CSR AND FIRM FINANCIAL PERFORMANCE: MODERATING EFFECT OF OWNERSHIP CONCENTRATION IN THE FRENCH CONTEXT

This study investigated the relationship between Corporate Social Responsibility (CSR) and Financial Performance (FP) and the moderating role of corporate governance. In particular, this paper aims to empirically examine the impact of ownership concentration on the relationship between CSR and financial performance. This study was based on a sample of 200 firms over 2010 /2021. The direct and moderating effects were tested by using multiple regression techniques. The empirical findings indicated that companies with higher levels of CSR reporting invested more effectively than companies with lower CSR reporting levels. The empirical analysis suggested two main findings: CSR has a significant effect on financial performance and this relationship depends on ownership concentration. This research presents new evidence that improves the discussion around CSR involvement and financial performance in French firms. Then, this research shows that ownership concentration positively moderates the impact of CSR on corporate financial performance.