“…Other studies investigate the relationships between CSR and earnings management, cash holdings, financing costs, stock price crash risk, investment efficiency, consumer perceptions, and consumer loyalty, etc. (e.g., Benlemlih & Bitar, 2018;Cheung, 2016;Garc ıa-Pozo et al, 2019;Goss & Roberts, 2011;Kim et al, 2012;Servera-Frances & Piqueras-Tomas, 2019;Sevilla-Sevilla et al, 2019).…”