Document Type

Peer-Reviewed Article

Publication Date




  • We examine whether and how board connections affect the firm's corporate social responsibilities (CSR).
  • We find that board connectedness is positively associated with CSR performance.
  • Our findings suggest firms that operate in a complex business environment or require more advising benefit more from a well-networked board.
  • Firms that are poorly governed, have high stock return volatility, low market capitalization, or low institutional ownership tend to benefit more from the well-connected board when the cost of acquiring information is higher.
  • In addition, we show that independent directors’ abilities to gather information and resources from their networks can facilitate the transmission of information.
  • Overall, our study documents the informational advantage of a network as the predominant channel that allows a well-connected board to improve a firm’s CSR performance.


Available online 15 June 2020, 101662.

JEL Classification: G30, G39

Version posted is the authors' preprint.





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