Board Directors and Corporate Social Responsibility

298 Pages·2012·6.046 MB·English

by  Sabri Boubaker, Duc Khuong Nguyen (eds.)

Board Directors and Corporate Social Responsibility
Also by Sabri Boubaker and Duc Khuong Nguyen
CORPORATE GOVERNANCE: Recent Developments and New Trends (edited with
Bang Dang Nguyen)
Also by Duc Khuong Nguyen
DYNAMICS OF EMERGING STOCK MARKETS: Empirical Assessments and
Implications (with Mohamed Arouri and Fredj Jawadi)
Board Directors and
Corporate Social
Responsibility
Edited by
Sabri Boubaker
Champagne School of Management, France
and
Duc Khuong Nguyen
ISC Paris School of Management, France
Selection and editorial content © Sabri Boubaker and Duc Khuong Nguyen 2012
Individual chapters © the contributors 2012
Foreword © Shann Turnbull 2012
Softcover reprint of the hardcover 1st edition 2012 978-0-230-38929-8
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First published 2012 by
PALGRAVE MACMILLAN
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ISBN 978-1-349-35109-1 ISBN 978-0-230-38930-4 (eBook)
DOI 10.1057/9780230389304
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10 9 8 7 6 5 4 3 2 1
21 20 19 18 17 16 15 14 13 12
Contents
List of Tables vii
List of Figures ix
Foreword by Shann Turnbull x
Preface xiv
Acknowledgements xv
Notes on Contributors xvi
Chapter Abstracts xxii
Part I Board Directors
1 W omen on Corporate Boards of Directors: Theories, Facts
and Analysis 3
Rey Dang and Linh-Chi Vo
2 H ow Successful are Women in Breaking the Glass Ceiling?
Evidence from the US Market 22
Thouraya Triki, Hind Sami and Loredana Ureche-Rangau
3 Governance by Boards and Audit Committees 39
Glenn Rioux
4 Enhancing the Board’s Monitoring Performance in SMEs 60
Lotfi Karoui, Coral Ingley, Wafa Khlif and Sabri Boubaker
5 C orporate Governance: How Do Non-Profit Boards Influence
Organizational Decisions? 82
Julianna Browning
6 S upervisory Boards in Developing Economies:
The Polish Experience 101
Izabela Koładkiewicz
7 Corporate Governance Disclosures in Romania 122
Maria M˘ad˘alina Gîrbin˘a, Nadia Albu and C˘at˘alin Nicolae Albu
v
vi Contents
Part II Corporate Social Responsibility
8 Corporate Governance as Social Responsibility:
A Meta-regulation Approach to Raise Social Responsibility of
Corporate Governance in a Weak Economy 145
Mia Mahmudur Rahim
9 Corporate Social Responsibility and Firms’
Ability to Collude 167
Luca Lambertini and Alessandro Tampieri
10 C orporate Social Responsibility Rating Information:
Relevance and Impacts on Financial Markets 179
Alexis Cellier and Pierre Chollet
11 C orporate Social Responsibility and the Board’s Role
in Switzerland 202
Pascal Gantenbein and Christophe Volonté
12 T he Diffusion of Corporate Governance Standards
in an Emerging Market: Evidence from Istanbul
Stock Exchange 215
Bengi Ertuna and Ali Tükel
13 C orporate Socially Responsible Practice by
Banks in Singapore 233
Huong Ha
14 W hen CSR Drives New Corporate Governance:
Does the Latest French Law Reform (the ‘Grenelle 2 Law’)
Confirm the End of ‘Business as Usual’? 255
Ivan Tchotourian
Index 273
Tables
1.1 E volution of board gender diversity in the United States 7
1.2 P roportion of S&P 1500 companies with at least
one female director 8
1.3 E volution of board gender diversity in Canada 9
1.4 E volution of board gender diversity in the United Kingdom 9
1.5 E volution of board gender diversity in France 10
1.6 E volution of board gender diversity in the Netherlands 11
1.7 E volution of board gender diversity in Australia 11
1.8 E volution of board gender diversity in New Zealand 11
2.1 Event study results for the female sample 31
2.2 Event study results for the female and male samples 32
2.3 P roportions for different variables concerning female CEOs 33
2.4 Region classification 34
2.5 Multivariate regressions 35
4.1 Descriptive details of sample firms 70
4.2 Correlation matrix 72
4.3 Regression matrix 73
5.1 T raditional characteristics of philanthropic and
corporate governance models 83
6.1 B asic characteristics of audit committees in supervisory
boards in Poland 109
6.2 B asic characteristics of ‘mature’ and ‘young’
audit committees 110
6.3 S upervisory board member professional experience 113
6.4 T asks of the supervisory board chairperson in stock
companies in Poland 117
7.1 Descriptive statistics for CG disclosures 128
7.2 C ochran’s Q Test for CG items 128
7.3 A verage index results for voluntary and compulsory
information 129
7.4 C G items indexes 129
10.1 KLD strengths and concerns items – 1991–2008 182
10.2 Vigeo fields 185
10.3 Vigeo subfields 186
10.4 Factorial analysis of CSR fields 187
10.5 CSR ratings by countries 188
11.1 Number of committees 206
vii
viii List of Tables
11.2 Board committees 206
11.3 Director’s affiliation (on the board-level) 208
11.4 Comparison between small-sized firms and large-sized firms 210
11.5 OLS regression results of charity membership and
firm characteristics 211
11.6 Director characteristics of charity members 212
12.1 Change in the CSR disclosures from 2005 to 2010 225
12.2 Differences in CSR disclosures: family-controlled
companies and others 227
12.3 Adoption of board mechanisms: family-controlled
companies and others 229
12.4 Differences in CSR disclosures: companies
with/without independent directors 229
12.5 Differences in CSR disclosures: companies with/without
CG committees 230
Figures
2.1 Distribution of female CEO appointments 28
2.2 Distribution of female CEOs by age 33
6.1 B reakdown of competencies in top 40 company
supervisory boards 114
10.1 Vigeo CSR rating 184
10.2 Abnormal returns 192
10.3 Abnormal volume 192
ix