values of the dependent variable. Moreover,
within the Jordanian banks that were studied in this Table 4 reveals the model’s significance, with
research. This is supported by a correlation an F-value of 198.684 and a p-value of 0.000
coefficient of 0.738 and a coefficient of (α ≤ 0.05), supporting the acceptance of the second
determination of 0.614, showing that 61.4% of hypothesis.
the changes in corporate social responsibility within The H3 proposes a correlation between liquidity
these banks are due to the interest rate risk variable. risk and CSR within Jordanian banks. Table 5
The adjusted coefficient of determination (Adj. R2) is appears the outcomes of a simple linear regression
0.611, which is slightly lower than the coefficient of analysis conducted to test this hypothesis.
determination (a difference of 0.003), demonstrating

Table 5. Simple linear regression analysis results (liquidity risk and CSR)

Dependent ANOVA Coefficients

R R2 Adjusted R2
variable F Sig. F* B β T Sig. T*
CSR 0.759 0.662 0.659 221.031 0.000 0.812 0.673 19.648 0.000
Note: * At the significance level, the impact is statistically significant (α ≤ 0.05).

Table 5 reveals that there exists a strong the coefficient of determination (a difference of
positive association between liquidity risk and CSR 0.003), demonstrating that the model is capable of
among the banks included in the study. This is accurately predicting the values of the dependent
demonstrated by a correlation coefficient of 0.759 variable. Furthermore, the table indicates that
and a coefficient of determination of 0.662, which the model is statistically significant, with an F-value
implies that liquidity risk accounts for 66.2% of of 221.031 and a p-value of 0.000 (α ≤ 0.05), thus
the changes in corporate social responsibility within supporting the acceptance of the H3.
the banks. The adjusted coefficient of determination
(Adj. R2) is 0.659, which is slightly lower than

Table 6. Simple linear regression analysis results (operational risk)

Dependent ANOVA Coefficients

R R2 Adjusted R2
variable F Sig. F* B β T Sig. T*
CSR 0.698 0.578 0.576 184.236 0.000 0.647 0.591 13.542 0.000
Note: * At the significance level, the impact is statistically significant (α ≤ 0.05).

Table 6 displays a strong positive correlation the correlation coefficient of 0.698 and
between operational risk and CSR in the Jordanian the coefficient of determination of 0.578, indicating
banks examined in this study. This is evident from that 57.8% of the changes in corporate social

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responsibility can be explained by operational risk. the wide-ranging impact of risk disclosure on both
The adjusted coefficient of determination (Adj. R2) is internal and external factors affecting banks.
0.576, which is slightly lower than the coefficient of Based on the compelling evidence presented in
determination (a difference of 0.002), demonstrating this study, it is recommended that banks in Jordan
that the model is capable of accurately predicting and the broader banking industry focus more on
the values of the dependent variable. Furthermore, improving their risk disclosure practices that are
the table highlights the significance of the model, specifically linked to CSR. Additionally, there is
with an F-value of 184.236 and a p-value of 0.000 a suggestion for an expanded role for risk disclosure
(α ≤ 0.05), supporting the acceptance of the H4. within the banking sector to promote a more
comprehensive integration of risk awareness and
5. CONCLUSION mitigation with socially responsible practices.
However, this study acknowledges a limitation
The objective of this research was to investigate in that while risk disclosure is important, it may not
the link between risk disclosure and CSR within be the sole factor determining the level of CSR
Jordanian banks. To achieve this goal, data spanning engagement. The study suggests that the level of
a decade from 23 banks listed on the ASE was risk exposure may be a more pertinent variable in
carefully collected and analyzed using regression this regard. Future research could explore
modeling and content analysis techniques. the relationship between risk exposure and CSR to
The results of the study indicated a strong and further enhance our understanding of socially
positive correlation between the extent of risk responsible practices in the banking sector.
disclosure and the level of CSR initiatives practiced In summary, this study confirms the positive
by the banks under investigation. This conclusion is correlation between risk disclosure and CSR in
consistent with previous studies carried out, the context of Jordanian banks. Its findings offer
including, Nur Probohudono et al. (2013), Roberts strategic insights for banks to enhance their CSR
(1992), and Dai et al. (2019), that suggested that risk efforts through improved risk disclosure practices.
disclosure enhanced corporate social responsibility While recognizing its limitations, this study provides
and encompassed all internal and external factors a basis for future research to explore the role of risk
that impacted upon the operations carried out by exposure in influencing CSR, thus contributing to
banks. These previous studies emphasized the academic discourse on socially responsible
practices in the banking sector.

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