10.57647/j.amc.2025.090105

Measuring the impact of Social and Environmental Commitments on ROA in Cement Companies

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  • Erfan Dehnavi1,
  • Somayeh Shokravi*1,
  • Seyed Jalal Ahmadi1,
  1. Department of Accounting, Isl.C., Islamic Azad University, Islamshahr, Iran

Received: 2025-02-01

Revised: 2025-03-25

Accepted: 2025-04-30

Published in Issue 2025-06-30

Copyright (c) 2025 Erfan Dehnavi, Somayeh Shokravi, Seyed Jalal Ahmadi (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How to Cite

Dehnavi, E., Shokravi, S., & Ahmadi, S. J. (2025). Measuring the impact of Social and Environmental Commitments on ROA in Cement Companies. Agricultural Marketing and Commercialization, 9(1). https://doi.org/10.57647/j.amc.2025.090105
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Abstract

The purpose of this study is to propose a model for assessing the impact of environmental social commitments on the return on assets (ROA) in cement industry companies listed on the Tehran Stock Exchange, considering the moderating role of board independence. In this research, the independent variables include the environmental social commitments of cement companies and the agency theory factor (board independence). The dependent variable is the return on assets, while firm size, financial leverage, and age are the control variables. The study utilizes data from 36 cement companies listed on the Tehran Stock Exchange over a five-year period from the beginning of 2019 to the end of 2023. The hypotheses are tested using multiple regression analysis with panel data methodology under fixed effects. The results reveal a significant and positive relationship between environmental social commitments and return on assets. Furthermore, the findings of the second hypothesis confirm that board independence, as a factor in agency theory, moderates the relationship between environmental social commitments and return on assets.

Keywords

  • Environmental Social Commitments,
  • Agency Theory,
  • Board Independence,
  • Return on Assets (ROA),
  • Tehran Stock Exchange
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