Board Cultural Diversity and CSR Performance: Does Internationalisation Matter?’
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2024-06-27
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en
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Abstract
This study investigates the impact of board cultural diversity on corporate social responsibility (CSR) performance within European Union multinational enterprises (MNEs) from 2018-2022. Utilising a dataset of 1570 observations from 314 MNEs across 17 European countries, this research employs a fixed effects panel regression analysis. The empirical results demonstrate that board cultural diversity positively influences CSR performance. This effect is robust across supplementary analyses, including a novel application of Hofstede’s cultural dimensions and numerous robustness tests. Additionally, this study examines the moderating role of MNEs’ degree of internationalisation, finding that it amplifies the positive effect of board cultural diversity. Overall, this research contributes to the literature by emphasising the significance of cultural diversity in board composition and its interplay with internationalisation in shaping CSR outcomes. These insights provide practical implications for managers and policymakers, advocating for strategies and regulations that promote cultural diversity in boardrooms to enhance CSR performance.
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Faculteit der Managementwetenschappen