Supervisory Boards and Corporate Social Responsibility Disclosure: A Meta-Analysis
DOI:
https://doi.org/10.29019/eyn.v15i2.1366Palabras clave:
Supervisory Board, Corporate Social Responsibility, Meta-AnalysisResumen
By synthesizing quantitative research results in 39 studies on how corporate governance mechanisms impact Cor- porate Social Responsibility (CSR) activities, this study conducts a Hunter-Schmidt meta-analysis to investigate the role of the Supervisory Board (SB) on the effectiveness of CSR activities. This study examines the role of the board independence, non-executive directors, and outside directors in CSR performance, which measured by environ- mental policy, and corporate social performance. Using JASP software, this study found that based on the previous studies in the quantitative approach, the independence board and the non-executive director influence the CSR disclosure positively and significantly. In contrast, earlier studies found that the outside director had a contradictory result. This meta-analysis offers a notable outcome in that the high quality of the publication provides evidence related to the relationship between SB’s CSR activities, and the monitoring system provides adequate supervision to encourage the executive to concern the stakeholders and shareholders more equally.
Descargas
Citas
Aboud, A., & Yang, X. (2022). Corporate governance and corporate social responsibility: new evi- dence from China. International Journal of Accounting and Information Management, 30(2), 211-229. https://doi.org/10.1108/ IJAIM-09-2021-0195/FULL/XML
Adel, C., Hussain, M. M., Mohamed, E. K. A., & Ba- suony, M. A. K. (2019). Is corporate gover- nance relevant to the quality of corporate social responsibility disclosure in large Eu- ropean companies? International Journal of Accounting and Information Management, 27(2), 301-332. https://doi.org/10.1108/ IJAIM-10-2017-0118
Agyei-Mensah, B. K. (2016). Internal control infor- mation disclosure and corporate governan- ce: evidence from an emerging market. Cor- porate Governance, 16(1), 79-95. https://doi. org/10.1108/CG-10-2015-0136
Alduais, F., Almasria, N. A., & Airout, R. (2022). The Moderating Effect of Corporate Governance on Corporate Social Responsibility and In- formation Asymmetry: An Empirical Study of Chinese Listed Companies. Economies, 10(11). https://doi.org/10.3390/econo- mies10110280
Alipour, M., Ghanbari, M., Jamshidinavid, B., & Tahe- rabadi, A. (2019). Does board independence moderate the relationship between envi- ronmental disclosure quality and perfor- mance? Evidence from static and dynamic panel data. In Corporate Governance (Vol.
. Emerald. https://doi.org/10.1108/CG-
-2018-0196
Allegrini, M., & Greco, G. (2013). Corporate boards, audit committees and voluntary disclosure: Evidence from Italian Listed Companies. Journal of Management and Governance, 17(1), 187-216. https://doi.org/10.1007/ s10997-011-9168-3
Amran, A., Lee, S. P., & Selvaraj, S. (2014). The in- fluence of governance structure and stra- tegic corporate social responsibility toward sustainability reporting quality. Business Strategy and the Environment, 23(4), 217- 235. https://doi.org/10.1002/bse.1767
Aras, G., & Crowther, D. (2008). Governance and sustainability: An investigation into the relationship between corporate governan- ce and corporate sustainability. Manage- ment Decision, 46(3), 433-448. https://doi. org/10.1108/00251740810863870
Babío Arcay, M. R., & Muiño Vázquez, M. F. (2005). Corporate Characteristics, Governance Ru- les and the Extent of Voluntary Disclosure in Spain. Advances in Accounting, 21(05), 299-331. https://doi.org/10.1016/S0882- 6110(05)21013-1
Barako, D. G., & Brown, A. M. (2008). Corporate social reporting and board representation: Evidence from the Kenyan banking sector. Journal of Management and Governance, 12(4), 309-324. https://doi.org/10.1007/ s10997-008-9053-x
Barako, D. G., Hancock, P., & Izan, H. Y. (2006). Factors Influencing Voluntary Corporate Disclosure by Kenyan Companie. Corporate Governance, 14(2), 107-125.
Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2020). Board Diversity and Corporate Social Responsibili- ty: Empirical Evidence from France. Journal of Business Ethics, 173(1), 133-155. https:// doi.org/10.1007/s10551-020-04522-4
Bhatia, M., & Gulati, R. (2021). Board governance and bank performance: A meta-analysis. Research in International Business and Finance, 58(May), 101425. https://doi. org/10.1016/j.ribaf.2021.101425
Biswas, P. K., Mansi, M., & Pandey, R. (2018). Board composition, sustainability committee and corporate social and environmental performance in Australia. Pacific Accoun- ting Review, 30(4), 517–540. https://doi. org/10.1108/PAR-12-2017-0107
Borenstein, M., Hedges, L. V, Higgins, J. P., & Roths- tein, H. R. (2009). Introduction to Meta- Analysis. John Wiley & Sons, Ltd Registered.
Bosch, L. A., & Card, N. A. (2012). A meta-analytic review of Berzonsky’s Identity Style Inven- tory (ISI). Journal of Adolescence, 35(2), 333-343. https://doi.org/10.1016/j.ado- lescence.2011.08.007
Cancela, B. L., Neves, M. E. D., Rodrigues, L. L., & Go- mes Dias, A. C. (2020). The Influence of Cor- porate Governance on Corporate Sustaina- bility: New Evidence Using Panel Data in the Iberian Macroeconomic Environment. Inter- national Journal of Accounting and Informa- tion Management, 28(4), 785-806. https:// doi.org/10.1108/IJAIM-05-2020-0068
Chakrabarty, S., & Wang, L. (2012). The Long-Term Sustenance of Sustainability Practices in MNCs: A Dynamic Capabilities Perspective of the Role of R&D and Internationalization. Journal of Business Ethics, 110(2), 205–217. https://doi.org/10.1007/s10551-012-1422-3
Cheng, E. C. M., & Courtenay, S. M. (2006). Board composition, regulatory regime and volun- tary disclosure. International Journal of Accounting, 41(3), 262-289. https://doi. org/10.1016/j.intacc.2006.07.001
Cohen, J., Krishnamoorthy, G., & Wright, A. (2016). Enterprise Risk Management and the Finan- cial Reporting Process: The Experiences of Audit Committee Members, CFOs, and External Auditors. Contemporary Accou- nting Research, 38(1), 42-49. https://doi. org/10.1111/ijlh.12426
Cullinan, C. P., Mahoney, L. S., & Roush, P. (2016). Corporate Social Responsibility and Sha- reholder Support for Corporate Governan- ce Changes. Social Responsibility Journal, 34(1), 1-5.
David, P., Bloom, M., & Hillman, A. J. (2007). Inves- tor Activism, Managerial Responsiveness, and Corporate Social Performace. Strategic Management Journal, 28, 91-100. https:// doi.org/10.1002/smj
de Villiers, C., Naiker, V., & van Staden, C. J. (2011). The Effect of Board Characteristics on Firm
Environmental Performance. Journal of Ma- nagement, 37(6), 1636-1663. https://doi. org/10.1177/0149206311411506
Dixit, S. K., Verma, H., & Priya, S. S. (2022). Corpo- rate social responsibility motives of Indian firms. Journal of Modelling in Management, 17(2), 518-538. https://doi.org/10.1108/JM2- 07-2020-0190
Donnelly, R., & Mulcahy, M. (2008). Board Struc- ture, Ownership, and Voluntary Disclosure in Ireland. Corporate Governance: An Inter- national Review, 16(5), 416-429. https:// doi.org/10.1111/j.1467-8683.2008.00692.x
Dunn, P., & Sainty, B. (2009). The Relationship among Board of Director Characteristics, Corporate Social Performance and Cor- porate Financial Performance. Internatio- nal Journal of Managerial Finance, 5(4), 407-423. Retrieved from http://dx.doi. org/10.1108/17439130910987558
Duval, S., & Tweedie, R. (2000). Trim and Fill: A sim- ple funnel-plot-based method of testing and adjusting for publication bias in meta-analy- sis. Biometrics, 56(2), 455-463. https:// doi.org/10.1111/j.0006-341X.2000.00455.x
Dyllick, T., & Hockerts, K. (2002). Beyond the bu- siness case for corporate sustainability. Business Strategy and the Environment, 11(2), 130-141.
El-Bassiouny, D., & Letmathe, P. (2018). The adop- tion of CSR practices in Egypt: internal efficiency or external legitimation? Sus- tainability Accounting, Management and Policy Journal, 9(5), 642-665. https://doi. org/10.1108/SAMPJ-10-2017-0126
Elfeky, M. I. (2017). The extent of voluntary dis- closure and its determinants in emerging markets: Evidence from Egypt. Journal of Finance and Data Science, 3(1-4), 45-59. https://doi.org/10.1016/j.jfds.2017.09.005
Endo, K. (2020). Corporate governance beyond the shareholder–stakeholder dichotomy: Lessons from Japanese corporations’ envi- ronmental performance. Business Strategy and the Environment, 29(4), 1625–1633. https://doi.org/10.1002/BSE.2457
Francis, B., Hasan, I., Song, L., & Waisman, M. (2013). Corporate governance and inves- tment-cash flow sensitivity: Evidence from emerging markets. Emerging Markets Re- view, 15, 57-71. https://doi.org/10.1016/j. ememar.2012.08.002
Freeman, R. E. (1999). Divergent Stakeholder Theory. Academy of Management Review, 24(2), 233–236. https://doi.org/10.5465/ AMR.1999.1893932
Galbreath, J. (2010). Corporate governance prac- tices that address climate change: An ex- ploratory study. Business Strategy and the Environment, 19(5), 335-350. https://doi. org/10.1002/bse.648
García-Sánchez, I. M., Hussain, N., Khan, S. A., & Martínez-Ferrero, J. (2021). Assurance of corporate social responsibility reports: Examining the role of internal and external corporate governance mechanisms. Cor- porate Social Responsibility and Environ- mental Management (July), 1-18. https:// doi.org/10.1002/csr.2186
Gerged, A. M., Albitar, K., & Al-Haddad, L. (2021). Corporate environmental disclosure and earnings management. The moderating role of corporate governance structures. International Journal of Finance and Eco- nomics (December 2020), 1-22. https:// doi.org/10.1002/ijfe.2564
Gibson, J. L., Ivancevich, J. M., & Donelly, J. H. (2007).
Organizations: Behaviour, Structure and
Process. Boston: McGraw Hill Companies. Gras-Gil, E., Palacios Manzano, M., & Hernández Fer- nández, J. (2016). Investigating the relation- ship between corporate social responsibility and earnings management: Evidence from Spain. BRQ Business Research Quarterly, 19(4), 289-299. https://doi.org/10.1016/j.
brq.2016.02.002
Gul, F. A., & Leung, S. (2004). Board leadership, out- side directors’ expertise and voluntary cor- porate disclosures. Journal of Accounting and Public Policy, 23(5), 351-379. https:// doi.org/10.1016/j.jaccpubpol.2004.07.001
Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate so- cial reporting. Journal of Accounting and Public Policy, 24(5), 391-430. https://doi. org/10.1016/j.jaccpubpol.2005.06.001
Hedberd, C.-J., & Malmborg, F. von. (2003). The Global Reporting Initiative and Corporate Sustainability Reporting In Swedish Compa- nies. Corporate Social Responsibility and En- vironmental Management, 44(10), 153-164.
Hedges, L. V, & Olkin, I. (1986). Statistical Methods for Meta-Analysis. In Biometrics (Vol. 42). https://doi.org/10.2307/2531069
Hennigfeld, J., Pohl, M., & Tolhurst, N. (2012). The ICCA Handbook on Corporate Social Respon- sibility. In John Wiley & Sons, Ltd. https:// doi.org/10.1002/9781119202110
Ho, S. S. M., & Shun Wong, K. (2001). A study of the relationship between corporate gover- nance structures and the extent of volun- tary disclosure. Journal of International Accounting, Auditing and Taxation, 10(2), 139-156. https://doi.org/10.1016/S1061- 9518(01)00041-6
Hussain, N., Rigoni, U., & Orij, R. P. (2018). Corpo- rate Governance and Sustainability Per- formance: Analysis of Triple Bottom Line Performance. Journal of Business Ethics, 149(2), 411-432. https://doi.org/10.1007/ s10551-016-3099-5
Huynh, T. N., & Hua, N. T. A. (2020). The relations- hip between task-oriented leadership style, psychological capital, job satisfaction and organizational commitment: evidence from Vietnamese small and medium-sized en- terprises. Journal of Advances in Manage- ment Research, 17(4), 583-604. https://doi. org/10.1108/JAMR-03-2020-0036
Ibrahim, N. A., Howard, D. P., Angelidis, J. P., Ibrahim, N. A., & Howard, D. P. (2015). in the Service Board Members Industry: An Empirical Exa- mination of the John P Angelidis Between Relationship Social Responsibility Corporate Orientation and Directorial Type. Journal of Business Ethics, 47(4), 393-401.
Jensen, M. C., & Meckling, W. H. (1976). Theory of The Firm: Managerial Behaviour, Agency Cost and Ownership Structure. Journal of Financial Economics, 3(4), 305-360.
Jizi, M. I., Salama, A., Dixon, R., & Stratling, R. (2014). Corporate Governance and Corporate Social Responsibility Disclosure: Evidence from the US Banking Sector. Journal of Busi-ness Ethics, 125(4), 601-615. https://doi.
org/10.1007/s10551-013-1929-2
Kathy Rao, K., Tilt, C. A., & Lester, L. H. (2012). Corporate governance and environmental reporting: An Australian study. Corporate Governance: The International Journal of Business in Society, 12(2), 143-163. https:// doi.org/10.1108/14720701211214052
Kiliç, M., Kuzey, C., & Uyar, A. (2015). The Impact of Ownership and Board Structure on Corpora- te Social Responsibility (CSR) Reporting in the Turkish Banking Industry The Relation- ship between Governance Indicators and Tax Evasion in the EU View project Earnings management View project Merve Kıl. Cor- porate Governance International Journal of Business in Society, 15(3), 357–374. Retrie- ved from http://dx.doi.org/10.1108/CG-02- 2014-0022%0Ahttps://www.emerald.com/ insight/content/doi/10.1108/CG-02-2014- 0022/full/html
Lan, Y., Wang, L., & Zhang, X. (2013). Determinants and features of voluntary disclosure in the Chinese stock market. China Journal of Ac- counting Research, 6(4), 265-285. https:// doi.org/10.1016/j.cjar.2013.04.001
Leung, S., & Horwitz, B. (2004). Director ownership and voluntary segment disclosure: Hong Kong evidence. Journal of International Fi- nancial Management and Accounting, 15(3), 235-260. https://doi.org/10.1111/j.1467- 646X.2004.00109.x
Majumder, M. T. H., Akter, A., & Li, X. (2017). Corpora- te governance and corporate social disclo- sures: A meta-analytical review. Internatio- nal Journal of Accounting and Information Management, 25(4), 434-458. https://doi. org/10.1108/IJAIM-01-2017-0005
Martinez, M. del C. V., Rambaud, S. C., & Oller, I. M. P. (2019). Gender Policies on Board of Directors and Sustainable Development. Corporate Social Responsibility and Envi- ronmental Management, 26, 1539-1553.
Matinheikki, J., Kauppi, K., Brandon–Jones, A., & van Raaij, E. M. (2022). Making agency theory work for supply chain relationships: a sys- tematic review across four disciplines. In International Journal of Operations and Pro-
duction Management (Vol. 42). https://doi.
org/10.1108/IJOPM-12-2021-0757
Meyer, J. W., & Rowan, B. (1977). Institutionali- zed Organizations: Formal Structure as Myth and Ceremony. American Journal of Sociology, 83(2), 340–363. https://doi. org/10.1086/226550
Michelon, G., & Parbonetti, A. (2012). The effect of corporate governance on sustainabili- ty disclosure. Journal of Management and Governance, 16(3), 477-509. https://doi. org/10.1007/s10997-010-9160-3
Nekhili, M., Nagati, H., Chtioui, T., & Rebolledo, C. (2017). Corporate social responsibility dis- closure and market value: Family versus nonfamily firms. Journal of Business Re- search, 77, 41-52. https://doi.org/10.1016/j. jbusres.2017.04.001
Nguyen, T. H. H., Elmagrhi, M. H., Ntim, C. G., & Wu, Y. (2021). Environmental performance, sus- tainability, governance and financial per- formance: Evidence from heavily polluting industries in China. Business Strategy and the Environment, 30(5), 2313-2331. https:// doi.org/10.1002/bse.2748
Ntim, C. G., & Soobaroyen, T. (2013). Corporate Gover- nance and Performance in Socially Responsi- ble Corporations: New Empirical Insights from a Neo-Institutional Framework. Corporate Governance: An International Review, 21(5), 468-494. https://doi.org/10.1111/CORG.12026
Pletzer, J. L., Nikolova, R., Kedzior, K. K., & Voelpel, S. C. (2015). Does gender matter? fema- le representation on corporate boards and firm financial performance - A meta- analysis. PLOS ONE, 10(6), 1-20. https://doi. org/10.1371/journal.pone.0130005
Porter, M. E., & Kramer, M. R. (2006). The Link Bet- ween Competitive Advantage and Corpora- te Social Responsibility. Harvard Business Review (December), 1-13.
Post, C., Rahman, N., & Rubow, E. (2011). Green gover- nance: Boards of directors’ composition and environmental corporate social responsibili- ty. In Business and Society (Vol. 50). https:// doi.org/10.1177/0007650310394642
Purbawangsa, I. B. A., Solimun, S., Fernandes, A. A. R., & Mangesti Rahayu, S. (2020). Corporate governance, corporate profitability toward corporate social responsibility disclosure and corporate value (comparative study in Indonesia, China and India stock exchange in 2013-2016). Social Responsibility Journal, 16(7), 983-999. https://doi.org/10.1108/ SRJ-08-2017-0160
Ramón-Llorens, M. C., García-Meca, E., & Pucheta- Martínez, M. C. (2019). The role of human and social board capital in driving CSR re- porting. Long Range Planning, 52(6), 0-1. https://doi.org/10.1016/j.lrp.2018.08.001
Rao, K., & Tilt, C. (2016). Article information :”Board diversity and CSR reporting: an Australian study. Meditari Accountancy Research, 24(2), 182-210.
Retnawati, H., Apino, E., Kartianom, Djidu, H., & Ana- zifa, R. D. (2018). Pengantar Analisis Meta (1st ed.). Yogyakarta: Parama Publishing.
Rosenthal, R. (1979). The file drawer problem and tolerance for null results. Psycholo- gical Bulletin, 86(3), 638-641. https://doi. org/10.1037/0033-2909.86.3.638
Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534-559. https://doi.org/10.2307/257052
Safieddine, A., Jamali, D., & Noureddine, S. (2009). Corporate governance and intellectual capi- tal: Evidence from an academic institution. Corporate Governance, 9(2), 146-157. https:// doi.org/10.1108/14720700910946596
Said, R., Zainuddin, Y., & Haron, H. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies. Social Responsi- bility Journal, 5(2), 212-226. https://doi. org/10.1108/17471110910964496
Schmidt, F. L. (2015). History and development of the Schmidt-Hunter meta-analysis methods. Research Synthesis Methods, 6(3), 232-239. https://doi.org/10.1002/ jrsm.1134
Shaukat, A., & Trojanowski, G. (2018). Board gover- nance and corporate performance. Journal of Business Finance & Accounting, 45(1-2), 184-208. https://doi.org/10.1111/jbfa.12271
Shayan, N. F., Mohabbati-Kalejahi, N., Alavi, S., & Zahed, M. A. (2022). Sustainable Development Goals (SDGs) as a Framework for Corporate Social Responsibility (CSR). Sustainability, 14(3), 1–27. https://doi.org/10.3390/su14031222
Shu, W., Chen, Y., Lin, B., & Chen, Y. (2018). Does corporate integrity improve the quality of internal control? China Journal of Accoun- ting Research, 11(4), 407-427. https://doi. org/10.1016/j.cjar.2018.09.002
Steens, B., de Bont, A., & Roozen, F. (2020). Influen- ce of governance regime on controller roles – supervisory board members’ perspectives on business unit controller roles and role conflict. Corporate Governance (Bingley), 20(6), 1029-1051. https://doi.org/10.1108/ CG-10-2019-0309
Stuebs, M., & Sun, L. (2015). Corporate gover- nance and social responsibility. Interna- tional Journal of Law and Management, 57(1), 38-52. https://doi.org/10.1108/IJL- MA-04-2014-0034
Suyono, E., & Farooque, O. Al. (2018). Do governance mechanisms deter earnings management and promote corporate social responsibility? Accounting Research Journal, 31(3), 479-495. https://doi.org/10.1108/ARJ-09-2015-0117
Tingbani, I., Chithambo, L., Tauringana, V., & Papa- nikolaou, N. (2020). Board gender diversity, environmental committee and greenhouse gas voluntary disclosures. Business Strate- gy and the Environment, 29(6), 2194-2210. https://doi.org/10.1002/bse.2495
Torelli, R. (2021). Sustainability, responsibility and ethics: different concepts for a single path. Social Responsibility Journal, 17(5), 719-739. https://doi.org/10.1108/SRJ-03-2020-0081
Wang, L., Li, W., & Qi, L. (2020). Stakeholder pressu- res and corporate environmental strategies: A meta-analysis. Sustainability, 12(3), 1-16. https://doi.org/10.3390/su12031172
Wheeler, D., & Elkington, J. (2001). The end of the corporate environmental report? Or the advent of cybernetic sustainabi- lity reporting and communication. Bu- siness Strategy and the Environment, 10(1), 1-14. https://doi.org/10.1002/1099- 0836(200101/02)10:1<1::aid-bse274> 3.3.co;2-s
Descargas
Publicado
Cómo citar
Número
Sección
Categorías
Licencia
Derechos de autor 2024 Los Autores
Esta obra está bajo una licencia internacional Creative Commons Atribución 4.0.
Los artículos e investigaciones publicadas por la Universidad UTE, se realizan en régimen de Acceso Abierto [Open Access] en formato electrónico. Al enviar un artículo a cualquiera de las revistas científicas de la Universidad UTE, el o los autores aceptan estas condiciones.
La UTE aplica la licencia Creative Commons Attribution (CC-BY) a los artículos de sus revistas científicas. En virtud de esta licencia de acceso abierto, como autor usted acuerda que cualquier persona puede reutilizar su artículo en su totalidad o en parte para cualquier propósito, de forma gratuita, incluso para fines comerciales. Cualquiera puede copiar, distribuir o reutilizar el contenido siempre y cuando el autor y la fuente original estén correctamente citados. Esto facilita la libertad de reutilización y también asegura que el contenido pueda ser extraído sin barreras para necesidades de investigación.
Licencia Creative Commons Atribución 4.0 Internacional
La Revista Economía y Negocios está distribuida bajo una
Creative Commons Attribution 4.0 International (CC BY 4.0).
Además, la Revista Economía y Negocios garantiza y declara que los autores conservan siempre todos los derechos de autor y de publicación de sus obras originales sin restricciones [© Los Autores]. El reconocimiento (BY) permite cualquier explotación de la obra, incluyendo una finalidad comercial, así como la creación de obras derivadas, la distribución de las cuales también está permitida sin ninguna restricción.