Connecting the Dots: Do Financial Analysts Help Corporate Boards Improve Corporate Social Responsibility?
[EN] This paper presents an examination of the joint impact of board structural elements atfirm level and financial analysts as market-level corporate governance (CG) on corpo-rate social responsibility (CSR) performance. Our study contributes to the CG–CSRliterature by adopting the bundling approac...
| Autores: | , , , , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2023 |
| País: | España |
| Institución: | Universidad de Salamanca (USAL) |
| Repositorio: | GREDOS. Repositorio Institucional de la Universidad de Salamanca |
| OAI Identifier: | oai:gredos.usal.es:10366/158871 |
| Acceso en línea: | http://hdl.handle.net/10366/158871 |
| Access Level: | acceso abierto |
| Palabra clave: | Financial Analysts CSR CSR decoupling 5311 Organización y Dirección de Empresas |
| Sumario: | [EN] This paper presents an examination of the joint impact of board structural elements atfirm level and financial analysts as market-level corporate governance (CG) on corpo-rate social responsibility (CSR) performance. Our study contributes to the CG–CSRliterature by adopting the bundling approach, a perspective that has recently attractedresearchers’ attention as an answer to any heterogeneity and fragmentation in existingfindings. It is based on an extensive sample consisting of 7,739 firm-year observationsof US firms for the 2006–2015 period. The findings suggest that financial analysts com-plement the corporate board with more independence, gender diversity and a specializedCSR committee to realize a certain level of CSR performance of a firm. The findings alsoindicate that analysts substitute for those internal governance factors that are associatedwith weaker boards – larger sizes and dual-role CEOs. We also draw implications forresearch and practice from our findings |
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