Connecting the Dots: Do Financial Analysts Help Corporate Boards Improve Corporate Social Responsibility?

Nazim Hussain*, Isabel-María García-Sánchez, Sana Khan, Zaheer Khan, Jennifer Martínez-Ferrero

*Bijbehorende auteur voor dit werk

OnderzoeksoutputAcademicpeer review

6 Citaten (Scopus)
64 Downloads (Pure)


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.
Originele taal-2English
Pagina's (van-tot)363-389
Aantal pagina's27
TijdschriftBritish Journal of Management
Nummer van het tijdschrift1
Vroegere onlinedatum26-dec.-2021
StatusPublished - jan.-2023

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