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Tourism has become the world’s third-largest export industry after fuels and chemicals, and ahead of food and automotive products. From last few years, there has been a great surge in international tourism, culminates to 7% share of World’s total exports in 2016. To this end, the study attempts to examine the relationship between inbound tourism, financial development and economic growth by using the panel data over the period 1995–2015 for five BRICS (Brazil, Russia, India, China and South Africa) countries. The results of panel ARDL cointegration test indicate that tourism, financial development and economic growth are cointegrated in the long run. Further, the Granger causality analysis demonstrates that the causality between inbound tourism and economic growth is bi-directional, thus validates the ‘feedback-hypothesis’ in BRICS countries. The study suggests that BRICS countries should promote favorable tourism policies to push up the economic growth and in turn economic growth will positively contribute to international tourism.

Purpose The relationship between corporate social responsibility (CSR) and financial performance (FP) has bourgeoned widespread debate among researchers. In recent years, the debate has explored more dynamic links, one of which is the curvilinear relationship, between CSR and FP. This paper aims to empirically test the curvilinear relationship between CSR and FP in the context of Indian companies. Design/methodology/approach This paper empirically tests the curvilinear relationship between CSR and FP in the context of Indian companies. The study used a panel data of 43 listed companies over a period of ten years from 2008 to 2017. A correlation and panel regression were carried out to examine the possible link. Findings The findings demonstrate that a curvilinear relationship exists between CSR and FP, suggesting that two long competing viewpoints may be complementary. Research limitations/implications The study mainly focuses on top companies, so the generalizations of results to other small companies are unwanted. Practical implications An immediate managerial implication of the findings suggests that to serve the interests of the shareholders, a long-run planning and considerable resources should be dedicated at this direction, given that CSR expenditure does not pay off immediately. Originality/value In the Indian context, very few studies have analyzed the linkages between CSR and FP. Using an improved and distinctive approach, the study empirically tests the relationship between CSR and FP from non-linear perspective.

Purpose This study aims to investigate the relationship between corporate social responsibility (CSR) and financial performance from the bi-directional perspective. Design/methodology/approach The final sample for this study are 79 companies listed in the national stock exchange for a period of eight-years (2008–2015). Random effect panel regression was performed to examine the possible link. Findings The result shows that CSR has a positive impact on the contemporaneous and future financial performance of the selected companies. Further, the study shows that only social dimension has a positive and significant impact on concurrent and future financial performance. The results further validate slack resource theory as lagged financial performance has a positive and significant impact on CSR. Practical implications The strategic value of CSR indicates that it should be seen as a value-enhancing strategy, and therefore, incorporated with the broader corporate strategy of the company. Companies should not trade-off between CSR and financial performance, rather a strategic synchronization of CSR with corporate functioning is essential. This will pave a way to build a stakeholder-sense in the corporate entities. Originality/value The study comprehensively examines the relationship between CSR and financial performance from both “prospective” and “retrospective” framework. This bi-directional approach has received minimal attention in the Indian context.

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