Does board size matter for CSR performance? A GMM-based dynamic panel data approach

The growing numbers of corporate and environmental scandals in the previous few decades have brought about the emergence of rules and regulations regarding CSR practices in the corporate world. Amidst the rising trend of socially responsible practices, the study attempts to explore in-depth consequence of board size on CSR performance of Indian organisations from the year 2010 to 2020. The study utilises both static and Arellano-Bond estimator panel data approach and divulges that there subsist a nonlinear connection amongst board size and CSR, with threshold level of board size at 11 members, beyond which the CSR enforcement of corporation starts decreasing because upsurge the numbers of board associates can persuade the management to boost socially responsible work up to certain level, surpassing the negativities of increase in firm's board size outweighs the benefit gained, in regards to its CSR performance.