Factors influencing board of directors’ decision-making process as determinants of CSR engagement

José-Luis Godos-Díez, Laura Cabeza-García (), Daniel Alonso-Martínez and Roberto Fernández-Gago
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José-Luis Godos-Díez: University of León
Laura Cabeza-García: University of León
Daniel Alonso-Martínez: University of León
Roberto Fernández-Gago: University of León

Review of Managerial Science, 2018, vol. 12, issue 1, No 8, 229-253

Abstract: Abstract This paper focuses on the determinants of Corporate Social Responsibility (CSR) at the organisational level. Specifically, it aims to understand the influence of not previously analysed board of directors’ characteristics on a company’s CSR engagement. A random effect probit model was applied to a panel of Spanish non-financial and non-insurance listed firms over the period 2009–2013. The analyses revealed that the existence of a board sub-committee responsible for social and environmental matters and its size, the establishment of a statutory term limit for independent directors and the possibility for directors of receiving advice from external sources positively affect a firm’s CSR engagement. This paper contributes to the debate about corporate governance and CSR by relating factors determining the decision-making process at boards of directors to CSR. Thus, it extends research on the board as a driver for social and environmental issues and suggests new ways to deal with this issue empirically.

Keywords: Board of directors; Board sub-committee; Independent directors; External advice; CSR engagement; Panel data; 90B50 Management decision making; including multiple objectives; 91G70 Statistical methods; econometrics (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s11846-016-0220-1

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