Corporate Social Responsibility Funding and Its Impact on India’s Sustainable Development: Using the Poverty Score as a Moderator
Abstract
:1. Introduction
2. Review of Literature and Hypothesis Development
2.1. CSR and Sustainable Development (SD)
2.2. CSR and Education
2.3. CSR and Environment
3. Data and Research Methodology
3.1. Data
3.2. Methodology
3.3. Variables
4. Results
4.1. Statistics Summary
4.2. Multicollinearity and Endogeneity
4.3. Results of Regression Analysis
4.4. Robustness Check
5. Discussion
5.1. Hypothesis Validation and Comparison with Previous Studies
5.2. Contribution and Implications
6. Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
References
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SN | Variable | Type | Definition | Source |
---|---|---|---|---|
1 | SDG_Ind | DV | The Sustainable Development Goals (SDG India) aims to thoroughly evaluate the nation’s social, economic, and environmental problems, as well as those of its states and union territories (UTs). | NITI Aayog (2018) |
2 | T_CSR | IV | According to the CSR policy, each company that must follow CSR standards must invest 2% of its average net earnings over the preceding three years. This CSR effort will assist India in achieving its sustainable development goals through public–private partnerships. This study uses the overall CSR amount spent on sustainable development as an explanatory variable. | (Mishra 2021; Moon 2007). |
3 | CSR_edu | IV | CSR amount spent on education is used as an explanatory variable. | (Mishra 2021; Moon 2007). |
4 | CSR_Env | IV | CSR spent on the environment is used as an explanatory variable. | (Mishra 2021; Moon 2007). |
5 | IND_PS | MV | In this study, the India poverty score is employed as a moderator. | (SOUTHTRIPURA DISTRICT 2006; Yadav 2018). |
6 | RP | CV | Numbers of rural populations in Indian states are used in this study as a control variable. | Rural Population (n.d.) |
Variables | Mean | SD | Min | Max |
---|---|---|---|---|
SDG_Ind | 64.30645 | 6.173797 | 50 | 75 |
T_CSR | 385.4104 | 610.6643 | 0.11 | 3336.14 |
CSR_edu | 167.272 | 291.4414 | 0 | 1611.6 |
CSR_Env | 31.56145 | 49.97927 | 0 | 283.11 |
IND_PS | 48.6504 | 20.66298 | 0.71 | 76 |
RP | 3.0207 | 3.6007 | 252,204 | 1.7008 |
Variables | T_CSR | CSR_edu | CSR_Env | dT_CSR | dCSR_edu | dCSR_Env | dIND_PS | i_dCSR_dIND_PS | i_dCSR_edu_dIND_PS | i_dT_CSR_Env_dIND_PS | ln_RP |
---|---|---|---|---|---|---|---|---|---|---|---|
T_CSR | 1.0000 | ||||||||||
CSR_edu | 0.9889 * | 1.0000 | |||||||||
CSR_Env | 0.8193 * | 0.7946 * | 1.0000 | ||||||||
dT_CSR | 1.0000 * | 0.9889 * | 0.8193 * | 1.0000 | |||||||
dCSR_edu | 0.9889 * | 1.0000 * | 0.7946 * | 0.9889 * | 1.0000 | ||||||
dCSR_Env | 0.8193 * | 0.7946 * | 1.0000 * | 0.8193 * | 0.7946 * | 1.0000 | |||||
dIND_PS | −0.0492 | −0.0287 | −0.0234 | −0.0492 | −0.0287 | −0.0287 | 1.0000 | ||||
i_dT_CSR_dIND_PS | −0.1404 | −0.1423 | −0.0447 | −0.1404 | −0.1423 | −0.0447 | 0.0170 | 1.0000 | |||
i_dCSR_edu_dIND_PS | −0.1461 | −0.1518 | −0.0357 | −0.1461 | −0.1518 | −0.0357 | −0.0051 | 0.9887 * | 1.0000 | ||
i_dCSR_Env_dIND_PS | −0.0478 | −0.0371 | 0.0304 | −0.0478 | −0.0371 | 0.0304 | 0.0029 | 0.8785 * | 0.8357 * | 1.0000 | |
ln_RP | 0.4896 * | 0.4509 * | 0.4864 * | 0.4896 * | 0.4509 * | 0.4864 * | −0.0239 | −0.0057 | 0.0045 | 0.0146 | 1.0000 |
.DV: SDG_Ind | ||||||
---|---|---|---|---|---|---|
T_CSR | CSR_edu | CSR_Env | i_dCSR_dIND_PS | i_dCSR_edu_dIND_PS | i_dT_CSR_Env_dIND_PS | |
Durbin Chi-2 | 8.08514 * | 6.30402 * | 5.45476 * | 0.835575 | 0.709013 | 0.306135 |
(0.0045) | (0.0120) | (0.0195) | (0.3607) | (0.3998) | (0.5801) | |
Wu-Hausman Test | 8.40299 * | 6.44144 * | 5.52924 * | 0.796756 | 0.675306 | 0.290529 |
(0.0045) | (0.0126) | (0.0205) | (0.3741) | (0.4131) | (0.5910) |
DV: SDG_Ind | Model 1 (Base_Model_1) | Model 2 (Base_Model_2) | Model 3 (Base_Model_3) | Model 4 (Interaction_1) | Model 5 (Interaction_2) | Model 6 (Interaction_3) |
---|---|---|---|---|---|---|
Coeff. | Coeff. | Coeff. | Coeff. | Coeff. | Coeff. | |
SDG_Ind log 1 | 0.132 * | 0.136 * | 0.206 * | 0.167 * | 0.173 * | 0.236 * |
T_CSR | 0.003 * | |||||
CSR_edu | 0.007 * | |||||
CSR_Env | 0.058 * | |||||
dT_CSR | 0.004 * | |||||
dCSR_edu | 0.007 * | |||||
dCSR_Env | 0.059 * | |||||
dIND_PS | 0.108 * | 0.112 *** | 0.112 *** | |||
i_dCSR_dIND_PS | 0.000 *** | |||||
i_dCSR_edu_dIND_PS | 0.000 * | |||||
i_dCSR_Env_dIND_PS | 0.083 | |||||
ln_RP | −1.433 * | −1.303 * | −1.630 * | −1.436 * | −1.318 * | −1.611 * |
Cons. | 77.669 * | 75.597 * | 75.744 * | 77.002 * | 74.649 * | 75.384 * |
Sragan Test | 121.1437 | 120.5826 | 109.3801 | 120.2162 | 0.0508 | 109.1444 |
AR (1) | −1.7949 | −1.7962 | −1.8336 | −1.868 | −1.8716 | −1.843 |
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Gautam, R.S.; Bhimavarapu, V.M.; Rastogi, S.; Kappal, J.M.; Patole, H.; Pushp, A. Corporate Social Responsibility Funding and Its Impact on India’s Sustainable Development: Using the Poverty Score as a Moderator. J. Risk Financial Manag. 2023, 16, 90. https://doi.org/10.3390/jrfm16020090
Gautam RS, Bhimavarapu VM, Rastogi S, Kappal JM, Patole H, Pushp A. Corporate Social Responsibility Funding and Its Impact on India’s Sustainable Development: Using the Poverty Score as a Moderator. Journal of Risk and Financial Management. 2023; 16(2):90. https://doi.org/10.3390/jrfm16020090
Chicago/Turabian StyleGautam, Rahul Singh, Venkata Mrudula Bhimavarapu, Shailesh Rastogi, Jyoti Mehndiratta Kappal, Hitesh Patole, and Aman Pushp. 2023. "Corporate Social Responsibility Funding and Its Impact on India’s Sustainable Development: Using the Poverty Score as a Moderator" Journal of Risk and Financial Management 16, no. 2: 90. https://doi.org/10.3390/jrfm16020090
APA StyleGautam, R. S., Bhimavarapu, V. M., Rastogi, S., Kappal, J. M., Patole, H., & Pushp, A. (2023). Corporate Social Responsibility Funding and Its Impact on India’s Sustainable Development: Using the Poverty Score as a Moderator. Journal of Risk and Financial Management, 16(2), 90. https://doi.org/10.3390/jrfm16020090