Factors Affecting CSR Disclosure by Takaful Insurance Companies During the Pandemic Crisis
Abstract
:1. Introduction
2. Existing Literature and Hypothesis
2.1. CSR_DISC and Uncertainty Caused by the Pandemic
2.2. CSR_DISC and Takaful Insurance
2.3. Research Hypothesis
2.3.1. Corporate Governance Attributes
- ▪
- Board Size (BSZ)
- ▪
- Non-executive independent members (NEIMS)
- ▪
- Shariah supervisory board size (SSBS)
- ▪
- Female Gender Presence (FGP)
- ▪
- Audit committee size (ACS)
- ▪
- Board meeting frequency (BMFR)
2.3.2. Other Control Variables
- ▪
- Size (SZ)
- ▪
- Profitability (ROA)
3. Study Framework
3.1. Data and Sample Choice
3.2. Variable Measurement
3.2.1. Dependent Variable
3.2.2. Empirical Models
- Poisson panel model
- Negative binomial panel model
4. Analysis of the Results
4.1. Data Summary
4.2. Goodness-of-Fit Tests
4.3. Discussion
4.4. Robustness Test
5. Conclusions
5.1. Implications
5.2. Limitations
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
Appendix A
A. Environmental and related information: | C. Community involvement and social information: |
1. A policy concerning the environment. | 23. The company various endowments. |
2. Involvement in the environment protection programs. | The company relation with the local community. |
3. Conservation of natural resources. | 25. Supporting educational and cultural activities. |
4. Recycling plant of waste products. | 26. Transport facilities for staff families. |
5. Participation on pollution control plans. | 27. Participating in medical and health centers. |
6. Energy saving. | 28. The company’s gifts and cash rewards. |
7. Carefulness on disposal of waste. | 29. Founding public halls. |
8. R&D on protecting the environment. | 30. Funding various educational scholarships for students. |
9. Obedience with environmental and related regulations. | 31. Participation on reducing the community unemployment rate. |
B. Employee welfare and related information: | 32. Contribution toward community serving programs. |
10. Training programs for staff. | 33. Establishing new projects in poor areas. |
11. Various educational facilities. | 34. Providing the community with financial supports. |
12. Health care inside or outside the company. | 35. Participating and financing community celebration. |
13. Safety and security arrangements. | D. Products quality and safety information: |
14. Support staff entertainment and holidays. | 36. Efforts to develop the company’s products including its packaging. |
15. Staff cultural activities. | 37. Product quality and related information. |
16. Providing loans to staff with special interest rates. | 38, Alertness to customer criticisms or complaints. |
17. Housing facilities. | 39. The company’s role in controlling prices and optimizing profits. |
18. Founding of training and professional centers. | 40. Customer service programs, market, product, warranty, etc. |
19. Clear policies for remuneration package/scheme. | 41. Obedience with customer protection and related regulations |
20. Staff qualifications. | |
21. Pension schemes and related information. | |
22. Permanence of employees’ job. |
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Variable | Definition | Measurement | Sources | Expected Sign |
---|---|---|---|---|
Dependent variable | ||||
CSR_DISC | Index of CSR disclosure | The number of CSR-disclosed items in the prepared checklist (Appendix A) | Habbash (2016) Alotaibi (2020) Mousa et al. (2018) | |
Independent variables | ||||
BSZ | Board size | Natural logarithm of the total number of directors on the board | Rao et al. (2012) | + |
NEIMS | Non-executive independent members | Ratio of the number of non-executive directors to the total number of directors | Rouf and Hossan (2021) | + |
SSBS | Shariaa supervisory board size | The number of members on the Shariaa Board | Ridwan and Mayapada (2022) | + |
FGP | Female gender presence | The number of female members on the board committee | Qiu et al. (2022) | + |
ACS | Audit committee size | Natural logarithm of the total number of members on the audit committee | Al-Shaer and Zaman (2018) | + |
BMFR | Board meeting frequency | Natural logarithm of the frequency of board meetings | Hemrit and Belgacem (2024) | + |
Control variables | ||||
SZ | Size | Natural logarithm of total assets | Al-Shaer and Zaman (2018) | + |
ROA | Profitability | Net profit/total of assets | Brogi et al. (2022) | + |
Mean | SD | Min | Max | |
---|---|---|---|---|
CSR_DISC | 18.7538 | 7.5893 | 7 | 38 |
BSZ | 2.0889 | 0.1946 | 1.6094 | 2.3978 |
NEIMS | 1.2502 | 0.2784 | 0.6931 | 1.9459 |
FGP | 0.1769 | 0.4735 | 0 | 2 |
SSBS | 0.2612 | 0.6668 | 0 | 3 |
ACS | 1.2289 | 0.1889 | 1.0986 | 1.9459 |
BMFR | 1.6787 | 0.3341 | 0.6931 | 2.3025 |
SZ | 14.6867 | 1.8562 | 12 | 21 |
ROA | −0.0185 | 0.1018 | −0.5745 | 0.0786 |
Poisson Panel Model (Fixed Effects) | Poisson Panel Model (Random Effects) | Negative Binomial Panel Model (Random Effects) | ||||
---|---|---|---|---|---|---|
Variable | Coeff | SD | Coeff | SD | Coeff | SD |
Constant | 3.0312 *** | 0.6795 | 3.1112 *** | 0.7073 | 604.3761 ** | 308.5524 |
BSZ | −0.1619 *** | 0.0655 | −0.2254 *** | 0.1042 | −0.4418 ** | 0.2238 |
NEIMS | 0.0514 | 0.1403 | 0.0739 | 0.1299 | 0.1915 * | 0.1079 |
FGP | 0.3362 *** | 0.1085 | 0.1807 * | 0.0941 | 0.3014 *** | 0.0926 |
SSBS | 0.0734 | 0.0532 | −0.0098 | 0.1078 | −0.0098 | 0.1078 |
ACS | 0.2381 * | 0.1435 | 0.30079 *** | 0.1050 | 0.1407 | 0.1370 |
BMFR | 0.0069 | 0.1144 | 0.0207 | 0.1055 | 0.1277 | 0.1055 |
SZ | 0.0962 *** | 0.0435 | −0.1018 * | 0.0497 | −0.3185 *** | 0.1440 |
ROA | −0.0434 | 0.3158 | 0.0897 | 0.3066 | 0.0836 | 0.3066 |
Hausman test (p-value) | 34.62 (0.0019) | 19.17 (0.2155) | ||||
Wald (p-value) | 24.58 (0.0012) | 23.32 (0.0092) | 19.22 (0.1086) | |||
Overdispersion | 53.46 *** |
Logit Panel Model (Random Effects) | Marginal Effects dy/dx (*) | |||
---|---|---|---|---|
Variable | Coeff | SD | Coeff | SD |
Constant | 11.287 | 12.6529 | - | - |
BSZ | −12.4082 *** | 5.4807 | −2.5631 *** | 1.2467 |
NEIMS | 0.6238 | 3.7777 | −1.4571 | 0.9122 |
FGP | 7.4899 *** | 4.2507 | 1.5729 *** | 0.4968 |
SSBS | 0.5124 | 2.0225 | −0.3349 | 0.3167 |
ACS | 9.9363 *** | 4.1251 | −6.745 *** | 1.6904 |
BMFR | 0.0208 | 2.9452 | −0.4417 | 0.6857 |
SZ | −1.3195 *** | 0.6327 | −0.1945 *** | 0.0686 |
ROA | 6.5839 | 16.8398 | −5.4628 | 2.4320 |
Hausman Test (p-value) | 8.22 (0.1728) | |||
Wald (p-value) | 11.77 (0.1616) | |||
Sigma U_rho | 87.12 (0.110) |
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Hachicha, S.; Abu-Alhayja, S.; Hemrit, W. Factors Affecting CSR Disclosure by Takaful Insurance Companies During the Pandemic Crisis. J. Risk Financial Manag. 2025, 18, 266. https://doi.org/10.3390/jrfm18050266
Hachicha S, Abu-Alhayja S, Hemrit W. Factors Affecting CSR Disclosure by Takaful Insurance Companies During the Pandemic Crisis. Journal of Risk and Financial Management. 2025; 18(5):266. https://doi.org/10.3390/jrfm18050266
Chicago/Turabian StyleHachicha, Sameh, Samah Abu-Alhayja, and Wael Hemrit. 2025. "Factors Affecting CSR Disclosure by Takaful Insurance Companies During the Pandemic Crisis" Journal of Risk and Financial Management 18, no. 5: 266. https://doi.org/10.3390/jrfm18050266
APA StyleHachicha, S., Abu-Alhayja, S., & Hemrit, W. (2025). Factors Affecting CSR Disclosure by Takaful Insurance Companies During the Pandemic Crisis. Journal of Risk and Financial Management, 18(5), 266. https://doi.org/10.3390/jrfm18050266