Влияние состава cовета директоров и раскрытия информации о КСО на результаты деятельности компании: доказательства из банковской отрасли

Толоконников Илья Владиславович
Бесплатно
В избранное
Работа доступна по лицензии Creative Commons:«Attribution» 4.0

Цель исследования – выявить влияние состава совета директоров на финансовые и нефинансовые результаты компании с помощью посреднического фактора раскрытия информации о КСО.
Задачи:
1. Обосновать актуальность исследования;
2. Разработать концептуальную модель;
3. Определить подходящий исследовательский подход,
включая сбор данных и анализ данных;
4. Проверить модель на основе эмпирического
исследования;
5. Предложить рекомендации для исследователей по
дальнейшему развитию темы и для практиков по подходам к раскрытию информации о КСО и составу совета директоров.
Основные результаты:
Нелинейная модель PLS-SEM, построенная с помощью WarpPLS 6.0, подтвердила несколько гипотез:
1. Количество членов совета директоров негативно
влияет на раскрытие информации о КСО в отношении
окружающей среды и услуг;
2. Количество женщин в совете директоров
положительно влияет на раскрытие информации о КСО (в отношении окружающей среды, работников и услуг);
3. Раскрытие информации о КСО в отношении услуг положительно влияет на финансовые результаты;
4. Раскрытие информации о КСО в целом и в частности
услуг положительно влияет на нефинансовые
результаты;
5. Количество женщин в совете директоров
положительно влияет на нефинансовые показатели через посреднический эффект раскрытия информации о КСО.
Были даны рекомендации для академического сообщества и бизнеса.

Introduction …………………………………………………………………………………………………………………….7
1. Theoretical analysis of the influence of board of directors’ composition and CSR disclosure on company performance ………………………………………………………………………………………………….9
2.
1.1 Board of directors and its impact on company performance………………………………………….9
1.1.1 Introduction to board of directors ………………………………………………………………………..9
1.1.2 Board of directors and its role in a company ……………………………………………………….10
1.1.3 Board of directors’ influence on CSR and its disclosure……………………………………….11 1
.1.4 Conclusion ……………………………………………………………………………………………………..14
1.2 CSR disclosure and its impact on company performance ……………………………………………14 1.2.1 CSR definition ………………………………………………………………………………………………..14 1.2.2 CSR disclosure ……………………………………………………………………………………………….15 1.2.3 CSR disclosure and company performance…………………………………………………………18 1.2.4 Conclusion ……………………………………………………………………………………………………..19
1.3 Research model……………………………………………………………………………………………………..19 1.3.1 Research model structure………………………………………………………………………………….19 1.3.2 Research hypotheses………………………………………………………………………………………..22 1.3.3 Conceptual model ……………………………………………………………………………………………26
1.4. Summary of Chapter 1…………………………………………………………………………………………..27 Development of research design for analysis and collection of data from banking industry28
2.1 Determination of research method …………………………………………………………………………..28 2.1.1 Determining the purpose of the research …………………………………………………………….28 2.1.2 Determining the research model………………………………………………………………………..29
2.2 Methodology of data collection ……………………………………………………………………………….30 2.2.1 Choice of banking industry……………………………………………………………………………….31 2.2.2 CSR Disclosure evaluation ……………………………………………………………………………….31 2.2.3 Sources of information …………………………………………………………………………………….33
2.3. Determination of data analysis method ……………………………………………………………………37 2.3.1 Foundation for choosing SEM-Methods …………………………………………………………….37 2.3.2 Foundation for choosing PLS-SEM method ……………………………………………………….38 2.3.3 Foundation for choosing the non-linear PLS-SEM method …………………………………..40 2.3.4 Foundation for choosing the WarpPLS 6.0. software …………………………………………..40
5
2.3.5 Description of the criteria to analyze the model results ………………………………………..40
2.4 Summary of Chapter 2……………………………………………………………………………………………43
3. Data analysis and development of recommendations for board of directors and CSR disclosure practices in banking industry ……………………………………………………………………………………………44
3.1 Sample and descriptive statistics ……………………………………………………………………………..44 3.1.1 Distribution by countries ………………………………………………………………………………….44 3.1.2 Distribution by number of employees ………………………………………………………………..45 3.1.3 Distribution by board size…………………………………………………………………………………45 3.1.4 Distribution by number of women on board ……………………………………………………….46 3.1.5 Distribution by CEO duality ……………………………………………………………………………..47 3.1.6 Distribution by profitability ………………………………………………………………………………47 3.1.7 Distribution by ROA ……………………………………………………………………………………….48 3.1.8 Distribution by Sales ……………………………………………………………………………………….48 3.1.9 Distribution by Brand rating……………………………………………………………………………..49 3.1.10 Distribution by CSR disclosure ……………………………………………………………………….49 3.1.11 Conclusion ……………………………………………………………………………………………………54
3.2 Analysis of the model …………………………………………………………………………………………….54 3.2.1 Step by step approach to conduct PLS-SEM model……………………………………………..54 3.2.2 Outer and inner models…………………………………………………………………………………….55 3.2.3 Models fit and quality indices …………………………………………………………………………..57 3.2.4 Hypotheses summary……………………………………………………………………………………….61
3.3 Discussion of the results …………………………………………………………………………………………63 3.3.1 Results discussion……………………………………………………………………………………………63 3.3.2 Managerial implications …………………………………………………………………………………..65 3.3.3 Academic value of the research…………………………………………………………………………66 3.3.4 Limitations of the research ……………………………………………………………………………….66
3.4 Summary of Chapter 3……………………………………………………………………………………………67 Conclusion …………………………………………………………………………………………………………………….69 References …………………………………………………………………………………………………………………….73

The topic of Corporate Social Responsibility (CSR) has become one of the most discussed by management science in the first decades of XXI century. The growing interest is based on changes of business models and viewing of CSR as a source of a competitive advantage, which a company can gain to successfully compete on a market (Blagov, 2015). However, just adopting even the best CSR practices themselves cannot guarantee success to those adopters, and that is why it is important to have a right CSR portfolio and the right extent and depth of CSR disclosure.
CSR disclosure is the information that a company discloses about its environmental impact and its relationship with its stakeholders by means of relevant communication channels (Campbell 2004; Gray et al. 2001). In this research the main focus of CSR disclosure is content disclosed: its volume and meaning.
Relevance of the study
The study is relevant due to three reasons. First of all, during crisis times people expect from business more than during good times, and correct communication with people, who are often the customers, is vital. Right extent of CSR disclosure can help to maintain good relationships with customers and investors, therefore mitigating losses or even improving financial performance.
Secondly, composition of board of directors is a quite popular research topic now. There are many studies proving that diversity among members of board of directors brings significant improvements in company’s performance. Therefore, board composition is a tool that can help a company to improve its performance, and the more researches are done in this field the more accurate tool board of directors becomes.
Finally, from the point of view of risk management, expectations of stakeholders and investment decision-making, cost minimization is always an issue in business. Knowing how and where the costs can be reduced without losing or even improving performance is critical to any business. Therefore, right spending on CSR and its further disclosure, which depends on board composition, can help companies to survive crisis times and prosper.
Goal and objectives
The goal of the research is to identify the effects of board composition on company financial and non-financial performance via mediating factor of CSR disclosure. This goal can be reached via completing the following objectives:
1. To justify the relevance of the study;
2. To develop a conceptual model;
3. To identify the proper research approach including data collection and data analysis; 4. To verify the model based on an empirical study;
7
5. To suggest recommendations for researchers on further development of the topic and for practitioners on approaches to CSR disclosure and board composition.
Subject of the research is the effect of board of directors’ composition on bank’s performance via CSR disclosure extent. Object of the research is largest world banks by assets in 2018 financial year.
Research gap and research question
While there are many studies about board and CSR activities and disclosure relationships as well as board and performance, CSR disclosure and performance, there is still a little number of researches that studies mediating effect of board composition on performance via CSR disclosure, what can be beneficial for both companies and academics.
Therefore, research question of this work is how does board composition and CSR disclosure influence company performance (financial and non-financial) in the banking industry? In order to answer this research question, the following research hypotheses are made:
H1: Size of the board negatively influences CSR disclosure.
H2: Number of women on board positively influences CSR disclosure.
H3: CEO duality positively influences CSR disclosure.
H4: CSR disclosure positively influences financial performance.
H5: CSR disclosure positively influences non-financial performance.
H6: Size of the board negatively influences financial performance via mediating effect of CSR disclosure.
H7: Number of women on board positively influences financial performance via mediating effect of CSR disclosure.
H8: CEO duality positively influences financial performance via mediating effect of CSR disclosure.
H9: Size of the board negatively influences non-financial performance via mediating effect of CSR disclosure.
H10: Number of women on board positively influences non-financial performance via mediating effect of CSR disclosure.
H11: CEO duality positively influences non-financial performance via mediating effect of CSR disclosure.

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    AleksandrAvdiev Южный федеральный университет, 2010, преподаватель, канд...
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