4.7 Article

Does corporate governance matter in corporate social responsibility disclosure? Evidence from Italy in the era of sustainability

Journal

Publisher

WILEY
DOI: 10.1002/csr.2097

Keywords

board of directors characteristics; corporate governance; corporate social responsibility; corporate social responsibility disclosure; corporate social responsibility policies; independent director; sustainability

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This study examines the impact of corporate governance on CSR disclosure. The findings suggest that companies with larger boards of directors are less likely to adhere to practices involving stakeholders, while companies with more independent directors tend to have higher levels of stakeholder protection.
Corporate governance has long been the subject of interest for researchers in business administration. Corporate social responsibility (CSR) practices decided by boards of directors are now a key issue in the decision-making process of companies. The relationship between the governance structure and CSR policies is crucial to defining the companies' strategic view. In this paper, we identify how the characteristics of corporate governance impact CSR disclosure. Our findings show that a large board of directors reduces the probability of adhering to practices that involve stakeholders more closely in company activity, while companies with more independent directors have a higher level of stakeholder protection almost by definition. Thus, there is a need for additional ways of involving stakeholders in company activity. Our results also reveal that an overlap between the roles of the CEO and the board chairman is an undesirable influence on a CSR report.

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