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Corporate social responsibility and financial performance: A study of the tourism industry in Sri Lanka
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Nagalingam Nagendrakumar 
, Liyanachchi Mahesha Harshani De Silva , Randimal Maduhansa Weerasinghe, Tharindu Dilshan Pathirana, Chamara Madusanka Rajapaksha, Krishan Rasitha Perera, Shivanee Kaneshwaren
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
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 thematic analysis was conducted to grasp the important themes of CSR, and then the Nila unit method was adopted in converting the themes to measurable CSR. After converting CSR measurable, the study continued with descriptive and correlation analysis. The study found a slight but incremental behaviour in CSR disclosure yet a significant slump in FP of hotels. The study is significant since it argues that the present economic crisis is not due to the Easter Sunday attack and COVID-19 pandemic, but it emerged even before the said shocks.
Keywords: Corporate Social Responsibility, Financial Performance, Tourism Industry, Nila Units, Sri Lanka
Authors’ individual contribution: Conceptualization — N.N.; Methodology — L.M.H.D.S.; Investigation — T.D.P., R.M.W., K.R.P., S.K., and C.M.R.; Formal Analysis — T.D.P., R.M.W., K.R.P., S.K., and C.M.R.; Writing — Original Draft — T.D.P., R.M.W., K.R.P., S.K., and C.M.R.; Writing — Review & Editing — N.N.; Supervision — N.N.; Project Administration — L.M.H.D.S.
Declaration of conflicting interests: The Authors declare that there is no conflict of interest.
JEL Classification: G30, G33, L83
Received: 08.06.2022
Accepted: 26.08.2022
Published online: 30.08.2022
How to cite this paper: Nagalingam, N., De Silva, L. M. H., Weerasinghe, R. M., Pathirana, T. D., Rajapaksha, C. M., Perera, K. R., & Kaneshwaren, S. (2022). Corporate social responsibility and financial performance: A study of the tourism industry in Sri Lanka. Corporate Ownership & Control, 19(4), 103–110. https://doi.org/10.22495/cocv19i4art9
