Abstract

The attainment of sustainable development is the company's primary requirement on a global scale. CSR is a social part of the SD concept that focuses largely on a sound approach to stakeholders. CSR focuses on the commitment of businesses to keep their responsibilities as community members and meet the requirements of all stakeholders. Thus, the current study aims to investigate the impact of corporate social responsibility (CSR) on the sustainable growth of businesses in ASEAN nations. In addition, the relationship between government and sustainable development is investigated. This study employed a quantitative approach to collect data from financial statements and published CSR reports of companies from 2008 to 2019. We employed the random effect model (Waworuntu et al.) and the fixed effect model (FEM) to examine the correlations between the variables. The results indicated that the CSR index, the governance index, and the return on assets (control variable) are positively correlated with the sustainable development of ASEAN firms. These results are helpful for new research to investigate this field and regulators who wish to implement new CSR and sustainable development policies.