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This paper examines the impact of board structure on corporate social responsibility (CSR) expenditures of listed commercial banks in an emerging economy, considering Bangladesh as a case. In doing so, we hand-collected necessary data from annual reports of listed commercial banks in Bangladesh over the period 2007-2016. We adopted the OLS model with two-way clustering to measure the impact of key elements of board structure such as board size, independent directors on the board, female representations on the board, and frequency of board meetings on CSR spending. Our results confirmed that factors such as independent directors, female directors on the board, and board size have a significant and positive relationship with CSR expenditures. In contrast, board meeting has no such connection. Besides, control variables such as firm size, age, and leverage influence CSR spending of commercial banks. The findings of the study are expected to have significant policy implications. However, we note that future studies should warrant other corporate governance elements such as ownership structure and audit quality to add further knowledge of the CSR spending of commercial banks.

Does Board Structure Matter in CSR Spending of Commercial Banks? Empirical Evidence from an Emerging Economy