The relationship between corporate social responsibility and financial performance is
reexamined using a new methodology, improved technique, and industry-specific control
groups. Average age of corporate assets is found to be highly correlated with social
responsibility ranking. After controlling for this factor, there still is some correlation between
corporate social responsibility and financial performance.

Sri Lanka is under a myth that the fall of tourism is due to the Easter Sunday attack in 2019
followed by the COVID-19 pandemic in 2020. In contrast, this study argues the fall started
even before those shocks incorporating corporate social responsibility (CSR) and financial
performance (FP) in the tourism industry. A stratified random sample of 10 hotels was
selected, and their annual reports were utilized in gathering data. An abductive approach
was employed where content analysis was carried out to find out the CSR words, then …