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a. How does CPA affect CFP? b. How does the interaction between the CPA…

- - - - Barauskaite, G., & Streimikiene, D. (2020)
      - Measurement of CFP
    - - Hillman et al (2004)
        
        pg 838
    - - van Marrewijk, M. (2003). Concepts and Definitions of CSR and Corporate Sustainability: Between Agency and Communion. Journal of Business Ethics, 44(2/3), 95–105. http://www.jstor.org/stable/25075020
        
        Explains the issues of the defintion of CSR and povides a more concrete vesion
  - - - Lock, I., & Seele, P. (2017) --> how firms simultaneously promote voluntary responsibility (e.g., under‑age‑access prevention) while lobbying against stricter regulations, thus weaponising CSR as “air‑cover” for lobbying  3  4.
    - - (Dahan & Hadani, 2023)--> They note that politically active firms may send pro-societal CSR narratives (“corporate populism”) while simultaneously using CPA for purely self-interested political influence.
        Academia
    - - Ammari, A. E. (2022): the negative effect of PCs on CFP in a weakly regulated and poorly governed country could be used by financial institutions to revise their credit scoring criteria for politically connected firms. ///// PCs on CFP varies according to the presence of DFE. The main result suggests that in firms without DFE, PCs negatively and significantly affect CFP.
    - - Lin, W. L. (2018): The results of this study indicated that the corporate lobbying did not increase the probability of gaining more support from the government in comparison to the firms that did not use any lobbying techniques
    - - Qazi, S. Z., & Aspal, P. K. (2021): AMBIGUOUS EFFECT: The CSR–CFP link remains ambiguous in Indonesia--> Even though this study finds a positive effect, the conclusion notes that results across Indonesian studies have been contradictory, meaning the relationship is not consistently proven across the literature.
    - - CSR has a positive effect on corporate financial performance (CFP).
      - The authors find evidence that when firms engage more in CSR, their financial performance improves.
      - This supports the classical claim that CSR is positively linked to CFP. //// CPA by itself is not consistently beneficial or harmful — the results in the literature are mixed, and the paper acknowledges this. ////// CSR + CPA → stronger positive financial performance, When firms combine CSR efforts and political activities|: - they strengthen their legitimacy - they gain more favorable access to policymakers- they amplify CSR’s financial benefits- This complementary effect leads to improved CFP.
  - - - Vasquez, R. (2022) --> This study is among the first to examine the differentiated and mediated effects of three messaging strategies: corporate social responsibility (CSR), corporate social advocacy (CSA), and corporate political activism (CPA), in the context of corporations communicating about climate change, which currently lacks scholarly attention.
    - - Lin, W. L., Sambasivan, M., Ho, J. A., & Law, S. H. (2019)--> Their results showed that the CPA did not improve the firm’s performance. Moreover, CPA and CSR are substitutes in affecting financial performance, because they are essentially exclusive investments that require resources but do not have synergies.
    - - Hilmi, H., Zarkasyi, W., Sueb, M., & Tanzil, N. D. (2021)
        
        Companies that perform well in CSR—across the Triple Bottom Line (Profit, People, Planet)—tend to also demonstrate better financial performance, as measured by CR, DER, TATO, and ROE.