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Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector?

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  • Shahbaz, Muhammad
  • Karaman, Abdullah S.
  • Kilic, Merve
  • Uyar, Ali

Abstract

This study provides empirical evidence on the association between board attributes and corporate social responsibility (CSR) engagement—as well as between CSR engagement and corporate performance—in the global energy sector. The data for the period of 2011–2018 was obtained from Thomson Reuters. The results indicate that board diligence and CSR committees are robust drivers of CSR performance, as proxied by the composite environmental, social, and governance (ESG) score along with its three individual indicators. While board independence is more influential in boosting the aggregate ESG score and the governance indicator, the board's gender diversity is more influential in environmental and governance indicators. However, higher CSR performance does not guarantee higher financial performance—as proxied by both market and accounting performance. We provide theoretical and practical implications, to guide regulators and energy firms in ensuring the sustainable development of the sector.

Suggested Citation

  • Shahbaz, Muhammad & Karaman, Abdullah S. & Kilic, Merve & Uyar, Ali, 2020. "Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector?," Energy Policy, Elsevier, vol. 143(C).
    • Handle: RePEc:eee:enepol:v:143:y:2020:i:c:s0301421520303220
    DOI: 10.1016/j.enpol.2020.111582
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    More about this item

    Keywords

    Board attributes; CSR; ESG; Social responsibility; Firm performance; Energy sector;
    All these keywords.

    JEL classification:

    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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