Connecting the dots: Do financial analysis help corporate boards improve corporate social responsibility?

Nazim Hussain* (Corresponding Author), Isabel María García Sánchez, Sana-Akbar Khan, Zaheer Khan, Jennifer Martínez Ferrero

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

20 Citations (Scopus)
9 Downloads (Pure)


This paper presents an examination of the joint impact of board structural elements as firm-level and financial analysts as a 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 analyst complements the corporate board with more independence, gender diversity, and with 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.
Original languageEnglish
Pages (from-to)363-389
Number of pages57
JournalBritish Journal of Management
Issue number1
Early online date26 Dec 2021
Publication statusPublished - Jan 2023


  • Corporate Social Responsibility
  • Corporate Governance Bundles
  • Board Independence
  • Gender Diversity
  • CEO duality
  • Analysts’ Coverage


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