Corporate Governance Mechanisms and CSR Performance: A Systematic Review of Empirical Evidence

Abstract

The paper at hand provides the systematic review of the existing evidence discussing the relationship which exists between the corporate governance mechanisms and corporate social responsibility (CSR) performance in the perspectives of agency theory, stakeholder theory and resource dependence theory. The invigilant recognition and compounding of peer-reviewed, Scopus-enlisted studies published in the period between 2011 and 2024 were conducted. The review depicts that the independence of board, gender and experience of the audit-committee, and dispersal of ownership are uniform inputs in enhancing CSR engagement, yet CEO duality and concentrated ownership are frequent obstacles to CSR accountability. The Descriptive analysis indicates that the number of publications put out has grown considerably since 2015, and the most reliable sources are Sustainability (Switzerland), the Journal of Business Ethics, and Corporate Social Responsibility and Environmental Management. The collaboration mapping suggests that the networks of robust research on the issue of governance-CSR can be traced in United States, China, the United Kingdom, and Australia, therefore, signifying the globalization of the discourse of governance-CSR. The findings are in concurrence with the theoretical convergences that indicate that efficient governance processes are co-existent to enhance efficiency in monitoring, organisational legitimacy, and mobilisation of resources resulting in high CSR performance. According to the methodological evaluation, it excessively relied on cross-sectional regression and secondary ESG data and thereby limited the capacity to make causal conclusions and generalisability to regions. The methods to be applied in further research are longitudinal and mixed-method studies, the underrepresented spheres (Africa and Latin America) should be covered, and technological and institutional intermediaries of the correspondence between the governance and CSR should also be taken into account. The review adds both theoretical and empirical information regarding the connection between the governance frameworks and the responsible company related action and can be applied by academicians, companies, and policy makers who are willing to include sustainability in the governance structures.