Corporate Social Responsibility—Performance Nexus: The Moderating Role of Board Size, Board Independence and Board Gender Diversity in Ghana

Abstract

This inquiry examined the moderating influence of board size, board independence, and board gender diversity on the association between corporate social responsibility (CSR) and firm performance (FP) in Ghana. It utilized data from audited financial statements of all 36 firms listed on the Ghana Stock Exchange, spanning 2010–2020. The study espoused system-GMM for the empirical estimation. Findings show that CSR demonstrated significantly positive relationship with FP, consistent with the stakeholder theory, which is aligned with Carroll’s four-factor-pyramid theory but inconsistent with the agency cost theory. Again, findings depict that all three board structure elements moderated the relationship between CSR and FP.