The Muamalat Newsletter Vol. 2 2024

FEM eNewsletter | December 2024 67 to draw definitive conclusions about the true impact of corporate sustainability practices on financial outcomes. To mitigate the confusion between CSR and ESG in academic research, scholars must make a concerted effort to clearly define the frameworks they are investigating and distinguish between the two. This requires not only refining the scope of CSR and ESG in research designs but also paying close attention to the differing motivations and reporting structures underlying each framework. Additionally, researchers need to be cautious when selecting theoretical models, ensuring that these frameworks are appropriate for the specific type of disclosure being analysed. Future research should also prioritize the development of standardized metrics and reporting frameworks for CSR, akin to those used in ESG reporting. Such standardization would enable more consistent and comparable data, allowing for clearer conclusions. Aligning CSR reporting practices with those of ESG would reduce the ambiguity surrounding corporate sustainability disclosures, ultimately improving the reliability and robustness of research findings. In summary, the confusion between CSR and ESG in academic inquiries arises from the overlapping nature of the two frameworks, as well as differences in their scope, driving factors, and reporting practices. This lack of clarity has significant implications for research, leading to methodological inconsistencies and misinterpretations. Addressing this issue requires a more rigorous approach to defining and differentiating between CSR and ESG in academic studies. By doing so, researchers can enhance the understanding of corporate sustainability practices and their broader impacts on both society and financial performance. References Bowen, H. R. (1953). Social Responsibilities of the Businessman. University of Iowa Press. Gerard, B. (2019). ESG and Socially Responsible Investment: A Critical Review. Beta, 33(1), 61–83. https://doi.org/10.18261/ISSN.1504- 3134-2019-01-05 Seow, R. Y. C. (2024a). Beyond Boardroom Diversity and Environmental, Social, and Governance Transparency: Evidence of the Emerging Market Firms. Business Performance Review, 2(2), 8–19. https://doi.org/10.22495/bprv2i2p1 Seow, R. Y. C. (2024b). Determinants of Corporate Social Responsibility (CSR) Disclosure: A Systematic Literature Review. Journal of Economics and Sustainability, 6(2), 37–67. https://doi.org/10.32890/jes2024.6.2.3 Seow, R. Y. C. (2024c). Determinants of Environmental, Social, and Governance Disclosure: A Systematic Literature Review. Business Strategy and the Environment, 33(3), 2314–2330. https://doi.org/10.1002/BSE.3604 Seow, R. Y. C. (2024d). Environmental, Social, and Governance Reporting in Family Firms: The Critical Role of CEO Attributes. Business Strategy and the Environment. https://doi.org/10.1002/bse.3984 Seow, R. Y. C. (2024e). Unveiling the Complexities of ESG and CSR Disclosures Determinants: A Systematic Literature Review. Journal of Technology Management and Business, 11(1), 49–79. https://doi.org/10.30880/jtmb.2024.11.01.004 Seow, R. Y. C., & Loo, E. C. (2023). The Influence of Chairman and CEO’s Capabilities and the Moderating Role of Family- controlled Companies on Environmental, Social, and Governance (ESG) Disclosure: A Study on the Malaysian Public-listed Companies. International Journal of Professional Management, 18(3), 1–21.