Environmental administrative penalties not only impose regulatory and economic costs on firms but also threaten their legitimacy by undermining stakeholders' perceptions of

their responsibility and reliability. Based on legitimacy theory, these legitimacy threats may motivate firms to undertake strategic responses beyond regulatory compliance, [...]

This study examines the relationship between corporate social responsibility and profit on assets in South Africa using a panel dataset comprising 79 industries observed annually

between 2017 and 2024. The study uses an industry-level dataset which, unlike firm-level inquiries, purges firm-level noise and acknowledges the empirical regularity [...]