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Does the composition of boards of directors impact on CSR scores?

Author

Listed:
  • Nirosha Wellalage
  • Stuart Locke
  • Sanjeev Acharya

Abstract

Purpose - This paper aims to investigate the relationship between board composition and firm corporate social responsibility (CSR) scores of the top 30 listed companies in Australia, France, UK and USA. Design/methodology/approach - Using a sample of 120 publicly listed companies covering a 10-year period from 2006 to 2015, the authors examine this relationship in a dynamic modelling framework, which controls for potential sources of endogeneity. Findings - The authors find that board composition appears to have no effect on large firms’ CSR scores. This finding remains robust when they used out-of-sample analysis and is consistent with the perspectives of agency theory stakeholder theory and institutional theory. Originality/value - This study contributes to the literature in several ways. First, it fills an important gap in literature on CSR and corporate governance, as less is known about how board composition affects social activities. Second, this study controls endogeneity and sample selection bias which are main econometric problems in CG and CSR studies.

Suggested Citation

  • Nirosha Wellalage & Stuart Locke & Sanjeev Acharya, 2018. "Does the composition of boards of directors impact on CSR scores?," Social Responsibility Journal, Emerald Group Publishing Limited, vol. 14(3), pages 651-669, September.
    • Handle: RePEc:eme:srjpps:srj-03-2017-0039
    DOI: 10.1108/SRJ-03-2017-0039
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    Citations

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    Cited by:

    1. Yingzhao Xiao & Liuyang Xue & David Ahlstrom & Chundong Zheng & Xiling Hao, 2024. "To Conform or Not to Conform? The Role of Social Status and Firm Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 193(3), pages 655-677, September.
    2. Shuchi Pahuja & Anita Agrawal, 2023. "Board Attributes and Corporate Social Responsibility: A Systematic Literature Review and Future Research Perspectives," Indian Journal of Corporate Governance, , vol. 16(1), pages 108-138, June.
    3. Xi Zhong & Liuyang Ren & Tiebo Song, 2022. "Beyond Market Strategies: How Multiple Decision-Maker Groups Jointly Influence Underperforming Firms’ Corporate Social (Ir)responsibility," Journal of Business Ethics, Springer, vol. 178(2), pages 481-499, June.
    4. Agneta Sundström & Kristina Mickelsson, 2020. "Board and Top Management Social Sustainability Work in Cluster Organizations," Sustainability, MDPI, vol. 12(19), pages 1-19, October.

    More about this item

    Keywords

    GMM; Endogeneity; Corporate social responsibility; Board composition; G18; G34; M14;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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