The Impact of Corporate Social Responsibility on Financial Performance, Financial Inclusion, and Financial Stability: case of Tunisia

The Impact of Corporate Social Responsibility on Financial Performance, Financial Inclusion, and Financial Stability: case of Tunisia | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Research Article The Impact of Corporate Social Responsibility on Financial Performance, Financial Inclusion, and Financial Stability: case of Tunisia Felhi Fatma This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-5522827/v1 This work is licensed under a CC BY 4.0 License Status: Posted Version 1 posted You are reading this latest preprint version Abstract The aim of this study is to analyze how Corporate Social Responsibility (CSR) affects the financial performance, financial inclusion, and financial stability of financial institutions in Tunisia. The research focuses on data from 30 financial institutions collected annually from 2008 to 2019. The results show that CSR, along with the age and size of the institution, positively influences all three factors. On the other hand, higher levels of debt have a negative impact on financial inclusion and financial stability. Moreover, financial inclusion is negatively correlated with asset tangibility. CSR Financial Performance Financial Inclusion Financial Stability 1. Introduction The banking sector plays a significant role in the economy. The Bank's primary function is to collect and distrbute CSR public funds in order to support the implementation of national development plans in order to promote equitable growth, economic growth, and national stability. This critical role of the bank necessitates that it continuously increase the value of the company and the long-term viability of its operations while performing its role as a development agent. The CSR is one of the tools that banks may use to improve their financial performance (Ramzan et al., 2021). Similar findings by Siueia et al. (2019) suggested that a company's commitment to CSR might help businesses improve their financial performance. A strong financial performance boosts the confidence of investors who want to keep investing in order to reap the benefits of long-term stability. The greater the use of a bank's budget for CSR activities, the greater the benefits for the bank's internal and external confidence (Gangi et coll., 2019). Financial inclusion may promote human development by allowing adults who are not yet connected to banking institutions to become active and use the financial products and services that are required to support a country's economic growth. (Vo et coll 2020,.) Financial stability is also one of the factors that investors consider when deciding which companies to invest in. According to one study, CSR can provide risk mitigation for businesses as well as long-term performance advantages (Chollet and Sandwidi, 2018). Financial stability is also one of the factors that investors consider when deciding which companies to invest in. According to one study, the CSR can help businesses reduce risk and improve performance over time (Chollet & Sandwidi, 2018). Based on the foregoing framework, this study aims to investigate the impact of corporate social responsibility on financial performance, financial inclusion, and financial stability in the Tunisian banking sector. The structure of this paper is as follows. The next section deal with the different literature review relating CSR, FI and FP. Our hypothesis ,empirical model and data are presented in section 3. The key are presented in Section 4. The study is concluded in section 5. 2. Literature Review 2.1 Corporate social responsibilities The term "corporate social responsibility" (CSR) refers to a company's commitment to long-term economic development in order to improve quality of life and the environment, which is beneficial to the company, local communities, and society as a whole. In developed countries, CSR activities are carried out by businesses and then reported to the public in reports in order to obtain financial and non-financial benefits. Financial return can be expressed as improved financial performance (PF), financial stability (FS), and financial inclusion (FI). This CSR should be seen as affecting modern businesses, such as banks, in developing countries, because it is geared toward many stakeholders with traditional approaches geared at maximizing business profits (Paltrinieri et al., 2020). This may be used as a consideration for the banking sector, which has a need to interact with its social environment, for example through CSR activities. 2. 2 Financial Stability Financial stability is also one of the factors that investors consider when deciding which companies to invest in. According to one study, the CSR can help businesses reduce risk and improve performance over time (Chollet and Sandwidi, 2018). The ability to reduce the company's performance will be decreased as the risks are rised, which will have an impact on the company's stability. Financial stability is a macroeconomic indicator of a country's financial performance. Ramzan et al. (2021) conducted research and discovered that there is a significant positive relationship between CSR and financial stability (SF), implying that increasing CSR's banking activities will increase financial stability (SF). Shah, S.S.A., and Khan (2019) discovered that consumers' perceptions of a company's CSR had a favorable and significant impact on long-term client engagement. 2. 3 Financial inclusion Financial inclusion may promote human development by allowing adults who are not yet connected to banking institutions to become active and use the financial products and services that are required to support a country's economic growth. Vo et coll (2020) based on the findings of a ten-year study involving 83 countries, it has been determined that there is a link between bank structure and individual financial inclusion. This link, which can be attributed to increased access to deposit and credit accounts, can be attributed to the largest banking sector (Owen et Pereira, 2018). Ramzan et al (2021) found that CSR activities in the banking sector in Pakistan can help to increase financial inclusion. Vo et al. (2020) discovered in their research that financial inclusion at a higher level, in the form of access to banking services, may contribute positively and significantly to the stability of the banking sector, hence increasing the firm's resilience. The number of studies on the impact of CSR and financial inclusion is still quite limited. According to Kim et al. (2018), there is a significant positive relationship between financial inclusion and economic growth rates. Ramzan and al. (2021) discovered a significant and favorable relationship between CSR and financial inclusion. 2.4 Financial performance A strong financial performance boosts the confidence of investors who want to keep investing in order to reap the benefits of long-term stability. The activities of CSR as a form of corporate social responsibility toward the environment are one of the factors that can have an impact on a company's financial performance. According to a study conducted by Belastri et al. (2020), there is a positive significant relationship between CSR and bank efficiency in developed countries. Similar to the findings of Ramzan et al (2021) study's, according to which CSR activities in the banking sector in Pakistan have a beneficial impact on financial returns. According to a study conducted by Belastri et al. (2020), there is a positive significant relationship between CSR and bank efficiency in developed countries. Similar to the findings of a study conducted by Ramzan et al. (2021), which found that CSR activities in the banking sector in Pakistan had a beneficial impact on financial performance. Moreover, Malik et al. (2019) discovered that bank's CSR budget is capable of not only increasing current profits, but also future profits. Siueia et coll. (2019) discovered a significant positive relationship between an organization's CSR and financial performance using the ROA and ROE approaches in their research. 2. Hypothesis development and methodology 2.1 Hypothesis Previous research by Ramzan et coll. (2021) shows that there is a significant positive relationship between the CSR conducted by Pakistani banks and the ROA, ROE, and EPS as substitutes for financial return measures. The findings of the study were also supported by Siueia et coll. (2019), who stated that there is a significant positive relationship between the CSR and the financial performance of the banking sector in Africa, using the ROAa nd ROE as substitutes for the FP. when the report on the implementation of the CSR provides a positive support to the improvement of financial performance. The findings of Wu et al. (2020) Chinese study revealed a significant positive relationship between CSR and ROA in the banking sector. Also , Das's (2019) show that the CSR has a favorable impact on private bank behavior in India. The hypothesis is formulated as follows based on this explanation: H1: Corporate social responsibility has a significant impact on the financial performance of the banking sector in Tunisia . Few studies have looked at the impact of CSR on financial inclusion, however, Ongo Nkoa and Song (2020) found that institutional quality can improve financial inclusion in terms of accessibility, penetration, and use of financial services institutions in Africa. Haldar et al. (2016) produced further findings related to CSR and financial inclusion, claiming that private commercial banks are better able to increase financial inclusion through CSR than state-run banks. Le et al. (2019) discovered that financial inclusion had a favorable and significant impact on financial viability in 31 Asian countries throughout their research. The findings of a study conducted by Ramzan et al. (2021) revealed that there is a positive significant relationship between CSR and financial inclusion in Pakistani banks. The hypothesis is formulated as follows, based on this explanation: H2: In Tunisia , corporate social responsibility has a significant impact on financial inclusion in the banking sector. Shah, S.S.A., and Khan (2019) conducted research and found a positive relationship between CSR and client engagement. In other words, the bank's CSR activities will be able to lower client engagement, allowing the bank to gain a long-term competitive advantage with implications for financial profit and stability. The findings are in line with those of Ramzan et al. (2021), who concluded that as CSR activities increase, the Bank will become more financially sound. On the other hand ,Chollet and Sandwidi (2018) concluded from their research that the CSR can provide long-term risk mitigation as well as performance advantages. This might imply that mitigating risks will help the company's financial stability. The hypothesis is formulated as follows, based on the above explanation: H3: In Tunisian 's banking sector, corporate social responsibility has a significant impact on financial stability. 2. 2 Model : we will proceed to regression models and we use specific data for it. For our sample we use the estimation’s techniques of dynamic models in panel by applying the method of the generalized moments (GMM). Thus, the generalized Moments method (GMM) was introduced by Holtz-Eakin, Newey and Robsen (1988), Arrelando and Bond (1991), and Arrelando and Bover (1995). This method has several advantages at the level of the data panel namely the control of the problems of simultaneous bias, reveCSR causalities and the omission of variables. In addition the GMM method allows to control both the specific and temporal effects and to compensate for the endogenity biases of the variables especially in the presence of several delays of the dependent variable as explanatory variable. We therefore estimate the following models equations: With : Financial performance : ROA, ROE, and EPS are used to measure FP (Cavaco and Crifo, 2014; Iqbal et al., 2012; Nobanee and Ellili, 2016; Torugsa et al., 2012; Uadiale and Fagbemi, 2012; Zhou et al., 2015). Financial inclusion : two measures by Nbr of branches and Nbr of ATM Kim et al. (2018). Financial stability : three measures Zscore, Za and Ze as measured by Beck et al. (2013) and Dwumfour (2017). Corporate social responsibilities (CSR) : we use corporate donations and actual spending on CSR activities as a proxy variable for CSR measurements ( Oyewumi et al., 2018). Control variables : Leverage, Tangibility, Age, Size Macroeconomic variables : inflation rate 3. Data The data of this study comprises annual observations of 30 financial institution for Tunisian banks between 2007 and 2018. The bank financial data is taken from Bankscope and Bureau van Dijk database and annual reports. Macroeconomic data such as, inflation rate, are taken from World Bank. Table 1 provide definition for each variable and its corresponding data source. Table 1 . Variable definitions and data sources. Variables Acronym Definition Sources Main variables Financial Performance ROA Return on assets Bankscope and author’s calculation ROE Return on equity Bankscope and author’s calculation EPS Net Earnings/Total Number of Shares Outstanding Bankscope and author’s calculation Financial inclusion Nbr of branches number of bank branches Bankscope and author’s calculation Nbr of ATM number of ATMs Bankscope and author’s calculation Financial stability Zscore Total Z_Score for ROA and Z_Score for ROE Bankscope and author’s calculation ZA The inverse of Z_Score for ROA=(ROA+ETA)/σROA. Bankscope and author’s calculation ZE The inverse of Z_Score for ROE=(ROE+ETA)/σROE. Bankscope and author’s calculation Independent variables : Corporate social responsibilities CSR Corporate Philanthropy The natural log of the actual amount spent on CSR activities author’s calculation Control variables Bank Leverage Leverage Total Debt / Total Assets Bankscope and author’s calculation Bank Tangibility Tangibility Noncurrent Assets to Total Assets Bankscope and author’s calculation Bank age AGE Number of operating years Bankscope and author’s calculation Bank size SIZE Logarithm of total assets Bankscope and author’s calculation Country macro specific indicator Inflation INF Annual inflation rate World bank and and author’s calculation Table 2. Summary statistics Variables Obs Mean Std. Dev. Min Max ROA 225 0.6701 3.973 -47.148 33.654 ROE 225 6.9938 18.431 -44.054 218.009 EPS 225 67.485 141708.7 0 99.753 Nbr of branches 225 48.683 13.672 23 80 Nbr of ATM 225 46.016 7.983 33 66 ZSCORE 225 8.513 32.562 -56.555 278.315 ZE 225 2.028 6.867 -7.252 93.156 ZA 225 7.856 29.525 -49.303 251.097 CSR 225 33.845 214.988 0 1673.626 LEVERAGE 225 0.022 0.139 0 1.673 TANGIBILITY 225 0.027 0.063 -0.012 0.594 SIZE 225 6.849 1.671 3.750 11.267 AGE 225 38.941 22.781 14 132 INFLATION 225 4.024 0.651 2.966 5.3162 The results of descriptive statistics and are presented in table 2. The average value of financial performance indicates that the bank is performing well and making a profit. The average ROA of 0.670 ranges from -47.148 to -47.148. The ROE average of 6.993 from -44.054 to 218.009; EPS has an average value of 67.485, the range of values from 0 to 99.753. The average value of bank branches is 48.683, the range of values from -23 to 80 ; is greater than the Nbr of ATM mean of 46.016, the range of values from 33 to 66 ; The average FS is 8.513, ranges from -56.555 to 278.315. Independent variables, CSR has a range of values from 0 to 15.13089, the average value is 1673.626; debt levels range from 0 to 1.673, with an average value of 0.022; tangibility has a range of values from -0.012 to 0.594, the average value is 0.027. The Pearson correlation coefficients between the variables included in our analysis are displayed in Table 3. The coefficients of correlation are usually less than 0.8, indicating a low level of correlation between the variables. When the correlation is more than 0.8, according to Kennedy (2008), multicollinearity is a serious problem. Indeed, the correlation matrix suggests that problems of multicollinearity may be safely ignored in our regressions. Table 3: Correlation matrix ROA ROE EPS N.branches N ATM ZSCORE ZE ZA CSR LEV R GE TAN G BITY SIZE AGE NFLATION ROA 1.000 ROE -0.3520 1.000 0.000 EPS -0.008 0.019 1.000 0.892 0.754 Nbr of branches 0.050 -0.165 -0.056 1.000 0.411 0.006 0.336 Nbr of ATM 0.184 0.206 0.275 -0.022 1.000 0.002 0.000 0.000 0.694 ZSCORE 0.010 0.046 -0.049 -0.132 0.019 1.000 0.869 0.441 0.399 0.019 0.735 ZE 0.003 -0.011 -0.036 -0.139 0.044 0.821 1.000 0.952 0.848 0.557 0.022 0.473 0.000 ZA 0.010 0.055 -0.045 -0.152 0.038 0.991 0.737 1.000 0.870 0.363 0.464 0.012 0.535 0.000 0.000 CSR -0.058 -0.000 -0.010 -0.045 -0.054 0.050 0.043 0.0591 1.000 0.344 0.997 0.862 0.431 0.350 0.387 0.485 0.3401 LEVERAGE -0.026 -0.062 -0.068 0.108 0.022 -0.032 -0.030 -0.032 0.396 1.000 0.664 0.307 0.269 0.074 0.710 0.595 0.622 0.596 0.000 TANGIBILITY -0.023 -0.085 -0.028 -0.015 -0.122 0.238 0.302 0.371 0.046 0.046 1.000 0.708 0.164 0.631 0.790 0.037 0.000 0.000 0.000 0.433 0.456 SIZE -0.071 -0.095 -0.433 0.297 -0.344 -0.049 -0.091 -0.056 -0.025 0.150 -0.001 1.000 0.250 0.122 0.000 0.000 0.000 0.398 0.143 0.369 0.662 0.014 0.980 AGE -0.072 -0.047 -0.146 0.077 -0.333 -0.074 -0.074 -0.089 -0.035 -0.036 -0.056 0.405 1.000 0.233 0.438 0.012 0.174 0.000 0.192 0.223 0.1430 0.5403 0.5500 0.3410 0.0000 INFLATION 0.075 0.027 0.014 -0.006 0.014 0.056 0.042 0.059 0.041 0.125 0.081 0.062 -0.008 1.000 0.212 0.650 0.805 0.915 0.807 0.321 0.494 0.337 0.472 0.038 0.168 0.292 0.886 4. Regression analysis 4.1 The impact of the CSR on financial performance Table 4 : Effect of CSR on Financial Performance. Variables Financial performance (1) (2) (3) ROA ROE EPS L.ROA 0.144** (2.02) L.ROE -0.1000 (-1.48) L.EPS 0.877*** (87.73) CSR 0.000756*** 0.0136*** 9.214*** (0.24) (-1.02) (1.45) TANGIBILITY -12.73*** -37.31*** -49144.1* (-1.13) (-0.79) (1.72) LEVERAGE -0.568** -7.838** -11314.2* (-0.12) (0.36) (-0.74) SIZE 0.582**** 0.415*** 8064.6*** (1.29) (-0.23) (-5.68) AGE 0.0215* 0.0163* 722.7*** (0.28) (0.05) (3.53) INFLATION -0.928* 3.334* 4618.2*** (-1.95) (1.77) (3.40) N 211 211 223 Table 4 shows the results of the CSR's estimated influence model on the ROA , ROE and EPS, with the leverage effect and tangibility as control variables. The results of the partial regression estimate revealed a significant and positive relationship between ROA and CSR at the 1% level. According to Ramzan et al. (2021) and Siueia et al. (2017), banks that engage more in CSR activities would increase their financial profits. With a ROA of 1%, the leverage and tangibility has a significant and negative effect on the ROA. It indicates that a high leverage level can reduce the ROA. The estimation result of the impact of CSR on ROE, show a significant and positive effect at the 1% level, indicating that a bank's investment in CSR would increase its revenues, supporting the results of Ramzan et al. (2021) and Siueia et al (2019). The ROE growth is unaffected by the level of leverage or tangibility. Because the control variables have an additive effect on the RE, the result of a simultaneous regression estimation at a level of 1% shows the CSR, the leverage effect, and tangibility. The result regression in coloun 3 table 4 shows that CSR has a significant and positive effect on the EPS at a level of 1%, indicating that increasing bank investment in CSR activities improves the bank's image. The public may become aware of the company's existence, which may increase public interest in purchasing the company's products and becoming bank customers, resulting in increased sales and increased revenue for the company's shareholders.These findings are consistent with previous research by Flammer (2013), Fu et al. (2014), and Ramzan et al. (2021), who found that the level of endettement had a significant and negative effect on financial performance at the 1% level, implying that an increase in the endettement ratio would reduce actionnaire confidence, lowering bank performance. 4.2. The CSR's Financial Inclusion Effect Table 5: Effect of CSR on Financial Inclusion. Variables Financial inclusion (1) (2) Nbr of branches Nbr of ATM L. Nbr of branches 1.023*** (14.43) L. Nbr of ATM 0.953*** (19.41) CSR 0.000145*** 0.000238*** (0.11) (0.23) TANGIBILITY 0.927** -3.568** (-0.17) (0.76) LEVERAGE 0.914* 0.165* (-0.32) (-0.07) SIZE -0.311 0.240 (-0.46) (0.53) AGE 0.0373 -0.0328 (0.43) (-0.47) INFLATION 0.00318 0.360 (0.01) (1.61) N 225 225 The estimated results of the CSR influence model on the financial inclusion measured by Nbr of branches and Nbr of ATM are shown in Table 5, with the leverage effect and bank tangibility as control variables. The results of regression estimations revealed a significant and positive relationship between Nbr of branches and CSR at the 1% level. According to the findings of Ongo Nkoa & Song (2020) and Ramzan et coll., banks that invest more in CSR activities have more loans (2021). The Nbr of branches is unaffected by leverage levels, and unaffected by tangibility levels. This shows that the amount of leverage and tangibility have no impact on the number of loans held by banks.The results estimation revealed a significant and positive relationship between Nbr of ATM and CSR at a level of 1%. This suggests that banks that spend more in CSR activities would be better financially integrated, as evidenced by the number of automatic guichets owned by banks, according to Haldar et al. (2016), Ongo Nkoa and Song (2020) ; Ramzan et coll (2021). The level of leverage has no effect on Nbr of ATM, however tangibility rate has a significant and negative effect on Nbr of ATM at the 1% level. This suggests that a high level of tangibility can reduce the use of automatic guichets. 4.3. The impact of the CSR on financial stability Table 6: Effect of CSR on Financial Stability Variables Financial stability (1) (2) (3) ZSCORE ZA ZE L.ZSCORE 1.112*** (11.22) L.ZA 0.397 (0.76) L.ZE 0.532 (0.85) CSR 0.0365*** 0.00696*** 0.000617*** (3.79) (0.67) (0.60) TANGIBILITY 290.7 224.6 22.57 (6.38) (6.14) (5.91) LEVERAGE -22.86 -5.865 -1.909 (-0.96) (-0.31) (-1.06) SIZE 12.06*** 9.348** 0.604* (2.92) (2.12) (1.82) AGE 2.387*** 1.820** 0.133** (-3.68) (-2.51) (-2.41) INFLATION 0.462 0.339 -0.00836 (0.21) (0.20) (-0.05) N 225 206 206 The regression’s results of CSR on the FS are shown in Table 7, where the CSR is the independent variable and the FS is the dependent variable, with the effect of size, tangibility, age, and size as independent and control factors. The findings show a significant positive relationship between FS and CSR at the 1% level, implying that banks become more financially stable as their investment in RSE activities increases. The effect of leverage has a negative relationship with bank FS at a level of significance of 10%, indicating that higher levels of endettement result in worse returns , as we've seen in our own results ,which might lead to a drop in bank FS. Tangibility has no significant relationship with FS, which means that it doesn't matter if banks have more fixed assets than current assets. The age and size of banks show a strong and positive relationship with FS at the 1% level, implying that as banks get older and larger in terms of economic resources, they become more financially stable. According to Chollet and Sandwidi's (2018) findings, the second hypothesis is also supported, implying that there is a significant relationship between the CSR and the FS of Tunisian banks. 5. Conclusion This study looks at the influence of CSR on PF, IF, and FS in the banking sector in Tunisia during the period from 2007 to 2018. Our findings suggest a positive significant relationship between CSR and bank FP, implying that CSR activities create a favourable perception in the minds of potential clients, which helps to attract them, ultimately leading to an increase in bank FP. The findings show that banks who spend more on CSR activities establish a strong relationship with their customers, assisting them in lowering their financial risk and increasing their SF. Furthermore, the findings suggest a positive link between FI and CSR activities, implying that if banks increase their CSR investments, their FI in terms of branch count and automated guichets would increase. To put it another way, banks must establish large networks of branches and automated guichets in order to better reach and serve a larger number of customers. The research suggests that banks should focus on CSR activities in order to improve their profitability and market performance. References Arellano, M., Bond, S., 1991. 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Assessing the role of corporate social responsibility practices of commercial banks in enhancing financial inclusion: A study on banking sector in Bangladesh. International Journal of Economics and Financial Issues , 6 (4), 1778–1783. Additional Declarations The authors declare no competing interests. Cite Share Download PDF Status: Posted Version 1 posted You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. Our growing team is made up of researchers and industry professionals working together to solve the most critical problems facing scientific publishing. Also discoverable on Platform About Our Team In Review Editorial Policies Advisory Board Help Center Resources Author Services Accessibility API Access RSS feed Manage Cookie Preferences © Research Square 2026 | ISSN 2693-5015 (online) Privacy Policy Terms of Service Do Not Sell My Personal Information {"props":{"pageProps":{"initialData":{"identity":"rs-5522827","acceptedTermsAndConditions":true,"allowDirectSubmit":true,"archivedVersions":[],"articleType":"Research Article","associatedPublications":[],"authors":[{"id":382530281,"identity":"999eacf2-398e-4e33-8fe6-7f5f57c6c474","order_by":0,"name":"Felhi Fatma","email":"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAZAAAAAyAQMAAABI0h/eAAAABlBMVEX///8AAABVwtN+AAAACXBIWXMAAA7EAAAOxAGVKw4bAAAA4ElEQVRIie3PMQrCMBSA4UDgZXmla4bSMxSEqlj0KpFCp3oDEUFwEs/i5FwIdXVt6VjoIA5CQRxETZyc2roJ5ic8QsgHCSEm0w/GlnoGxPEoTdSOO60EE6pmRNCjIDTBL4he+qCdsGO6u4kA+wzrUzYfIGEy3TUSDCHfiAiHK2s/ig/qYRhFWROZkBAy6ybRk9a+F4MiHP1GgnYJ+V08FcGqFz+6EB5CgSLRhJazdSdS+oUjQkXAp7MtR2j7C9rTKj+LsesdZVnH14VrM3loJJ8Bf8+u13X08s1tk8lk+p9eTcJCLsOINS0AAAAASUVORK5CYII=","orcid":"","institution":"FSEG ,University of Sfax","correspondingAuthor":true,"prefix":"","firstName":"Felhi","middleName":"","lastName":"Fatma","suffix":""}],"badges":[],"createdAt":"2024-11-25 20:06:24","currentVersionCode":1,"declarations":{"humanSubjects":true,"vertebrateSubjects":true,"conflictsOfInterestStatement":false,"humanSubjectEthicalGuidelines":true,"humanSubjectConsent":true,"humanSubjectClinicalTrial":true,"humanSubjectCaseReport":false,"vertebrateSubjectEthicalGuidelines":true},"doi":"10.21203/rs.3.rs-5522827/v1","doiUrl":"https://doi.org/10.21203/rs.3.rs-5522827/v1","draftVersion":[],"editorialEvents":[],"editorialNote":"","failedWorkflow":false,"files":[{"id":69871725,"identity":"5cabc520-402a-4ab4-ab19-b78f794f27d3","added_by":"auto","created_at":"2024-11-26 07:50:44","extension":"pdf","order_by":0,"title":"","display":"","copyAsset":false,"role":"manuscript-pdf","size":1010498,"visible":true,"origin":"","legend":"","description":"","filename":"manuscript.pdf","url":"https://assets-eu.researchsquare.com/files/rs-5522827/v1/9c45e6d8-6d5f-443b-834e-55a9702d55a2.pdf"}],"financialInterests":"The authors declare no competing interests.","formattedTitle":"\u003cp\u003e\u003cstrong\u003eThe Impact of Corporate Social Responsibility on Financial Performance, Financial Inclusion, and Financial Stability: case of Tunisia\u003c/strong\u003e\u003c/p\u003e","fulltext":[{"header":"1. Introduction","content":"\u003cp\u003eThe banking sector plays a significant role in the economy. The Bank\u0026apos;s primary function is to collect and distrbute\u0026nbsp;CSR public funds in order to support the implementation of national development plans in order to promote equitable growth, economic growth, and national stability. This critical role of the bank necessitates that it continuously increase the value of the company and the long-term viability of its operations while performing its role as a development agent. The CSR is one of the tools that banks may use to improve their financial performance (Ramzan et al., 2021). Similar findings by Siueia et al. (2019) suggested that a company\u0026apos;s commitment to CSR might help businesses improve their financial performance. A strong financial performance boosts the confidence of investors who want to keep investing in order to reap the benefits of long-term stability. The greater the use of a bank\u0026apos;s budget for CSR activities, the greater the benefits for the bank\u0026apos;s internal and external confidence (Gangi et coll., 2019). Financial inclusion may promote human development by allowing adults who are not yet connected to banking institutions to become active and use the financial products and services that are required to support a country\u0026apos;s economic growth. (Vo et coll 2020,.) Financial stability is also one of the factors that investors consider when deciding which companies to invest in. According to one study, CSR can provide risk mitigation for businesses as well as long-term performance advantages (Chollet\u0026nbsp;and\u0026nbsp;Sandwidi, 2018). Financial stability is also one of the factors that investors consider when deciding which companies to invest in. According to one study, the CSR can help businesses reduce risk and improve performance over time (Chollet \u0026amp; Sandwidi, 2018). Based on the foregoing framework, this study aims to investigate the impact of corporate social responsibility on financial performance, financial inclusion, and financial stability in the\u0026nbsp;Tunisian\u0026nbsp;banking sector.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe structure of this paper is as follows. The next section deal with the different literature review relating CSR, FI and FP. Our hypothesis ,empirical model and data are presented in section 3. The key are presented in Section 4. The study is concluded in section 5.\u003c/p\u003e"},{"header":"2. Literature Review","content":"\u003cp\u003e\u003cstrong\u003e2.1\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eCorporate social responsibilities\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eThe term \u0026quot;corporate social responsibility\u0026quot; (CSR) refers to a company\u0026apos;s commitment to long-term economic development in order to improve quality of life and the environment, which is beneficial to the company, local communities, and society as a whole. In developed countries, CSR activities are carried out by businesses and then reported to the public in reports in order to obtain financial and non-financial benefits. Financial return can be expressed as improved financial performance (PF), financial stability (FS), and financial inclusion (FI). This\u0026nbsp;CSR\u0026nbsp;should be seen as affecting modern businesses, such as banks, in developing countries, because it is geared toward many stakeholders with traditional approaches geared at maximizing business profits (Paltrinieri et al., 2020). This may be used as a consideration for the banking sector, which has a need to interact with its social environment, for example through\u0026nbsp;CSR\u0026nbsp;activities.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.\u003c/strong\u003e\u003cstrong\u003e2\u003c/strong\u003e\u003cstrong\u003e\u0026nbsp;Financial Stability\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFinancial stability is also one of the factors that investors consider when deciding which companies to invest in. According to one study, the CSR can help businesses reduce risk and improve performance over time (Chollet\u0026nbsp;and\u0026nbsp;Sandwidi, 2018). The ability to reduce the company\u0026apos;s performance will be\u0026nbsp;decreased\u0026nbsp;as the risks are\u0026nbsp;rised, which will have an impact on the company\u0026apos;s stability. Financial stability is a macroeconomic indicator of a country\u0026apos;s financial performance. Ramzan et al. (2021) conducted research and discovered that there is a significant positive relationship between CSR and financial stability (SF), implying that increasing CSR\u0026apos;s banking activities will increase financial stability (SF). Shah, S.S.A., and Khan (2019) discovered that consumers\u0026apos; perceptions of a company\u0026apos;s CSR had a favorable and significant impact on long-term client engagement.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.\u003c/strong\u003e\u003cstrong\u003e3\u003c/strong\u003e\u003cstrong\u003e\u0026nbsp;Financial inclusion\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFinancial inclusion may promote human development by allowing adults who are not yet connected to banking institutions to become active and use the financial products and services that are required to support a country\u0026apos;s economic growth. Vo et coll (2020)\u0026nbsp;based on the findings of a ten-year study involving 83 countries, it has been determined that there is a link between bank structure and individual financial inclusion. This link, which can be attributed to increased access to deposit and credit accounts, can be attributed to the largest banking sector (Owen et Pereira, 2018). Ramzan et al\u0026nbsp;(2021) found that CSR activities in the banking sector in Pakistan can help to increase financial inclusion. Vo et al. (2020) discovered in their research that financial inclusion at a higher level, in the form of access to banking services, may contribute positively and significantly to the stability of the banking sector, hence increasing the firm\u0026apos;s resilience. The number of studies on the impact of CSR and financial inclusion is still quite limited. According to Kim et al. (2018), there is a significant positive relationship between financial inclusion and economic growth rates. Ramzan and\u0026nbsp;al.\u0026nbsp;(2021) discovered a significant and favorable relationship between CSR and financial inclusion.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.4 Financial performance\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eA strong financial performance boosts the confidence of investors who want to keep investing in order to reap the benefits of long-term stability. The activities of CSR as a form of corporate social responsibility toward the environment are one of the factors that can have an impact on a company\u0026apos;s financial performance. According to a study conducted by Belastri et al. (2020), there is a positive significant relationship between CSR and bank efficiency in developed countries. Similar to the findings of Ramzan et al (2021) study\u0026apos;s, according to which CSR activities in the banking sector in Pakistan have a beneficial impact on financial returns. According to a study conducted by Belastri et al. (2020), there is a positive significant relationship between CSR and bank efficiency in developed countries. Similar to the findings of a study conducted by Ramzan et al. (2021), which found that CSR activities in the banking sector in Pakistan had a beneficial impact on financial performance. Moreover, Malik et al. (2019) discovered that \u0026nbsp;bank\u0026apos;s CSR budget is capable of not only increasing current profits, but also future profits. Siueia et coll. (2019) discovered a significant positive relationship between an organization\u0026apos;s CSR and financial performance using the ROA and ROE approaches in their research.\u003c/p\u003e"},{"header":"2. Hypothesis development and methodology ","content":"\u003ch2\u003e2.1 Hypothesis\u003c/h2\u003e\n\u003cp\u003ePrevious research by Ramzan et coll. (2021) shows that there is a significant positive relationship between the CSR conducted by Pakistani banks and the ROA, ROE, and EPS as substitutes for financial return measures. The findings of the study were also supported by Siueia et coll. (2019), who stated that there is a significant positive relationship between the CSR and the financial performance of the banking sector in Africa, using the ROAa nd ROE as substitutes for the FP. when the report on the implementation of the CSR provides a positive support to the improvement of financial performance. The findings of \u0026nbsp; Wu et al. (2020) Chinese study revealed a significant positive relationship between CSR and ROA in the banking sector. Also , Das\u0026apos;s (2019) show that the CSR has a favorable impact on private bank behavior in India. The hypothesis is formulated as follows based on this explanation:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eH1: Corporate social responsibility has a significant impact on the financial performance of the banking sector in\u003c/strong\u003e\u003cstrong\u003eTunisia\u003c/strong\u003e\u003cstrong\u003e.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eFew studies have looked at the impact of CSR on financial inclusion, however,\u0026nbsp;Ongo Nkoa and Song (2020) found that institutional quality can improve financial inclusion in terms of accessibility, penetration, and use of financial services institutions in Africa. Haldar et al. (2016) produced further findings related to CSR and financial inclusion, claiming that private commercial banks are better able to increase financial inclusion through CSR than state-run banks. Le et al. (2019) discovered that financial inclusion had a favorable and significant impact on financial viability in 31 Asian countries throughout their research. The findings of a study conducted by Ramzan et al. (2021) revealed that there is a positive significant relationship between CSR and financial inclusion in Pakistani banks. The hypothesis is formulated as follows, based on this explanation:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eH2: In\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eTunisia\u003c/strong\u003e\u003cstrong\u003e, corporate social responsibility has a significant impact on financial inclusion in the banking sector.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003eShah, S.S.A., and Khan (2019) conducted research and found a positive relationship between CSR and client engagement. In other words, the bank\u0026apos;s CSR activities will be able to lower client engagement, allowing the bank to gain a long-term competitive advantage with implications for financial profit and stability. The findings are in line with those of Ramzan et al. (2021), who concluded that as CSR activities increase, the Bank will become more financially sound.\u003c/p\u003e\n\u003cp\u003e\u0026nbsp;On the other hand ,Chollet and Sandwidi (2018) concluded from their research that the CSR can provide long-term risk mitigation as well as performance advantages. This might imply that mitigating risks will help the company\u0026apos;s financial stability. The hypothesis is formulated as follows, based on the above explanation:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eH3: In\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eTunisian\u003c/strong\u003e\u003cstrong\u003e\u0026apos;s banking sector, corporate social responsibility has a significant impact on financial stability.\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e2.\u003c/strong\u003e\u003cstrong\u003e2\u003c/strong\u003e\u003cstrong\u003eModel :\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003ewe will proceed to regression models and we use specific data for it. For our sample we use the estimation\u0026rsquo;s techniques of dynamic models in panel by applying the method of the generalized moments (GMM). Thus, the generalized Moments method (GMM) was introduced by Holtz-Eakin, Newey and Robsen (1988), Arrelando and Bond (1991), and Arrelando and Bover (1995). This method has several advantages at the level of the data panel namely the control of the problems of simultaneous bias, reveCSR causalities and the omission of variables. In addition the GMM method allows to control both the specific and temporal effects and to compensate for the endogenity biases of the variables especially in the presence of several delays of the dependent variable as explanatory variable. We therefore estimate the following models equations:\u003c/p\u003e\n\u003cp\u003e\u003cimg src=\"https://myfiles.space/user_files/58894_9946feeafa4c1df7/58894_custom_files/img1732606389.png\" width=\"647\" height=\"106\"\u003e\u003cbr\u003e\u003c/p\u003e\n\u003cp\u003eWith\u0026nbsp;:\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eFinancial performance\u003c/em\u003e\u003c/strong\u003e : \u0026nbsp;ROA, ROE, and EPS are used to measure FP (Cavaco and Crifo, 2014; Iqbal et al., 2012; Nobanee and Ellili, 2016; Torugsa et al., 2012; Uadiale and Fagbemi, 2012; Zhou et al., 2015).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eFinancial inclusion\u003c/em\u003e\u003c/strong\u003e : \u0026nbsp;two measures by Nbr of branches and Nbr of ATM Kim et al. (2018).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eFinancial stability\u003c/em\u003e\u003c/strong\u003e : three measures Zscore, Za and Ze as measured by Beck et al. (2013) and\u003c/p\u003e\n\u003cp\u003eDwumfour (2017).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eCorporate social responsibilities (CSR)\u003c/strong\u003e : \u0026nbsp;we use corporate donations and actual spending on CSR activities as a proxy variable for CSR measurements ( Oyewumi et al., 2018).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eControl variables\u003c/em\u003e\u003c/strong\u003e : Leverage, Tangibility, Age, Size\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eMacroeconomic variables\u003c/em\u003e\u003c/strong\u003e : inflation rate\u0026nbsp;\u003c/p\u003e"},{"header":"3. Data ","content":"\u003cp\u003eThe data of this study comprises annual observations of 30 financial institution for Tunisian banks between 2007 and 2018. The bank financial data is taken from Bankscope and Bureau van Dijk database and annual reports. Macroeconomic data such as, inflation rate, are taken from World Bank. Table 1 provide definition for each variable and its corresponding data source.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003e1\u003c/strong\u003e\u003cstrong\u003e.\u0026nbsp;\u003c/strong\u003e\u003cstrong\u003eVariable definitions and data sources.\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"642\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 130px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariables\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eAcronym\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 305px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eDefinition\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSources\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\" valign=\"top\" style=\"width: 642px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eMain variables\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 130px;\"\u003e\n \u003cp\u003eFinancial Performance \u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eReturn on assets\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eReturn on equity\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eEPS\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eNet Earnings/Total Number of Shares Outstanding\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"2\" style=\"width: 130px;\"\u003e\n \u003cp\u003eFinancial inclusion\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eNbr of branches\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003enumber of bank branches\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eNbr of ATM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003enumber of ATMs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd rowspan=\"3\" style=\"width: 130px;\"\u003e\n \u003cp\u003eFinancial stability\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eZscore\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eTotal Z_Score for ROA and Z_Score for ROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eZA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eThe inverse of Z_Score for ROA=(ROA+ETA)/\u0026sigma;ROA.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eZE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eThe inverse of Z_Score for ROE=(ROE+ETA)/\u0026sigma;ROE.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\" style=\"width: 642px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eIndependent variables :\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 130px;\"\u003e\n \u003cp\u003eCorporate social responsibilities\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 74px;\"\u003e\n \u003cp\u003eCSR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 305px;\"\u003e\n \u003cp\u003eCorporate Philanthropy The natural log of the actual amount spent on CSR activities\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eauthor\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\" style=\"width: 642px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eControl variables\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 130px;\"\u003e\n \u003cp\u003e\u0026nbsp;Bank Leverage\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eLeverage\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eTotal Debt\u0026nbsp;/ Total Assets\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 130px;\"\u003e\n \u003cp\u003eBank\u0026nbsp;Tangibility\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eTangibility\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eNoncurrent Assets\u0026nbsp;to\u0026nbsp;Total Assets\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 130px;\"\u003e\n \u003cp\u003eBank age\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eAGE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eNumber of operating years\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 130px;\"\u003e\n \u003cp\u003e\u0026nbsp;Bank size\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eSIZE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003eLogarithm of total assets\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eBankscope and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd colspan=\"4\" style=\"width: 642px;\"\u003e\n \u003cp\u003eCountry\u0026nbsp;macro\u0026nbsp;specific indicator\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd style=\"width: 130px;\"\u003e\n \u003cp\u003eInflation\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 74px;\"\u003e\n \u003cp\u003eINF\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd style=\"width: 305px;\"\u003e\n \u003cp\u003e\u0026nbsp;Annual inflation rate\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 134px;\"\u003e\n \u003cp\u003eWorld bank and and author\u0026rsquo;s calculation\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 2. Summary statistics\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eVariables\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003eObs\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003eMean\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003eStd. Dev.\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003eMin\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003eMax\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e0.6701\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e3.973\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e-47.148\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e33.654\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e6.9938\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e18.431\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e-44.054\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e218.009\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eEPS\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e67.485\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e141708.7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e99.753\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eNbr of branches\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e48.683\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e13.672\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e23\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e80\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eNbr of ATM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e46.016\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e7.983\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e33\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e66\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eZSCORE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e8.513\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e32.562\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e-56.555\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e278.315\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eZE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e2.028\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e6.867\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e-7.252\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e93.156\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eZA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e7.856\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e29.525\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e-49.303\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e251.097\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eCSR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e33.845\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e214.988\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e1673.626\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eLEVERAGE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e0.022\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e0.139\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e0\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e1.673\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eTANGIBILITY\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e0.027\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e0.063\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e-0.012\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e0.594\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eSIZE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e6.849\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e1.671\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e3.750\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e11.267\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eAGE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e38.941\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e22.781\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e14\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e132\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 22.2222%;\"\u003e\n \u003cp\u003eINFLATION\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 11.4428%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e4.024\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e0.651\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.4179%;\"\u003e\n \u003cp\u003e2.966\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 16.7496%;\"\u003e\n \u003cp\u003e5.3162\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe results of descriptive statistics and are presented in table 2. The average value of financial performance indicates that the bank is performing well and making a profit. The average ROA of 0.670 ranges from -47.148 to -47.148. The ROE average of 6.993 from -44.054 to 218.009; EPS has an average value of 67.485, the range of values from 0 to 99.753. The average value of bank branches is 48.683, the range of values from -23 to 80 ; is greater than the Nbr of ATM mean of 46.016, the range of values from 33 to 66 ; The average FS is 8.513, ranges from -56.555 to 278.315. Independent variables, CSR has a range of values from 0 to 15.13089, the average value is 1673.626; debt levels range from 0 to 1.673, with an average value of 0.022; tangibility has a range of values from -0.012 to 0.594, the average value is 0.027.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe Pearson correlation coefficients between the variables included in our analysis are displayed in Table 3. The coefficients of correlation are usually less than 0.8, indicating a low level of correlation between the variables. When the correlation is more than 0.8, according to Kennedy (2008), multicollinearity is a serious problem. Indeed, the correlation matrix suggests that problems of multicollinearity may be safely ignored in our regressions.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 3: Correlation matrix\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eROA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eROE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eEPS\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eN.branches\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eN ATM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eZSCORE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eZE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eZA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCSR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eLEV\u003c/strong\u003e\u003cstrong\u003eR\u003c/strong\u003e\u003cstrong\u003eGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTAN\u003c/strong\u003e\u003cstrong\u003eG\u003c/strong\u003e\u003cstrong\u003eBITY\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSIZE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNFLATION\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eROA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eROE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.3520\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eEPS\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.008\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.019\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.892\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.754\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNbr of branches\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.050\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.165\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.411\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.006\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.336\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eNbr of ATM\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.184\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.206\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.275\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e-0.022\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.002\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.694\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eZSCORE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.010\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.046\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.049\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e-0.132\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.019\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.869\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.441\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.399\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.019\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.735\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eZE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.003\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.011\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.036\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e-0.139\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.044\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.821\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n 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style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eZA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.010\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.055\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.045\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e-0.152\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.038\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.991\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.737\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.870\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.363\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.464\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.012\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.535\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCSR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.058\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.010\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e-0.045\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.054\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.050\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.043\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.0591\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.344\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.997\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.862\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.431\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.350\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.387\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.485\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.3401\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eLEVERAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.026\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.062\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.068\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.108\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.022\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e-0.032\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e-0.030\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.032\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.396\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.664\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.307\u003c/p\u003e\n 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\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTANGIBILITY\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.023\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.085\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.028\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n 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5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.708\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.164\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.631\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.790\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.037\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.433\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e0.456\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n 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style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.025\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e0.150\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e-0.001\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.250\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.122\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.398\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.143\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.369\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.662\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e0.014\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e0.980\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.072\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.047\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.146\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.077\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.333\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e-0.074\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e-0.074\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.089\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e-0.035\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e-0.036\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e-0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.405\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.233\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.438\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.012\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.174\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.192\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.223\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.1430\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.5403\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e0.5500\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e0.3410\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.0000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u003cstrong\u003eINFLATION\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.075\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.027\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.014\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e-0.006\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.014\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.056\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.042\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.059\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.041\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e0.125\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e0.081\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.062\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e-0.008\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e1.000\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 10.9151%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.212\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.650\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.805\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.94598%;\"\u003e\n \u003cp\u003e0.915\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.807\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.16648%;\"\u003e\n \u003cp\u003e0.321\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.494\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.337\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.472\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.83572%;\"\u003e\n \u003cp\u003e0.038\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.6075%;\"\u003e\n \u003cp\u003e0.168\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 6.06395%;\"\u003e\n \u003cp\u003e0.292\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 5.29217%;\"\u003e\n \u003cp\u003e0.886\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 7.49724%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e"},{"header":"4. Regression analysis","content":"\u003cp\u003e\u003cstrong\u003e4.1 The impact of the CSR on financial performance\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 4 : Effect of CSR on Financial Performance.\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"614\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariables\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"3\" valign=\"top\" style=\"width: 482px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eFinancial performance\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(3)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003eROA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003eROE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003eEPS\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eL.ROA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.144**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(2.02)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eL.ROE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-0.1000\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-1.48)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eL.EPS\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.877***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(87.73)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eCSR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.000756***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.0136***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e9.214***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(0.24)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-1.02)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(1.45)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eTANGIBILITY\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-12.73***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-37.31***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-49144.1*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-1.13)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-0.79)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(1.72)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eLEVERAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-0.568**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-7.838**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-11314.2*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-0.12)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(0.36)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-0.74)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eSIZE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.582****\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.415***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e8064.6***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(1.29)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-0.23)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-5.68)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.0215*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e0.0163*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e722.7***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(0.28)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(0.05)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(3.53)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003eINFLATION\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e-0.928*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e3.334*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e4618.2***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(-1.95)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(1.77)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e(3.40)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 132px;\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u003cem\u003eN\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e211\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e211\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 161px;\"\u003e\n \u003cp\u003e223\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eTable 4 shows the results of the CSR\u0026apos;s estimated influence model on the ROA , ROE and EPS, with the leverage effect and tangibility as control variables.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe results of the partial regression estimate revealed a significant and positive relationship between ROA and CSR at the 1% level. According to Ramzan et al. (2021) and Siueia et al. (2017), banks that engage more in CSR activities would increase their financial profits. With a ROA of 1%, the leverage and tangibility has a significant and negative effect on the ROA. It indicates that a high leverage level can reduce the ROA.\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe\u0026nbsp;estimation result\u0026nbsp;of the impact of\u0026nbsp;CSR\u0026nbsp;on\u0026nbsp;ROE,\u0026nbsp;show a\u0026nbsp;significant and positive effect at the 1% level, indicating that a bank\u0026apos;s investment in CSR would increase its revenues, supporting the results of Ramzan et al. (2021) and Siueia et al (2019). The\u0026nbsp;ROE\u0026nbsp;growth is unaffected by the level of\u0026nbsp;leverage\u0026nbsp;or tangibility. Because the control variables have an additive effect on the RE, the result of a simultaneous regression estimation at a level of 1% shows the CSR, the leverage\u0026nbsp;effect, and tangibility.\u0026nbsp;The result regression\u0026nbsp;in coloun 3 table 4\u0026nbsp;shows that CSR has a significant and positive effect on the\u0026nbsp;EPS\u0026nbsp;at a level of 1%, indicating that increasing bank investment in CSR activities improves the bank\u0026apos;s image. The public may become aware of the company\u0026apos;s existence, which may increase public interest in purchasing the company\u0026apos;s products and becoming bank customers, resulting in increased sales and increased revenue for the company\u0026apos;s shareholders.These findings are consistent with previous research by Flammer (2013),\u0026nbsp;Fu\u0026nbsp;et al. (2014), and Ramzan et al. (2021), who found that the level of endettement had a significant and negative effect on\u0026nbsp;financial\u0026nbsp;performance\u0026nbsp;at the 1% level, implying that an increase in the endettement ratio would reduce actionnaire confidence, lowering\u0026nbsp;bank performance.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e4.2. The CSR\u0026apos;s Financial Inclusion Effect\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 5: Effect of CSR on Financial Inclusion.\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"606\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eVariables\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"2\" valign=\"top\" style=\"width: 70.9571%;\"\u003e\n \u003cp\u003eFinancial inclusion\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003eNbr of branches\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003eNbr of ATM\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eL. Nbr of branches\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e1.023***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(14.43)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eL. Nbr of ATM\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.953***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(19.41)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eCSR\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.000145***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.000238***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(0.11)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(0.23)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eTANGIBILITY\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.927**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e-3.568**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(-0.17)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(0.76)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eLEVERAGE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.914*\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.165*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(-0.32)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(-0.07)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eSIZE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e-0.311\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.240\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(-0.46)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(0.53)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eAGE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.0373\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e-0.0328\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(0.43)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(-0.47)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003eINFLATION\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.00318\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e0.360\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(0.01)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e(1.61)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\" style=\"width: 29.0429%;\"\u003e\n \u003cp\u003e\u003cem\u003eN\u003c/em\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\" style=\"width: 35.4785%;\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003e\u0026nbsp;\u003c/p\u003e\n\u003cp\u003eThe estimated results of the CSR influence model on the financial inclusion measured by Nbr of branches \u0026nbsp;and Nbr of ATM are shown in Table 5, with the leverage effect and bank tangibility as control variables. \u0026nbsp;The results of regression estimations revealed a significant and positive relationship between Nbr of branches and CSR at the 1% level. According to the findings of Ongo Nkoa \u0026amp; Song (2020) and Ramzan et coll., banks that invest more in CSR activities have more loans (2021). The Nbr of branches is unaffected by leverage levels, and unaffected by tangibility levels. This shows that the amount of leverage and tangibility have no impact on the number of loans held by banks.The results estimation revealed a significant and positive relationship between Nbr of ATM and CSR at a level of 1%. This suggests that banks that spend more in CSR activities would be better financially integrated, as evidenced by the number of automatic guichets owned by banks, according to Haldar et al. (2016), Ongo Nkoa and Song (2020) ; Ramzan et coll (2021). The level of leverage has no effect on Nbr of ATM, however tangibility rate has a significant and negative effect on Nbr of ATM at the 1% level. This suggests that a high level of tangibility can reduce the use of automatic guichets.\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e4.3. The impact of the CSR on financial stability\u003c/strong\u003e\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003eTable 6: Effect of CSR on Financial Stability\u003c/strong\u003e\u003c/p\u003e\n\u003ctable border=\"1\" cellspacing=\"0\" cellpadding=\"0\" width=\"623\"\u003e\n \u003ctbody\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eVariables\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd colspan=\"3\" valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eFinancial stability\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(1)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(2)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(3)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eZSCORE\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eZA\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003eZE\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eL.ZSCORE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1.112***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(11.22)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eL.ZA\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.397\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(0.76)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eL.ZE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.532\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u0026nbsp;\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(0.85)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eCSR\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.0365***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.00696***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.000617***\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(3.79)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(0.67)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(0.60)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eTANGIBILITY\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e290.7\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e224.6\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e22.57\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(6.38)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(6.14)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(5.91)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eLEVERAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-22.86\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-5.865\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-1.909\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-0.96)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-0.31)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-1.06)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eSIZE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e12.06***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e9.348**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.604*\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(2.92)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(2.12)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(1.82)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eAGE\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e2.387***\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e1.820**\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.133**\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-3.68)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-2.51)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-2.41)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003eINFLATION\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.462\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e0.339\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e-0.00836\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u0026nbsp;\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(0.21)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(0.20)\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e(-0.05)\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003ctr\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e\u003cstrong\u003e\u003cem\u003eN\u003c/em\u003e\u003c/strong\u003e\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e225\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e206\u003c/p\u003e\n \u003c/td\u003e\n \u003ctd valign=\"top\"\u003e\n \u003cp\u003e206\u003c/p\u003e\n \u003c/td\u003e\n \u003c/tr\u003e\n \u003c/tbody\u003e\n\u003c/table\u003e\n\u003cp\u003eThe regression\u0026rsquo;s results of CSR on the FS are shown in Table 7, where the CSR is the independent variable and the FS is the dependent variable, with the effect of size, tangibility, age, and size as independent and control factors. The findings show a significant positive relationship between FS and CSR at the 1% level, implying that banks become more financially stable as their investment in RSE activities increases. The effect of leverage has a negative relationship with bank FS at a level of significance of 10%, indicating that higher levels of endettement result in worse returns , as we\u0026apos;ve seen in our own results ,which might lead to a drop in bank FS. Tangibility has no significant relationship with FS, which means that it doesn\u0026apos;t matter if banks have more fixed assets than current assets.\u003c/p\u003e\n\u003cp\u003eThe age and size of banks show a strong and positive relationship with FS at the 1% level, implying that as banks get older and larger in terms of economic resources, they become more financially stable. According to Chollet and Sandwidi\u0026apos;s (2018) \u0026nbsp; findings, the second hypothesis \u0026nbsp;is also supported, implying that there is a significant relationship between the CSR and the FS of Tunisian banks.\u003c/p\u003e"},{"header":"5. Conclusion","content":"\u003cp\u003eThis study looks at the influence of CSR on PF, IF, and FS in the banking sector in Tunisia during the period from 2007 to 2018. Our findings suggest a positive significant relationship between CSR and bank FP, implying that CSR activities create a favourable perception in the minds of potential clients, which helps to attract them, ultimately leading to an increase in bank FP. The findings show that banks who spend more on CSR activities establish a strong relationship with their customers, assisting them in lowering their financial risk and increasing their SF. Furthermore, the findings suggest a positive link between FI and CSR activities, implying that if banks increase their CSR investments, their FI in terms of branch count and automated guichets would increase. To put it another way, banks must establish large networks of branches and automated guichets in order to better reach and serve a larger number of customers. The research suggests that banks should focus on CSR activities in order to improve their profitability and market performance.\u003c/p\u003e"},{"header":"References","content":"\u003col\u003e\n \u003cli\u003eArellano, M., Bond, S., 1991. Another tests of specification for panel data: monte Carlo evidence and an application to employment equations. Rev. \u003cem\u003eEcon. Stud\u003c/em\u003e. 58 (2),277\u0026ndash;297.\u003c/li\u003e\n \u003cli\u003eArellano, Manuel et BOVER, Olympia. Another look at the instrumental variable estimation of error-components models. \u003cem\u003eJournal of econometrics\u003c/em\u003e, 1995, vol. 68, no 1, p. 29-51.\u003c/li\u003e\n \u003cli\u003eBelasri, S., Gomes, M., \u0026amp; Pijourlet, G. (2020). Corporate social responsibility and bank efficiency. \u003cem\u003eJournal of Multinational Financial Management\u003c/em\u003e, \u003cem\u003e54\u003c/em\u003e, 100612. https://doi.org/10.1016/j.mulfin.2020.100612\u0026nbsp;\u003c/li\u003e\n \u003cli\u003eBeck, T., De Jonghe, O., Schepens, G., 2013. Bank competition and stability: cross-country heterogeneity. \u003cem\u003eJ. Financ. Intermediat\u003c/em\u003e. 22 (2), 218\u0026ndash;244.\u003c/li\u003e\n \u003cli\u003eCavaco, S., Crifo, P., 2014. CSR and financial performance: complementarity between environmental, social and business behaviours. \u003cem\u003eAppl. Econ.\u003c/em\u003e 46 (27), 3323\u0026ndash;3338.\u003c/li\u003e\n \u003cli\u003eChollet, P., \u0026amp; Sandwidi, B. W. (2018). CSR engagement and financial risk: A virtuous circle? International evidence. \u003cem\u003eGlobal Finance Journal\u003c/em\u003e, \u003cem\u003e38\u003c/em\u003e(September 2017), 65\u0026ndash;81. https://doi.org/10.1016/j.gfj.2018.03.004\u0026nbsp;\u003c/li\u003e\n \u003cli\u003eDas, S. K. (2019). CSR Practises in Banking Sector : An Analysis.\u0026nbsp;\u003cem\u003eA\u003c/em\u003e\u003cem\u003e\u0026nbsp;\u003c/em\u003e\u003cem\u003ejournal of composition theory\u003c/em\u003e, \u003cem\u003eXII\u003c/em\u003e(X), 659\u0026ndash;668.\u0026nbsp;\u003c/li\u003e\n \u003cli\u003eDwumfour, R.A., 2017. Explaining banking stability in Sub-Saharan Africa. Res. \u003cem\u003eInt. Bus. Financ\u003c/em\u003e\u003cem\u003ee\u003c/em\u003e. 41, 260\u0026ndash;279.\u003c/li\u003e\n \u003cli\u003eFlammer, C. (2013). Corporate social responsibility and shareholder reaction: The environmental awareness of investors. \u003cem\u003eAcademy of Management Journal\u003c/em\u003e, \u003cem\u003e56\u003c/em\u003e(3), 758\u0026ndash;781.\u0026nbsp;https://doi.org/10.5465/amj.2011.0744\u0026nbsp;\u003c/li\u003e\n \u003cli\u003eGangi, F., Mustilli, M., \u0026amp; Varrone, N. (2019). The impact of corporate social responsibility (CSR) knowledge on corporate financial performance: evidence from the European banking industry. \u003cem\u003eJournal of Knowledge Management\u003c/em\u003e, \u003cem\u003e23\u003c/em\u003e(1), 110\u0026ndash;134. https://doi.org/10.1108/JKM-04-2018-0267\u0026nbsp;\u003c/li\u003e\n \u003cli\u003eHaldar, P. K., Mahbubur Rahman, S. M., Mia, M. S., Ahmed, F., \u0026amp; Bashawir, A. (2016). Assessing the role of corporate social responsibility practices of commercial banks in enhancing financial inclusion: A study on banking sector in Bangladesh. \u003cem\u003eInternational Journal of Economics and Financial Issues\u003c/em\u003e, \u003cem\u003e6\u003c/em\u003e(4), 1778\u0026ndash;1783.\u0026nbsp;\u003c/li\u003e\n\u003c/ol\u003e"}],"fulltextSource":"","fullText":"","funders":[],"hasAdminPriorityOnWorkflow":false,"hasManuscriptDocX":true,"hasOptedInToPreprint":true,"hasPassedJournalQc":"","hasAnyPriority":true,"hideJournal":true,"highlight":"","institution":"FSEG ,University of Sfax ","isAcceptedByJournal":false,"isAuthorSuppliedPdf":false,"isDeskRejected":"","isHiddenFromSearch":false,"isInQc":false,"isInWorkflow":false,"isPdf":false,"isPdfUpToDate":true,"isWithdrawnOrRetracted":false,"journal":{"display":true,"email":"[email protected]","identity":"researchsquare","isNatureJournal":false,"hasQc":true,"allowDirectSubmit":true,"externalIdentity":"","sideBox":"","snPcode":"","submissionUrl":"/submission","title":"Research Square","twitterHandle":"researchsquare","acdcEnabled":true,"dfaEnabled":false,"editorialSystem":"","reportingPortfolio":"","inReviewEnabled":false,"inReviewRevisionsEnabled":true},"keywords":"CSR, Financial Performance, Financial Inclusion, Financial Stability","lastPublishedDoi":"10.21203/rs.3.rs-5522827/v1","lastPublishedDoiUrl":"https://doi.org/10.21203/rs.3.rs-5522827/v1","license":{"name":"CC BY 4.0","url":"https://creativecommons.org/licenses/by/4.0/"},"manuscriptAbstract":"\u003cp\u003eThe aim of this study is to analyze how Corporate Social Responsibility (CSR) affects the financial performance, financial inclusion, and financial stability of financial institutions in Tunisia. The research focuses on data from 30 financial institutions collected annually from 2008 to 2019. The results show that CSR, along with the age and size of the institution, positively influences all three factors. On the other hand, higher levels of debt have a negative impact on financial inclusion and financial stability. 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