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<p>This study investigates the impact of corporate governance (CG) on corporate social responsibility (CSR) expenditure among Indian SmallCap firms operating under a mandatory CSR regime. Drawing from a panel of 194 companies listed on the S&amp;P BSE SmallCap Index between FY 2015 and FY 2024. The research applies pooled ordinary least squares (OLS), fixed effects and random effects regressions with robust standard errors. This study utilizes multiple theories: Stakeholder Theory, Slack Resource Theory, Instrumental Stakeholder Theory, Signaling Theory, Resource-Based View (RBV), and Legitimacy Theory, which offers a unified framework for understanding governance-CSR linkages. We find varying results during sectoral analysis. Governance indicators had differing effect across sectors, while firm-level characteristics showed similar consistent effect. The results carry strategic implications for policy design and managerial practice, highlighting the need for tailored governance structures and fiscal incentives to enhance CSR uptake, particularly among resource-constrained firms in emerging economies.</p>

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Board Governance and CSR Expenditure Under Mandated Regime: Evidence From Indian SmallCap Firms

  • 期刊论文

  • 发表日期：

    2026年7月11日

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  • Gulshan Kumar Yadav,
  • Titas Bhattacharjee,
  • Atasi Mohanty

摘要

This study investigates the impact of corporate governance (CG) on corporate social responsibility (CSR) expenditure among Indian SmallCap firms operating under a mandatory CSR regime. Drawing from a panel of 194 companies listed on the S&P BSE SmallCap Index between FY 2015 and FY 2024. The research applies pooled ordinary least squares (OLS), fixed effects and random effects regressions with robust standard errors. This study utilizes multiple theories: Stakeholder Theory, Slack Resource Theory, Instrumental Stakeholder Theory, Signaling Theory, Resource-Based View (RBV), and Legitimacy Theory, which offers a unified framework for understanding governance-CSR linkages. We find varying results during sectoral analysis. Governance indicators had differing effect across sectors, while firm-level characteristics showed similar consistent effect. The results carry strategic implications for policy design and managerial practice, highlighting the need for tailored governance structures and fiscal incentives to enhance CSR uptake, particularly among resource-constrained firms in emerging economies.