Politically connected independent directors are ‘helping hand’ and ‘grabbing hand’ for CSR performance of firms in Pakistan

Zahid Irshad Younas, Samavia Arshad and Mamdouh Abdulaziz Saleh Al-Faryan

Journal of the Asia Pacific Economy, 2024, vol. 29, issue 3, 1023-1041

Abstract: This study aims to determine the impact of different categories of politically connected independent directors (PCOIDs) on corporate social responsibility (CSR) performance. Furthermore, the study identifies rent-seekers among different categories of PCOIDs. This study uses data on politically connected firms in Pakistan from 2008 to 2017. This study applies a two-step generalised method of moments (GMM) to capture the relationship between the corporate social responsibility performance of the firm and PCOIDs. The overall results suggest that PCOIDs and their category of ex-government officers seem to be non-rent-seekers for CSR performance. While the Ex armed officer’s category of PCOIDs not only serves as social capital for the CSR performance of the firm but also come in ‘helping hand’ and ‘grabbing hand’ scenarios of rent-seeking.

Date: 2024
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DOI: 10.1080/13547860.2022.2157127

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