Connecting the Dots: Do Financial Analysts Help Corporate Boards Improve Corporate Social Responsibility?
研究基于2006-2015年美国公司数据，发现金融分析师与董事会独立性、性别多样性和CSR委员会互补，提升企业社会责任绩效，同时替代规模过大和CEO兼任董事会主席的弱治理因素。
Abstract This paper presents an examination of the joint impact of board structural elements at firm level and financial analysts as market‐level corporate governance (CG) on corporate social responsibility (CSR) performance. Our study contributes to the CG–CSR literature by adopting the bundling approach, a perspective that has recently attracted researchers’ attention as an answer to any heterogeneity and fragmentation in existing findings. It is based on an extensive sample consisting of 7,739 firm‐year observations of US firms for the 2006–2015 period. The findings suggest that financial analysts complement the corporate board with more independence, gender diversity and a specialized CSR committee to realize a certain level of CSR performance of a firm. The findings also indicate that analysts substitute for those internal governance factors that are associated with weaker boards – larger sizes and dual‐role CEOs. We also draw implications for research and practice from our findings.