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This study explores the corporate giving and financial performance nexus in tourism-related firms from four South Asia countries. Specifically, this study investigates if there exists an inverse U-shaped link between corporate giving and financial performance and assesses the potential bi-directional relationship between these two variables. Results generated from system-GMM estimator reveal that the effects of corporate giving on both ROA and Tobin’s Q are curvilinear. In particular, an inverse U-shaped relationship is observed, implying that firms are rewarded for their corporate giving engagement, which denotes “doing-good” leads to “doing well”, within a certain limit. Interestingly, this study also finds evidence that the firms which perform well financially are shown to engage less in corporate giving. Specifically, “doing-well” firms are shown to lead to lower level of “doing good”, supporting the management opportunity hypothesis. This study has policy implications in pushing for further CSR initiatives in other industries and emerging markets. Keywords: Corporate giving; firm performance; bi-directional relation; system GMM ABSTRAK Kajian ini meninjau hubung-kait pemberian korporat dan prestasi kewangan firma berkaitan pelancongan di empat negara Asia Selantan. Khususnya, kajian ini menyiasat samada hubungan bentuk-U songsang wujud di antara pemberian korporat dan prestasi kewangan dan menilai potensi hubungan dua hala di antara kedua-dua pembolehubah ini. Hasil dapatan yang di terbitkan daripada penganggar sistem GMM memperlihatkan bahawa kesan terhadap pemberian korporat terhadap kedua-dua ROA dan Tobin Q adalah garis melengkung. Terutamanya, kewujudan hubungan bentuk-U songsang membayangkan bahawa firma mendapat ganjaran apabila berurusan dengan pemberian korporat, yang mana bermaksud “melakukan kebaikan” membawa kepada “memperoleh kejayaan” sehingga kesatu tahap tertentu. Menariknya, hasil kajian ini juga mendapati bahawa firma yang menunjukkan prestasi yang baik dari segi kewangan di dapati kurang melakukan pemberian korporat. Terutamanya, firma yang “memperoleh kejayaan” di dapati menjurus kepada “melakukan kebaikan” pada tahap yang rendah, yakni, menyokong hipotesis peluang pengurusan. Implikasi polisi kajian ini menyarankan penekanan seterusnya untuk initiatif CSR dalam industri lain dan di pasaran baru. Kata kunci: Sumbangan korporat; prestasi firma; hubungan dua hala; sistem GMM

“Doing Well” by “Doing Good”? Evidence from Tourism-Related Firms in Four South Asia Countries