Corporate Social and Financial Performance: The Role of Firm Life Cycle in Business Groups

Drawing on agency theory concerning corporate social responsibility (CSR) activities, this study investigates the relationship between performance (CSP) and financial (CFP) at each stage of firm life cycle (FLC). It also verifies how is affected by large business groups. This shows a significant positive CSP CFP growth mature stages. more pronounced in firms than firms. result indicates that CSR activities increase long-term perspective mitigating problem. Furthermore, stages, changed to be negative degree which leads an weakened groups where problem controlling other shareholders can severe. Finally, contributes prior research presenting consistent results using FLC