Articlebronze2023

Does corporate social responsibility mediate the relationship between corporate governance and firm performance? Empirical evidence from BRICS countries

63 citations0/0 files storedCorporate Social Responsibility and Environmental Management

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

Abstract

Abstract This study analyzes how corporate governance affects financial performance and explores the role of corporate social responsibility as a mediator for 495 firms located in emerging economies in BRICS countries, including Brazil, Russia, India, China, and South Africa from 2011 to 2021. This study evaluates the impact of various board characteristics such as board size, board independence, and gender diversity, as well as ownership structure elements such as family, foreign, and institutional shareholding, on firm performance in BRICS countries. This study uses a generalized method of moments (GMM) methodology to examine the relationship between corporate governance, corporate social responsibility (CSR), and firm performance. The results reveal that board attributes including size, independence, and gender diversity positively influence firm performance. All three components of ownership structure, family, foreign, and institutional shareholdings, positively affect firm performance. CSR partially mediates the positive relationship between corporate governance and firm performance. This study contributes to the literature by adding CSR as a mediating variable in the relationship between corporate governance and firm performance in BRICS countries. These findings suggest that managers must understand that effective corporate governance mechanisms are essential for better performance and should align their interests with firms' objectives. The mediation effect of CSR implies that policymakers should consider CSR as an additive tool to enhance firm performance rather than as an additional expenditure.

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References

2011PLS-SEM: Indeed a Silver Bullet 2000Investor protection and corporate governance 1995The Stakeholder Theory of the Corporation: Concepts, Evidence, and Implications 2000The separation of ownership and control in East Asian Corporations 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 1963Capitalism and Freedom.2010Strategic Management 2005How do family ownership, control and management affect firm value?

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