Articlegold2021

Does a Foreign Board Improve Corporate Social Responsibility?

Doddy Setiawan · Rayenda Khresna Brahmana · Andi Asrihapsari · Siti Maisaroh

42 citations0/0 files storedSustainability

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Corporate Social Responsibility Reporting Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

This study examines the effect of foreign boards on corporate social responsibility, exploring the issues of two-tier board systems (boards of directors and boards of commissioners). Using data for manufacturing firms listed on the Indonesia Stock Exchange over the sample period of 2017–2019, the results suggest that a foreign board engages more in corporate social responsibility activities. Our key finding remains robust with respect to all foreign board measures (foreign ownership, foreign board members, foreign directors, foreign commissioners, foreign CEO, and foreign chairperson) and to alternative estimation methods, and pass a series of endogeneity checks. We established the causal effect from foreign boards to CSR, supporting institutional theory and contesting agency theory.

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References

1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2005Understanding Interaction Models: Improving Empirical Analyses 2002Introduction 2012Corporate Governance and Corporate Social Responsibility Disclosures: Evidence from an Emerging Economy 1990Corporate social disclosure practice: a comparative international analysis 2016The role of board gender and foreign ownership in the CSR performance of Chinese listed firms 2014The Brain Gain of Corporate Boards: Evidence from China

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