Dal consiglio di amministrazione alla performance sociale: Come la qualità del consiglio di amministrazione promuove la performance sociale in risposta a feedback di performance negativi e positivi

Frame of the research. The Board of Directors (BoD) plays a key role in promoting the social activities of companies. Purpose of the paper. This study examines whether BoD quality-defined as the effectiveness of BoD structure, composition, and functioning-improves social performance. Moreover, this study examines the moderating role of the social performance feedback received-determined by the difference between recorded social performance and social performance aspirations. Methodology. A panel regression analysis was conducted on an unbalanced dataset of 1,299 European companies over the period 2014-2023. Results. BoD quality enhances social performance. Moreover, negative social performance feedback has a positive effect on social performance, regardless of its magnitude. In the presence of such feedback, a high-quality BoD enables a higher level of social performance. Instead, positive social performance feedback improves social performance. However, when such feedback is present, a high-quality BoD reduces its positive effect on social performance. Research limitations. This study does not explore the specific mechanisms through which BoD quality enables companies to respond to positive or negative social performance feedback. Managerial implications. This study confirms the importance of the BoD in driving social performance and highlight the need for a high-quality BoD to manage situations where social performance either exceeds or falls short of aspirations. Originality of the paper. This study investigates how BoD quality affects social performance and suggests plausible mechanisms leading to a positive contribution. Secondly, it demonstrates how this relationship is moderated by the social performance feedback received. Thirdly, this study focuses on the social dimension of CSR, which is usually less studied compared to the environmental dimension or CSR as a whole. Key words: Quality of the board of directors; Behavioural theory of the firm; Social performance feedback; Social performance