企业社会责任是否在董事会多元化与财务困境之间起到中介作用:来自新兴经济体的证据?

IF 5.5 Q1 BUSINESS
Muhammad Farooq, Imran Khan, Qadri Al Jabri, Muhammad Tahir Khan
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引用次数: 0

摘要

本研究假设董事会多样性对财务困境(FD)的影响不是直接的,而是通过公司的企业社会责任(CSR)活动来中介的。因此,本研究的目的是检验企业社会责任在董事会多样性- fd关系中的中介作用。该研究考察了2010年至2021年期间81家巴基斯坦证券交易所(PSX)非金融上市公司的六个董事会多样性维度——年龄、性别、国籍、教育程度和任期。样本公司的企业社会责任参与度使用多维财务方法进行评估,FD的可能性使用Altman的Z -score计算。采用系统广义矩估计方法来实现研究目标。此外,还进行了几项测试,以确定研究结果的稳健性。根据Baron和Kenny(1986)概述的中介分析程序,作者发现企业社会责任与FD的可能性呈显著负相关。第二,董事会多样性变量年龄、性别和民族多样性与企业社会责任呈正相关。第三,董事会年龄、性别和民族多样性与FD呈显著负相关。最后,我们发现董事会年龄多样性与董事会工作绩效之间存在部分中介作用,董事会年龄多样性与董事会工作绩效之间存在完全中介作用,董事会国籍多样性与董事会工作绩效之间存在完全中介作用。本研究为公司、监管机构和政策制定者提供了关于PSX董事会多样性的实用见解。独创性/价值本研究研究董事会多样性与FD之间的关系。此外,本研究扩展了分析,首次测试了企业社会责任在多样性-困境关系中的中介作用,特别是在新兴经济体的背景下。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does corporate social responsibility mediate the relationship between board diversity and financial distress: evidence from an emerging economy?
Purpose The study hypothesized that the impact of board diversity on financial distress (FD) is not direct but rather mediated by the firm’s corporate social responsibility (CSR) activities. Consequently, the purpose of this study is to examine the impact of CSR as a mediator in the board diversity–FD relationship. Design/methodology/approach The study examined six board diversity dimensions – age, gender, nationality, education and tenure in 81 nonfinancial Pakistan Stock Exchange (PSX)-listed firms from 2010 to 2021. The CSR engagement of the sample firms is evaluated using a multidimensional financial approach and the likelihood of FD is computed using Altman’s Z -score. The system-generalized method of moments estimator is used to meet the study objectives. In addition, several tests are run to determine the robustness of the study’s findings. Findings Based on the procedure for mediation analysis outlined by Baron and Kenny (1986), the authors found that CSR is significantly inversely associated with the likelihood of FD. Second, board diversity variables age, gender and national diversity were positively associated with CSR. Third, board age, gender and national diversity are significantly inversely related to FD. Finally, it was found that there is partial mediation between board age diversity and FD, whereas full mediation is shown between board age diversity and FD and between board nationality diversity and FD. Practical implications This study provides practical insights into PSX’s board diversity for companies, regulators and policymakers. Originality/value This research studies the connection between board diversity and FD. In addition, the current study extended the analysis by testing for the first time the mediating role of CSR in the diversity–distress relationship, particularly in the context of an emerging economy.
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来源期刊
CiteScore
11.20
自引率
33.90%
发文量
68
期刊介绍: Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.
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