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Review of Managerial Science

, Volume 12, Issue 1, pp 229–253 | Cite as

Factors influencing board of directors’ decision-making process as determinants of CSR engagement

  • José-Luis Godos-Díez
  • Laura Cabeza-García
  • Daniel Alonso-Martínez
  • Roberto Fernández-Gago
Original Paper

Abstract

This paper focuses on the determinants of Corporate Social Responsibility (CSR) at the organisational level. Specifically, it aims to understand the influence of not previously analysed board of directors’ characteristics on a company’s CSR engagement. A random effect probit model was applied to a panel of Spanish non-financial and non-insurance listed firms over the period 2009–2013. The analyses revealed that the existence of a board sub-committee responsible for social and environmental matters and its size, the establishment of a statutory term limit for independent directors and the possibility for directors of receiving advice from external sources positively affect a firm’s CSR engagement. This paper contributes to the debate about corporate governance and CSR by relating factors determining the decision-making process at boards of directors to CSR. Thus, it extends research on the board as a driver for social and environmental issues and suggests new ways to deal with this issue empirically.

Keywords

Board of directors Board sub-committee Independent directors External advice CSR engagement Panel data 

Mathematics Subject Classification

90B50 Management decision making, including multiple objectives 91G70 Statistical methods, econometrics 

Notes

Acknowledgements

The authors acknowledge the funding received from the Project ECO2015-63880-R from the Ministerio de Economía y Competitividad of Spain and the Project ULE2014-1 from the University of León (Spain). They also acknowledge funding from Project ECO 2015-69058-R.

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Copyright information

© Springer-Verlag Berlin Heidelberg 2016

Authors and Affiliations

  • José-Luis Godos-Díez
    • 1
  • Laura Cabeza-García
    • 1
  • Daniel Alonso-Martínez
    • 1
  • Roberto Fernández-Gago
    • 1
  1. 1.University of LeónLeónSpain

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