Regarding
the regression in model 3, those investigate the impact of FP on voluntary CSR
activities index. The results are shown in Table 5. As can be seen all the models
are significant at least at Prob. F < 0.05 and explains 45.17 % of the variation in profitability (ROA) and, similar for ROE measure of FP the Adj. R-squared is equal to 0.368 means that our model explains about 37% of the behavior of the independent variable. However, our models did not present multi-collinearity problems, autocorrelation problem even the problems of heteroscedasticity because we carried out the respective statistics test to solve it, as presented in Table 5. We highlighted ROA and ROE variables as all being statistically significant and positive, for ROA (Coeff. = 0.0021, P-Value < 0.05 and t-Stat. = 3.131) and for ROE variable (Coeff.= 0.0035, P-Value < 0.01 and t-Stat. = 2.762), respectively. The findings are in accordance whit Rodriguez-Fernandez (2015) study, supporting the bidirectional relationship between CSR activities and FP and vice versa. So we have evidence to support our hypothesis H3 and we conclude that the better profitable banks are those that adopt greater CSR behavior. (Insert around here Table 5) Conclusion Starting from the hypothesis, an empirical study has been developed, we examine the relationship between CSR and FP, using the Mozambican banking industry as a sample covering the period from 2010 to 2016. Applying ROA and ROE as our measure of FP and using content analysis of annual financial reports for obtaining quantitative data and supplementing these data by searching the firms' websites reports about CSR discloser as a measure of CSR, our main findings can be summarized in these points. Firstly, the coefficient ?1 that captured the relationship between CSR and FP was significantly consistent with previous literature (Platonova et al., 2016, Rodriguez-Fernandez 2015) providing evidence that the managers are engaged in CSR behavior through FP. Additionally, we expected and provided that banks displaying a higher level of CSR behavior achieve greater financial profitability in the Mozambican Banking sector. Secondly, with regards to the impact of FP on CSR activities index, the findings show similar outcomes that were found when we examined the impact of CSR activities on FP. All results was statistically significant and positive suggesting that CSR behavior leads to better firms' profitability and the higher profitability is driven by CSR activities, thus, create a positive relations in both directions. Jointly, these findings support our hypothesis H0, H1, and H3. Thirdly, we examined the impact of each category of voluntary CSR activities on the financial performance, the findings were insignificant for environmental protection category of CSR activities, however, and for the other three categories of CSR activities, and the findings were positive and significant. Thus, we did not find evidence to support our hypothesis H2. Furthermore, we expected and provided evidence that the banks primarily disclose information about their customer & products comparatively to other categories of CSR practices in our sample. Generally, our findings confirm other prior research in the field providing evidence that the CSR activities are related to financial performance. This study is subject to at least one limitation: the fact that the study concentrates on a single under-developed country may limit the possibility of generalizing the findings. Nevertheless, we believe that in the Mozambican banking industry this research is a novelty, the first studying the relationship between CSR and FP because in our literature review there was scanty evidence. Future research could consider the application of different measure of CSR activity and expand the period of analysis. We believe that this research will contribute to filling the existing gap in literature and, also highlighting the importance of the manager engaged in CSR activities to have a better FP and confirm the stakeholder theory in the banking sector, particularly in the African context.   Reference Al-Smdi, A. W. (2016). The relationship between Corporate Social Responsibility and Financial Perform

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