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Open AccessArticle

Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance

1
University Institute of Management Sciences, PMAS-Arid Agriculture University, Rawalpindi 46000, Pakistan
2
School of Economics and Finance, QUT Business School, Brisbane 4000, Australia
3
Sulaiman AlRajhi School of Business, Sulaiman AlRajhi University, Al Bukayriyah 51941, Al Qassim Province, Saudi Arabia
*
Author to whom correspondence should be addressed.
J. Risk Financial Manag. 2020, 13(6), 117; https://doi.org/10.3390/jrfm13060117
Received: 26 March 2020 / Revised: 1 June 2020 / Accepted: 2 June 2020 / Published: 5 June 2020
(This article belongs to the Special Issue Green and Sustainable Finance)
We examine the mediating role of capital structure in the perceived relationship of uncertainty, corporate social responsibility (CSR), stakeholder interest and financial performance. We collect data through questionnaires, and survey the Chief Financial Officers (CFOs) of the service sector of Pakistan. We apply Structure Equation Modeling (SEM) for data analysis. We find that CFOs perceive uncertainty, CSR and stakeholder interest to have both direct and indirect impacts on financial performance. In particular, we find evidence of the mediating effect of capital structure in the relationship. Our findings imply that firms screen out uncertain situations while making capital structure decision and pursuing CSR-related activities. View Full-Text
Keywords: capital structure; uncertainty; CSR; stakeholder interest; financial performance capital structure; uncertainty; CSR; stakeholder interest; financial performance
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MDPI and ACS Style

Hunjra, A.I.; Verhoeven, P.; Zureigat, Q. Capital Structure as a Mediating Factor in the Relationship between Uncertainty, CSR, Stakeholder Interest and Financial Performance. J. Risk Financial Manag. 2020, 13, 117.

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