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    How strategy affects performance

    This study examines the relationship between corporate social responsibility (CSR) and financial performance, but more specifically, the effects of CSR engagement strategy on cost of equity. The Sample is a panel dataset of 30 firms in the apparel, retail, and textile industry from 2007-2013. Using Fixed-effects, random-effects, and ordinary least squares models, the study finds no significant effect of CSR or CSR engagement strategy on cost of equity. These findings are in line with the majority of existing literature, such that the results indicate no clear relationship between CSR and financial performance exits.