Abstracts
Abstract
Given the importance of corporate social responsibility (CSR) and corporate governance, this study examines the association between board composition and CSR disclosure on a sample of S&P 500 firms over the period from 2004 to 2015. Unlike existing studies, we control for potential sources of endogeneity using a system-generalized method of moments (system GMM) estimator. In doing so, we find no evidence that board size, board independence or CEO duality has any significant influence on CSR disclosure. Rather, our results suggest that, when the problem of endogeneity is correctly taken into account, the link between board composition and CSR disclosure is neutral.
Keywords:
- corporate governance,
- CSR disclosure,
- agency theory,
- resource dependence theory,
- corporate social responsibility,
- board composition
Résumé
Compte tenu de l’importance de la responsabilité sociale des entreprises (RSE) et de la gouvernance des entreprises, cette étude examine l’association entre la composition du conseil d’administration et la divulgation d’informations RSE sur un échantillon d’entreprises composant l’indice S&P 500 au cours de la période 2004 à 2015. Contrairement aux études existantes, nous contrôlons les potentielles sources d’endogénéité à l’aide d’un estimateur de la méthode des moments généralisée (système GMM). Ce faisant, nous ne trouvons aucune preuve que la taille du conseil, son indépendance ou la dualité des fonctions de PDG ont une influence significative sur la divulgation d’information en matière de RSE. Nos résultats suggèrent plutôt que, lorsque le problème d’endogénéité est correctement pris en compte, le lien entre la composition du conseil d’administration et la divulgation d’information RSE est neutre.
Mots-clés :
- gouvernance d’entreprise,
- Divulgation d’information RSE,
- théorie de l’agence,
- théologie de la dépendance aux ressources,
- responsabilité sociale des entreprises,
- composition du conseil
Resumen
Dada la importancia de la responsabilidad social corporativa (RSC) y el gobierno corporativo, este estudio examina la asociación entre la composición de la junta directiva y la divulgación de la RSC en una muestra de empresas pertenecientes al S&P 500 durante el período de 2004 a 2015. A diferencia de los estudios existentes, controlamos las posibles fuentes de uso de endogeneidad de un estimador con el método de momentos generalizado por sistema (sistema GMM). Al hacerlo, no encontramos evidencia de que el tamaño de la junta directiva, su independencia o la dualidad del CEO tengan una influencia significativa en la divulgación de la RSC. Nuestros resultados sugieren que, cuando el problema de la endogeneidad se tiene en cuenta correctamente, el vínculo entre la composición de la junta directiva y la divulgación de la RSC es neutral.
Palabras clave:
- gobierno corporativo,
- divulgación de RSC,
- teoría de la Agencia,
- teoría de dependencia de recursos,
- responsabilidad social corporativa,
- composición del tablero
Appendices
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