摘要：This study aims to determine the relationship between zombie companies and the performance of corporate social responsibility, with corporate governance and ownership as moderator variables. A zombie company is a nearinsolvent frm due to inefciency and low proftability but still survive with external support from the government or bank (Kane, 1987). Te determination of the sample is done by a purposive sampling method, with OLS and Moderated Regression Analysis methods. Te number of research samples is 288 companies with a total of 1865 observations for the period 2010-2017. Te analysis shows that CSR performance in zombie companies is lower than that of nonzombies. Te moderator variable of corporate governance is proxied by board composition, while ownership is proxied by family ownership and institutional ownership. Te board composition and institutional ownership variables do not moderate the negative effects of zombie companies on CSR performance, while the family ownership variable worsens the relationship between zombie companies and CSR performance. Te research control variables are fnancial leverage, a dummy of state-owned enterprise, and frm size. While fnancial leverage has no effect on the CSR performance, the state-owned enterprise and frm size are positively related to that performance.
