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Article

Does a Foreign Board Improve Corporate Social Responsibility?

1
Faculty of Economics and Business, Universitas Sebelas Maret, Surakarta 57126, Indonesia
2
Center for Fintech and Banking, Universitas Sebelas Maret, Surakarta 57126, Indonesia
3
College of Business Administration, University of Bahrain, Sakhir 32038, Bahrain
*
Author to whom correspondence should be addressed.
Academic Editors: Thomas J. Walker and Jane McGaughey
Sustainability 2021, 13(20), 11473; https://doi.org/10.3390/su132011473
Received: 16 September 2021 / Revised: 14 October 2021 / Accepted: 15 October 2021 / Published: 17 October 2021
(This article belongs to the Special Issue Sustainable Corporate Finance Research)
This study examines the effect of foreign boards on corporate social responsibility, exploring the issues of two-tier board systems (boards of directors and boards of commissioners). Using data for manufacturing firms listed on the Indonesia Stock Exchange over the sample period of 2017–2019, the results suggest that a foreign board engages more in corporate social responsibility activities. Our key finding remains robust with respect to all foreign board measures (foreign ownership, foreign board members, foreign directors, foreign commissioners, foreign CEO, and foreign chairperson) and to alternative estimation methods, and pass a series of endogeneity checks. We established the causal effect from foreign boards to CSR, supporting institutional theory and contesting agency theory. View Full-Text
Keywords: corporate social responsibility; foreign board; foreign directors; foreign commissioners; foreign CEO; foreign chairperson corporate social responsibility; foreign board; foreign directors; foreign commissioners; foreign CEO; foreign chairperson
MDPI and ACS Style

Setiawan, D.; Brahmana, R.K.; Asrihapsari, A.; Maisaroh, S. Does a Foreign Board Improve Corporate Social Responsibility? Sustainability 2021, 13, 11473. https://doi.org/10.3390/su132011473

AMA Style

Setiawan D, Brahmana RK, Asrihapsari A, Maisaroh S. Does a Foreign Board Improve Corporate Social Responsibility? Sustainability. 2021; 13(20):11473. https://doi.org/10.3390/su132011473

Chicago/Turabian Style

Setiawan, Doddy, Rayenda K. Brahmana, Andi Asrihapsari, and Siti Maisaroh. 2021. "Does a Foreign Board Improve Corporate Social Responsibility?" Sustainability 13, no. 20: 11473. https://doi.org/10.3390/su132011473

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