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Review of Managerial Science

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16.04.2020 | Original Paper

The fit between corporate social responsibility and corporate governance: the impact on a firm’s financial performance

verfasst von: Sanja Pekovic, Sebastian Vogt

Erschienen in: Review of Managerial Science | Ausgabe 4/2021

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Abstract

This study asserts that the relationship between corporate social responsibility (CSR) and a firm’s financial performance needs to be examined with reference to the ‘fit’ between CSR and corporate governance (CG). Therefore, we develop a model to analyze the moderating effects of corporate governance characteristics (board size, ownership concentration, board gender diversity and board independence) on the CSR-firm’s financial performance link (measured by Tobin’s q). The model is tested on a sample of 17,500 observations over an 11-year period and mainly finds support for the moderated hypotheses. The findings indicate that while board size and gender diversity moderate the CSR-firm’s financial performance link positively, CSR interacting with ownership concentration negatively impacts a firm’s financial performance. In addition, we find no support that board independence moderates the CSR-firm’s financial performance link. We advance CSR research by demonstrating the moderating effects of corporate governance characteristics on the CSR-firm’s financial performance link.

Vorheriger Artikel The possible pitfalls of boards’ engagement in the strategic management process

Nächster Artikel Correction to: The effect of stress on customer perception of the frontline employee: an experimental study

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Further description of the Thomson Reuters ASSET4 dataset is available online at: https://extranet.datastream.com/data/ASSET4%20ESG/Index.htm.

We note that these articles use the KLD database instead, but we think the concept of equal weights can be used interchangeably. However, we have to admit that there is a need for further research to develop a more fine-grained weighting scheme. A possible approach, which is also often used with KLD data, might be to address the same weight to activities of each stakeholder group.

Due to limited data availability of R&D expenditure, we set missing values equal to zero. Similarly, to Walls et al. (2012), we conduct a robustness check by including a binary variable for imputed variables to ensure that these do not affect our results. Further results are available upon request.

The findings are available upon request.

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Titel: The fit between corporate social responsibility and corporate governance: the impact on a firm’s financial performance
verfasst von: Sanja Pekovic
Sebastian Vogt
Publikationsdatum: 16.04.2020
Verlag: Springer Berlin Heidelberg
Erschienen in: Review of Managerial Science / Ausgabe 4/2021
Print ISSN: 1863-6683
Elektronische ISSN: 1863-6691
DOI: https://doi.org/10.1007/s11846-020-00389-x

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