Desender and Epure (2015)

Desender, Kurt and Mircea Epure.  “Corporate governance and corporate social performance.”  Working paper (Universidad Carlos III), February 2015.

From the authors' abstract:  "We analyze a large cross-country panel dataset and reveal that CSP is positively associated with board independence, but negatively with ownership concentration. These results underscore that the allocation of resources to CSP is lower when shareholders are powerful. Furthermore, these findings indicate that independent directors should be understood as agents in their own right, not only focused on defending shareholder interests. We also find that CSP is negatively related to investor protection and shareholder-oriented environments, while it is positively related to egalitarian environments."

Link:  http://www.ub.edu/ubbusiness/wp-content/uploads/2015/03/Epure-CG-CSP.pdf