The link among board characteristics, corporate social responsibility performance, and financial performance: Evidence from the hospitality and tourism industry

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Uyar A., Kilic M., Koseoglu M. A., Kuzey C., Karaman A. S.

Tourism Management Perspectives, cilt.35, 2020 (SSCI, Scopus) identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 35
  • Basım Tarihi: 2020
  • Doi Numarası: 10.1016/j.tmp.2020.100714
  • Dergi Adı: Tourism Management Perspectives
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, CAB Abstracts, Index Islamicus
  • Anahtar Kelimeler: CSR, Environmental, ESG, Firm performance, Governance, Social
  • Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
  • Samsun Üniversitesi Adresli: Evet

Özet

The aim of this study is twofold: to explore whether board characteristics (i.e. a sustainability committee, board independence, board diversity, and board diligence) lead to greater corporate social responsibility (CSR) performance, and to test whether CSR performance enhances firms' financial performance in the hospitality and tourism (H&T) industry. Data were collected from the Thomson Reuters Eikon database for the H&T firms listed there between 2011 and 2018. We employed panel data analysis, after which we ran robustness tests. The results indicated that having a CSR committee and female directors on the board are robust factors driving firms to show superior CSR performance in all dimensions, including environmental, social, and governance (ESG). Independent directors and directors' diligence selectively enhance the overall CSR score and individual pillars of CSR. Investigating the relationship between CSR performance and firms' financial performance did not produce a significant outcome. The findings propose a straightforward roadmap for H&T firms and policymakers to identify characteristics of CSR-friendly boards.