“…Within the TH context, researchers found a positive, negative, curvilinear, or insignificant effect of CSR on CFP. A majority of the studies examining the relationship between CSR and CFP in the TH literature have found a positive effect of CSR (Assaf et al, 2012, 2017; Benavides-Velasco et al, 2014; Chen, 2019b; Choi and Lee, 2018; Garay and Font, 2012; Jackson and Hua, 2009; Jang et al, 2017; Rodríguez and Cruz, 2007; Lee & Park, 2009, 2010; Kang et al, 2010; Kim and Kim, 2014; Kim and Pennington-Gray, 2017; Lee et al, 2013a; Nguyen et al, 2019; Nicolau, 2008; Ozdemir et al, 2020; Singh et al, 2014; Singjai et al, 2018; Theodoulidis et al, 2017; Yeon et al, 2021a; Zhang et al, 2014). These studies have concluded that socially responsible firms get a range of benefits as compensation for additional investment costs.…”