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Corporate social responsibility, board of directors, and firm performance: an analysis of their relationships

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  • Roberto Fernández-Gago
  • Laura Cabeza-García
  • Mariano Nieto

Abstract

This paper aims to contribute to the empirical evidence relating corporate social responsibility (CSR), board composition, and firm performance. Using a sample of Spanish listed firms included in the IBEX 35 over the period 2005–2010 the results show that the percentage of independent directors affect firm CSR activities, and that this effect is moderated by the resources available to the firm (measured by return on assets). Also, the CSR has a mediating role on the relation between the independence of the board of directors and firm value. These results hold for other board characteristics (board size and women as directors). Copyright Springer-Verlag Berlin Heidelberg 2016

Suggested Citation

  • Roberto Fernández-Gago & Laura Cabeza-García & Mariano Nieto, 2016. "Corporate social responsibility, board of directors, and firm performance: an analysis of their relationships," Review of Managerial Science, Springer, vol. 10(1), pages 85-104, January.
    • Handle: RePEc:spr:rvmgts:v:10:y:2016:i:1:p:85-104
    DOI: 10.1007/s11846-014-0141-9
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    More about this item

    Keywords

    CSR; Board composition; Board independence; Firm value; Resources available; M14; G30;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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