School of Business and Management

Rafia Afrin

 Rafia Afrin


Tel: +44 (0)20 7882 8570
Location: Mile End, Bancroft Building

1st Supervisor: Professor Frances Bowen
2nd Supervisor: Dr. Ni Peng

Project Title:

"Corporate Social Responsibility and Corporate Financial Performance – Criticisms and Extensions"

Project Description: 

There is enough theoretical and empirical evidence in extant literature to suggest that corporate social responsibility (CSR) and corporate financial performance (CFP) are intertwined. However, the results in terms of nature and extent of the relationship are extremely varied, and recent studies suggest more specialized approaches rather than just looking for a blanket answer. This research will aim to dig deeper into the specific details of the “why” and “how” of CSR and CFP relationship, by breaking down these two constructs in a meaningful way and analysing the associated context, conditions and parameters of this relationship.

This research identifies and works with three specific parameters which closely affects the CSR-CFP relationship – i) Past CSR Records: the previous levels of CSR performance of firms may affect the market reaction to an incremental responsible or irresponsible action; ii) Green Washing Effect: There often exists substantial differences between CSR communications and performance of a firm; this research will try to differentiate between actual CSR executions in the past, vs., empty words to see if the market reacts differently to an announcement of new CSR action in both cases; iii) Difference by Stakeholder type: The CFP impact of CSR may also vary greatly based on the stakeholder group the action is targeted at, especially if we look at the primary and secondary classification of stakeholders. The research will take an event study approach to analyse these factors.


  • Rafia Afrin (May 2017). Analyzing the Potential of Altman’s Z-Score for Prediction of Market Performance and Share Returns – A Case Study of the Cement Industry in Bangladesh. The AUST Journal of Science and Technology. Vol.6. Issue 1 & 2. pp 1-16.
  • Muhammad Z. Mamun, Rafia Afrin (Dec 2015). Ethical and Social Perspective of Islamic Banking in Bangladesh: Client’s Overall View. Social Science Review [The Dhaka University Studies, Part-D].
  • Muhammad Z. Mamun, Rafia Afrin (June 2015). Operation of Superstore Chains in Bangladesh – Problems and Prospects. Social Science Review [The Dhaka University Studies, Part-D], Vol.32, No.1.pp.11-25.
  • Muhammad Z. Mamun, Neaz Ahmed, Rafia Afrin (2015). Customers’ Perception of Ethical Issues in Corporate Governance of Islamic Banks in Bangladesh: Sustainability and South Asian Perspective – 18th South Asian Management Forum. 26th-27th March. Colombo, Srilanka. Pp 72-89. Association of Management Development Institutions in South Asia (AMDISA) & Institute of Certified Professional Managers (CPM).