Can effective board drive environmental innovation? The moderating power of CSR committee

Muiz Abu Alia · Aladdin Dwekat · Rasmi Meqbel · Tayf Hannoun · Imtiyaz Shakhshir · Aya Naser

25 citations0/0 files storedJournal of financial reporting & accounting

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Gender Diversity and Inequality Corporate Finance and Governance Corporate Social Responsibility Reporting

Abstract

Purpose This study aims to investigate the impact of various board characteristics on environmental innovation (EI) among companies listed on the STOXX Europe 600. It also examines the moderating role of CSR committees on the board–EI nexus. Design/methodology/approach The sample consists of companies listed on the STOXX Europe 600 index over 12 years (2011–2022). This study uses the Refinitiv Eikon database to evaluate the extent of EI. Panel data regression analysis is used, with two-stage least squares and lagged models used as robustness tests to control for endogeneity. Findings The results indicate that board independence and gender diversity significantly increase EI, whereas CEO duality negatively impacts it. Other board attributes, such as board size, show no impact on EI. In addition, the presence of CSR committees moderates these relationships, enhancing the positive effects of gender diversity and board independence and mitigating the negative impact of CEO duality. Practical implications This study provides valuable insights for policymakers and corporate strategists aiming to advance environmental responsiveness through strategic board composition and establishing CSR committees. Emphasizing the importance of board independence, gender diversity and CSR committees, the findings suggest practical pathways for enhancing the adoption of EI by creating governance structures that support sustainable practices. Originality/value To the best of the authors’ knowledge, this is the first study to examine the moderating role of CSR committees on the associations between board characteristics and EI. This research addresses a crucial gap in the current literature, enriching the understanding of corporate governance and sustainability. It provides critical insights for developing policies and strategies that promote EI through effective board composition and the implementation of CSR committees.

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References

1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 2010Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting 2009Resource Dependence Theory: A Review 2003Determinants of environmental innovation in US manufacturing industries 2009Demographic Diversity in the Boardroom: Mediators of the Board Diversity–Firm Performance Relationship 1994The effects of board size and diversity on strategic change 2007Board size and the variability of corporate performance 1990Corporate governance: A stakeholder interpretation

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