This paper attempts to find the relationship between Corporate Social Responsibility and Corporate Financial Performance with Risks as the intervening variable in Indonesian, Singapore and Malaysian pharmaceutical industry. This research is using partial least square method which is conducted on a sample of 24 listed pharmaceutical companies in Indonesia, Singapore and Malaysia with observation from 2015 to 2019.
It has been found that Corporate Social Responsibility would give positive impact on Corporate Financial Performance. Companies should be keep motivated to perform Corporate Social Responsibility activities and comply with governments’ regulations. This report is studying pharmaceutical industries in three different countries using Indonesia, Singapore and Malaysia as the sample and in the past, only one single country was used and not many of the studies were using Indonesian, Singapore or Malaysian pharmaceutical industry.