“…Corporate sponsorship could act as a marketing tool, indirect cost saving mechanism and communityoriented investment (Liang & Renneboog, 2017). High ROE ratio would increase the profit growth that contribute towards the sustainability of company performance (Lassala, Orero-Blat, & Ribeiro-Navarrete, 2021;Pham, Do, Doan, Nguyen, & Pham, 2021;Tien, Anh, & Ngoc, 2020;Britel & Cherkaoui, 2022;Mulyaningsih et al, 2022) and reflect the clear accountability to shareholders for all the investment (Godfrey, 2005) either directly related to the operations of the company or indirectly related such as through corporate giving. This study propose that the higher the ROE there could be more resources available that would allow for the company to discharge the responsibility of stakeholders to others by pursuing for corporate sponsorship.…”