6. CONCLUSION, IMPLICATIONS AND LIMITATIONS
6.3. Limitations and future research
Along with the findings of the positive relationship between CSR performance and share repurchases, the thesis still has some limitations that can be considered for further re-search.
Even though the R-squared values of regression models are acceptable, but the out-comes of regression results can be improved by expanding the control variable set.
Therefore, control variables, such as culture dimension - Hofstede’s model, tax (dis)ad-vantage and investor protection (Bae et al, 2012; Saeed & Zamir, 2021); regulation sys-tem (von Eije & Megginson, 2008); ownership structure (Andriosopoulos & Hoque, 2013;
Pieloch-Babiarz, 2017) are recommended to join in future research.
The findings are concluded based on the regression results across countries in the Euro-pean market for the period from 2006 to 2019. However, based on region, culture and industry factors, ESG dimensions will be prioritized differently, for example, the govern-ance dimension has the strongest impact on business performgovern-ance in Germany (Velte,
2017); while during COVID – 19, social and environmental dimensions have been consid-ered as the most important factors for ESG integration in business (Battistella, 2020).
Hence, for future studies, the relationship between CSR performance and share repur-chases can be conducted with sub-categories classified by industries, regions, crisis or non-crisis periods to have a closer look at how the relationship behaves under different model specifications and economic conditions.
The findings show no relationship between the environmental dimension and share re-purchases in this thesis. However, the environmental dimension is quite complex and difficult to analyze correctly (Turcu, 2013). According to Rodil-Marzábal (2021), the influ-ence of the environmental dimension is a U-shape curve meaning that it takes a long time for the environmental component to show impacts on business performance and the economy (Guenster, Bauer, Derwall & Koedijk, 2011). Hence, further research will be needed to observe the relationship between the environmental dimension and share repurchases over different timelines.
Furthermore, CSR has become a global trend (Trihermanto & Nainggolan, 2018) and share repurchase is also a new tool of payout policy in many countries including Asian countries – Japan, India, China - and Australia (Wesson, Hamman & Bruwer, 2015; Wil-liamson et al., 2020). It will be interesting to examine the link between share repurchases and CSR performance in these countries or continents.
Finally, due to special characteristics and influenced by different hypotheses, banks and companies in the financial sector are excluded from the empirical research. However, the relationship between CSR performance and share repurchases by banks and financial entities should be still investigated in the future.
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Appendices
Appendix 1. Share repurchase restrictions in the USA and some European