Review of Managerial Science

, Volume 10, Issue 1, pp 85–104 | Cite as

Corporate social responsibility, board of directors, and firm performance: an analysis of their relationships

  • Roberto Fernández-Gago
  • Laura Cabeza-García
  • Mariano Nieto
Original Paper


This paper aims to contribute to the empirical evidence relating corporate social responsibility (CSR), board composition, and firm performance. Using a sample of Spanish listed firms included in the IBEX 35 over the period 2005–2010 the results show that the percentage of independent directors affect firm CSR activities, and that this effect is moderated by the resources available to the firm (measured by return on assets). Also, the CSR has a mediating role on the relation between the independence of the board of directors and firm value. These results hold for other board characteristics (board size and women as directors).


CSR Board composition Board independence Firm value Resources available 

JEL Classification

M14 G30 



We acknowledge the financial support provided by the Spanish Ministry of Science and Innovation (Projects ECO2012-35439 and ECO2012-36532) and the University of León (Spain) (Project UXXI2014/0038).


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Copyright information

© Springer-Verlag Berlin Heidelberg 2014

Authors and Affiliations

  • Roberto Fernández-Gago
    • 1
  • Laura Cabeza-García
    • 1
  • Mariano Nieto
    • 1
  1. 1.Department of Business AdministrationUniversity of LeónLeónSpain

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