Ta da, Oma ; Ha on, Hasnah; Ramli, Na hasa; Salleh, Supiah
A icle
The media o e ec o inancial pe o mance on he ela ionship
be ween boa d o di ec o s’ size and co po a e social esponsibili y
disclosu e: a case s udy o Pales inian lis ed companies
Cogen Economics & Finance
P o ided in Coope a ion wi h:
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Sugges ed Ci a ion: Ta da, Oma ; Ha on, Hasnah; Ramli, Na hasa; Salleh, Supiah (2024) : The
media o e ec o inancial pe o mance on he ela ionship be ween boa d o di ec o s’ size and
co po a e social esponsibili y disclosu e: a case s udy o Pales inian lis ed companies, Cogen
Economics & Finance, ISSN 2332-2039, Taylo & F ancis, Abingdon, Vol. 12, Iss. 1, pp. 1-16,
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The media o effec o financial pe o mance on
he ela ionship be ween boa d o di ec o s’ size
and co po a e social esponsibili y disclosu e: a
case s udy o Pales inian lis ed companies
Oma Ta da, Hasnah Ha on, Na hasa Ramli & Supiah Salleh
To ci e his a icle: Oma Ta da, Hasnah Ha on, Na hasa Ramli & Supiah Salleh (2024) The
media o effec o financial pe o mance on he ela ionship be ween boa d o di ec o s’ size
and co po a e social esponsibili y disclosu e: a case s udy o Pales inian lis ed companies,
Cogen Economics & Finance, 12:1, 2420213, DOI: 10.1080/23322039.2024.2420213
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GENERAL & APPLIED ECONOMICS | RESEARCH ARTICLE
The media o e ec o inancial pe o mance on he ela ionship
be ween boa d o di ec o s’size and co po a e social esponsibili y
disclosu e: a case s udy o Pales inian lis ed companies
Oma Ta da, Hasnah Ha on, Na hasa Ramli and Supiah Salleh
Facul y o Economics and Muamala , Uni e si i Sains Islam Malaysia (USIM), Nilai, Nege i Sembilan, Malaysia
ABSTRACT
The Boa d o Di ec o s (BOD) is esponsible o making s a egic decisions wi hin a
company and holds signi ican in luence o e co po a e social esponsibili y (CSR) poli-
cies and hei disclosu e. Fu he mo e, inancial pe o mance plays a i al ole in his
ela ionship, as a s ong inancial pe o mance can impac a company’s abili y o allo-
ca e esou ces owa ds social esponsibili y and, consequen ly, a ec i s CSR disclos-
u e. The p e ious s udies ha e no examined inancial pe o mance as a media ing
a iable be ween BOD size and CSR disclosu e. This a icle aims o examine he le el
o CSR disclosu e in Pales ine, analyze he impac o BOD size on CSR disclosu e and
inancial pe o mance, and assess he ex en o which inancial pe o mance ac s as a
media ing a iable be ween BOD size and CSR disclosu e. The s udy employs panel
da a analysis using a sample o 31 companies lis ed on he Pales ine S ock Exchange
om 2012 o 2021. The Ba on and Kenny app oach will be used o examine he medi-
a ing e ec o inancial pe o mance be ween BOD size and CSR disclosu e. The heo -
e ical amewo k o esou ce dependence heo y will be adop ed o unde s and he
ela ionship be ween he a iables unde in es iga ion. The esul s o his s udy e eal
ha he CSR disclosu e a e was 29.5% among he companies included in he sample.
Addi ionally, he esul s show a signi ican posi i e di ec ela ionship be ween BOD
size, CSR disclosu e, and inancial pe o mance. Fu he mo e, he esul s indica e ha
inancial pe o mance pa ially media es he associa ion be ween BOD size and CSR
disclosu e in Pales inian companies.
IMPACT STATEMENT
The esea ch pape “The Media o E ec o Financial Pe o mance on The Rela ionship
be ween Boa d o Di ec o s’Size and Co po a e Social Responsibili y Disclosu e: A
Case S udy o Pales inian Lis ed Companies”in es iga es he ela ionship be ween
BOD size, CSRD, and inancial pe o mance in Pales inian companies. By examining
his ela ionship, he s udy con ibu es o he g owing body o li e a u e on BOD size
and CSR in eme ging economies, speci ically in he con ex o Pales ine. The signi i-
cance o his wo k lies in i s po en ial o in o m policymake s, co po a e leade s, and
s akeholde s abou he impo ance o la ge boa ds o di ec o s as a means o enhance
CSR p ac ices and inancial pe o mance in Pales inian companies. Fu he mo e, his
esea ch add esses a gap in exis ing li e a u e by in es iga ing he media ing ole o
inancial pe o mance in he ela ionship be ween BOD size and CSR disclosu e.
ARTICLE HISTORY
Recei ed 26 No embe 2023
Re ised 2 Sep embe 2024
Accep ed 18 Oc obe 2024
KEYWORDS
Boa d o di ec o s size;
co po a e social
esponsibili y disclosu e;
inancial pe o mance;
Pales inian companies;
esou ce dependence
heo y
SUBJECTS
Business, Managemen and
Accoun ing; Accoun ing;
Co po a e Go e nance;
Co po a e Social
Responsibili y & Business
E hics; Economics; Business,
Managemen and
Accoun ing; Finance
1. In oduc ion
The concep o co po a e social esponsibili y (CSR) has become an impo an opic among esea che s.
Many concep s ha ha e eme ged con lic wi h he idea ha he esponsibili y o companies is limi ed
only o achie ing he la ges possible amoun o p o i (Saleh e al., 2021). Co po a e social esponsibili y
disclosu e (CSRD) is a e ela ion o he company’s ac i i ies and policies o he bene i o socie y and
CONTACT Oma Ta da [email p o ec ed] Facul y o Economics and Muamala , Uni e si i Sains Islam Malaysia (USIM), Banda
Ba u Nilai, 71800 Nilai, Nege i Sembilan, Malaysia
ß2024 The Au ho (s). Published by In o ma UK Limi ed, ading as Taylo & F ancis G oup
This is an Open Access a icle dis ibu ed unde he e ms o he C ea i e Commons A ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. The e ms on which his a icle has been
published allow he pos ing o he Accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
COGENT ECONOMICS & FINANCE
2024, VOL. 12, NO. 1, 2420213
h ps://doi.o g/10.1080/23322039.2024.2420213
he en i onmen in i s inancial epo s (Saleh e al., 2021). Th ough CSRD, i ms may imp o e hei co -
po a e image and imp o e he anspa ency and accoun abili y o he companies’ac i i ies and hus
enhance he con idence o all in e es ed pa ies’ inancial epo s (Ananzeh, 2022).
Globally, wi h he ad en o globalisa ion and he inc easing in eg a ion o economies be ween coun-
ies, companies ha e aced g ea e p essu e o disclose hei socie al con ibu ion (Ananzeh, 2022).
The e o e, he concep o CSR and CSRD is a s a egic concep o companies wo ldwide, as CSRD is con-
side ed a Wes e n phenomenon. Many de eloped coun ies ha e implemen ed p ocedu es o encou age
companies o disclose hei CSR s a egies and p ac ices. Fo example, in he Uni ed S a es, he e ha e
been se e al social indexes since 1990 (Domini Social Index); he Eu opean Commission announced ha
CSRD should be implemen ed in Eu opean coun ies om 2005 onwa ds (Ba aka e al., 2015). In add-
i ion, wi h he ad en o he Sus ainabili y De elopmen Goals (SDGs) in 2015 in he Uni ed S a es, mos
coun ies, especially de eloped ones, ha e mo ed owa ds achie ing he SDGs in hei coun ies and
Sus ainabili y Disclosu e (SRD) by disclosing inciden s o non-disc imina ion and in o ma ion ela ed o
socie y, he economy, he en i onmen , and child labou . Howe e , he e a e no simila ini ia i es in
de eloping coun ies. In mos A ab coun ies, such as Qa a , Kuwai , Saudi A abia, Bah ain, Oman, he
Uni ed A ab Emi a es, Sy ia, Jo dan, and Pales ine, CSRD is low (Ananzeh, 2020).
Mo eo e , CSRD in hese de eloping coun ies is con ined o speci ic dimensions and does no ully
adhe e o global epo ing ini ia i e. In addi ion o ocusing on some p og ams and assis ance, aspec s
o imp o ing p oduc s o sa is y cus ome s and insu icien a en ion o aspec s o en i onmen al disclo-
su es and human esou ces ha e been a ma e o conce n (Ananzeh, 2020). This may be a esul o he
la e being a lowe economic de elopmen , weake legal sys ems, co po a e go e nance being a new
concep o he low demands o s akeholde s.
The absence o legisla i e and egula o y amewo ks in Pales inian i ms hinde s he de elopmen o
a comple e and in eg a ed unde s anding o social esponsibili y wi hin hese o ganisa ions. Saleh e al.
(2021) highligh he absence o de eloped go e ning bodies esponsible o egula ing social esponsi-
bili y and he lack o go e nmen o e sigh and laws ha manda e Pales inian companies o alloca e a
po ion o hei budge owa ds social esponsibili y ac i i ies.
The signi icance o co po a e go e nance (CG) has gained global p ominence in ecen decades. I s
objec i e is o sa egua d he in e es s o all ele an s akeholde s while ensu ing he company’s eco-
nomic e iciency and long- e m sus ainabili y (Naci i e al., 2022). Dweka e al. (2022) and Huynh (2019)
unde sco es ha s ong CG p ac ices aise awa eness o socie al esponsibili y, enabling companies o
ea n he us o s akeholde s and achie e op imal pe o mance.
Besides ha , nume ous s udies ha e demons a ed he di ec co ela ion be ween BOD size and CSRD
(Nwude & Nwude, 2021; O azalin, 2019; Alia & Ma dawi, 2021; Alshbili e al., 2019; Co ie e al., 2018;
Fuen e e al., 2017; Cuad ado-Balles e os e al., 2017). Howe e , he esul s o hese s udies ha e no
always been consis en . In addi ion, s udies ha e been conduc ed o examine he di ec impac o BOD
size on he inancial pe o mance o companies (Abdeljawad & Mas i, 2020; Kha ib & Nou , 2021; Singhal
e al., 2021; Waheed & Malik, 2021; Wa ad & Khaddam, 2020). These in es iga ions ha e also yielded
inconsis en esul s.
Financial pe o mance can be de ined as he le el o business pe o mance and success o e a speci-
ied pe iod (Kayani e al., 2024). E alua ing business inancial pe o mance allows decision-make s o
e alua e he esul s o business s a egies and ac i i ies, inancial heal h, and compa isons be ween com-
panies in o de o make decisions objec i ely om a c i ical pe spec i e (Kayani e al., 2024). The man-
agemen is conce ned wi h e alua ing he oppo uni ies and e u n on in es men . In con as , he
c edi o s a e conce ned wi h he company’s abili y o pay and ocus on cash lows o e alua ing he
company’s liquidi y (Ba
Gci & Kaygin, 2022). Kayani e al. (2024) poin ed ou ha companies wi h good
inancial pe o mance a e less exposed o isks and legal li iga ion, in addi ion o a posi i e ela ionship
be ween inancial pe o mance and he g ow h o companies.
Wahyudi (2018) and Nawaiseh (2015) examined he di ec ela ionship o inancial pe o mance on
CSRD, and hey showed a posi i e impac o inancial pe o mance on CSRD. Nawaiseh (2015) poin ed
ou ha when a company’s inancial pe o mance is good, i has mo e esou ces a i s disposal. This ena-
bles he company o in es in social esponsibili y ini ia i es and alloca e unds o CSR ac i i ies wi hou
pu ing p essu e on i s inancial s abili y. In addi ion, s akeholde s end o iew inancially success ul
2 O. TARDA ET AL.
companies as ha ing he abili y and esponsibili y o con ibu e o socie y and o mee hese expec a-
ions, as well as main ain a posi i e epu a ion, whe eby companies seek mo e disclosu e abou hei
social ac i i ies (Wahyudi, 2018). Mo eo e , posi i e inancial pe o mance allows companies o in es in
sus ainable ope a ions, de elop en i onmen ally iendly p oduc s, suppo communi y ini ia i es, and
pa icipa e in cha i able causes (Nawaiseh, 2015).
The weakness o he CSRD in Pales inian companies and he con adic o y indings o p e ious
esea ch on he ela ionship be ween BOD size on he CSRD and inancial pe o mance exempli y he
p oblem o he s udy. In addi ion, p e ious s udies did no ake in o accoun he media ing e ec o
inancial pe o mance be ween BOD size and CSRD. This s udy aims o examine he le el o CSRD in
Pales inian publicly lis ed companies on he Pales ine S ock Exchange. I will also examine he ela ion-
ship be ween he BOD size on CSRD and inancial pe o mance. Fu he mo e, his also aims o examine
whe he inancial pe o mance will ha e a media ing e ec on he ela ionship be ween BOD size and
CSRD. This s udy e eals he gap in he a ailable li e a u e ega ding he ela ionship be ween BOD size
and CSR disclosu e, especially when inancial pe o mance is conside ed as a media ing a iable. By ill-
ing his gap, his s udy con ibu es o iden i ying he s eng hs and weaknesses o p e ious esea ch
and p o iding deep insigh s in o his complex ela ionship. The esea ch s udy has a numbe o implica-
ions o egula o y bodies, policymake s, and company managemen . In addi ion, s udying CSRD is
impo an in Pales ine, whe e social con ibu ions o Pales inian companies a e conside ed impo an o
o e coming poli ical, social, and economic challenges, achie ing s abili y, and imp o ing people’s quali y
o li e. Addi ionally, CSRD leads o he es ablishmen o a posi i e epu a ion and he imp o emen o
he image o Pales inian companies among cus ome s and in es o s. I also enhances compe i i e capa-
bili ies, and as a esul , imp o es long- e m inancial pe o mance (Mondal & Sahu, 2023; O azalin, 2019).
To he egula o s and policymake s such as Pales ine Exchange (PEX) and Co po a e Go e nance
Na ional Commi ee, he s udy is expec ed o p o ide hem wi h some use ul eedback on he ex en o
how he CSRD disclosu e can be inc eased in Pales inian companies and he aspec s ele an o co po -
a e go e nance e ec i eness. In addi ion, This s udy also con ibu es o guiding business p ac ices and
manage ial decision-making on how o p omo e BOD size and de elop e idence-based social esponsi-
bili y policies. The s udy also con ibu es o inc easing awa eness and knowledge among esea che s
and p ac i ione s in he ield o BOD size and CSRD. In addi ion, new indings om he s udy may p o-
ide a basis o u u e and con inuing esea ch in his a ea. This s udy will also apply esou ce depend-
ence heo y o explain he ela ionship be ween he a iables s udied. This a icle consis s o i e
sec ions, including an in oduc ion, a li e a u e e iew and hypo hesis de elopmen , a p oposed concep-
ual amewo k, esea ch design and me hodology, empi ical esul s, and a discussion and conclusion,
espec i ely.
2. Li e a u e e iew and hypo hesis de elopmen
2.1. Co po a e social esponsibili y disclosu e (CSRD)
The decision-making p ocess p ima ily elies on he p o ision o inancial and non- inancial in o ma ion.
In o ma ion pe aining o he social ac i i ies unde aken by companies owa ds socie y cons i u es one
o he undamen al pilla s o use s o inancial s a emen s in he decision-making p ocess (Alia &
Ma dawi, 2021). Mo eo e , he disclosu e o social esponsibili y in inancial epo s se es as a means o
accoun abili y o socie y, con ibu ing o he legi imacy o a company’s ac i i ies and i s exis ence
(O azalin, 2019). Failu e on he pa o an o ganisa ion o ul il i s social and en i onmen al esponsibil-
i ies can ha e nega i e epe cussions, impac ing i s epu a ion wi h s akeholde s (Rashid, 2018).
The phenomenon o CSRD is commonly pe cei ed as being p e alen in Wes e n socie ies, as many
de eloped coun ies ac i ely ad oca e o he anspa ency o i ms’social p ac ices. Fo example, Bha ia
and Makka (2019) showed a CSR disclosu e a e in UK companies o 98% and 85% in US companies.
Alkayed and Oma (2023) indica ed ha social esponsibili y and i s disclosu e in inancial epo s ha e
inc eased o e ime in de eloped coun ies in esponse o many ac o s, o example, social awa eness
and an inc ease in legisla ion.
COGENT ECONOMICS & FINANCE 3
Alkayed and Oma (2023) men ion ha alues and cul u es may a ec he pe cep ion o co po a e
social esponsibili y and i s disclosu e. Fo example, in A ab coun ies, eligious alues and social adi-
ions may ha e a signi ican impac on he concep o social esponsibili y, while in Wes e n coun ies,
hey a e mo e in luenced by comme cial p inciples, en i onmen al laws, and wo ke s’ igh s (Di an &
Rosenc anz, 2022). As Alkayed and Oma (2023) indica e in hei s udy, he e is s ic and binding legisla-
ion ha equi es companies o comply wi h social and en i onmen al s anda ds in de eloped coun ies,
while in de eloping coun ies, his legisla ion may be less en o ced and may ely on olun a y di ec i es.
In addi ion, companies in de eloped coun ies mos ly communica e wi h go e nmen al ins i u ions, he
local communi y, and non-go e nmen al associa ions o ensu e ha hei ac i i ies mee he needs and
aspi a ions o socie y. In con as , in de eloping coun ies, he e a e p oblems in communica ion
be ween companies and he local communi y, and communi y pa icipa ion in decision-making may be
less common (Alia & Ma dawi, 2021).
The le el o CSRD in de eloping coun ies is, in gene al, low and unsa is ac o y compa ed o de el-
oped coun ies such as he UK and he US coun ies. Fo ins ance, El-Halaby and Hussainey (2015) indi-
ca ed ha he a e age CSR disclosu e a e o 25 de eloping coun ies was 26%. In addi ion, Ananzeh
(2020) poin ed ou ha he CSRD in Egyp and Jo dan is me ely desc ip i e.
In Pales ine, he e is a semi-consensus ha he concep o CSRD is s ill below he equi ed le el (Alia
& Ma dawi, 2021; Alsenawi & Bana , 2014; Ba aka e al., 2015; Zaid e al., 2019). Howe e , he e is some
indica ion o he exis ence o social esponsibili y p ac ices by companies ha hink hey a e p ac ising
social esponsibili y h ough some p og ams and assis ance. Acco ding o Alia and Ba ham (2022), he
CSRD a e o 41 Pales inian companies be ween 2012 and 2017 was 28.1%. Ano he s udy by Ba aka
e al. (2015) was conduc ed o 46 i ms in Pales ine and 55 i ms in Jo dan. They showed ha CSR dis-
closu e is low in bo h coun ies, whe e he pe cen ages o disclosu e in Pales ine and Jo dan a e 33%
and 50%, espec i ely. Clea ly, he CSR disclosu e a e in Pales ine is low compa ed o Jo dan and de el-
oped coun ies as well, whe e Pales ine su e s om a lack o de eloped bodies wo king o egula e
social esponsibili y, he absence o a go e nmen o e sigh ole, and he absence o laws compelling
Pales inian companies o alloca e a po ion o hei budge owa ds social esponsibili y ac i i ies (Saleh
e al., 2021).
2.2. BOD size and CSRD
The size o he BOD plays a signi ican ole in add essing CG issues (Dweka e al., 2020; Fuen e e al.,
2017). Resea che s hold di e en opinions ega ding he e ec i eness o la ge e sus smalle boa ds.
Alia and Ma dawi (2021) sugges ed ha la ge boa ds may lead o an inc ease in con lic s o in e es .
Con e sely, o he s udies, such as Akba e al. (2019), ad oca e o a la ge numbe o expe ienced di ec-
o s on he boa d, as i can enhance e ec i eness by o ganising a ious unc ions wi hin he company,
es ablishing s a egies, and p o iding moni o ing and cons uc i e ad ice wi hin he boa d o di ec o s.
The Code o Co po a e Go e nance in Pales ine (Pales inian Code o Co po a e Go e nance, PCCG)
speci ies ha he boa d o di ec o s should comp ise i e o ele en membe s (PCCG, 2009). Zaid e al.
(2019), as well as Alia and Ma dawi (2021), a i med ha he a e age boa d size o Pales inian companies
consis s o se en o eigh membe s, aligning wi h he PCCG guidelines.
The esou ce dependence heo y men ions ha la ge boa ds a e belie ed o ha e a posi i e impac
on co po a e epo ing p ac ices due o he di e se alues, in o ma ion, ideas, and pe spec i es ha
boa d membe s b ing o he o ganisa ion (P e e & Salancik, 2003). This pe spec i e is suppo ed by se -
e al p e ious s udies, such as Nwude and Nwude (2021), Yameen e al. (2019), and Kha ib and Nou
(2021), which a gue ha la ge boa ds a ac alen ed, expe ienced, and knowledgeable indi iduals who
can acili a e accu a e lea ning, make be e decisions, and ul ima ely con ibu e o imp o ed CSRD.
Mo eo e , Dias e al. (2017) p oposed ha he inclusion o la ge boa d sizes can p o ide signi ican eco-
nomic esou ces, in o ma ion, skills, expe ise, and ecommenda ions o acili a e he o ganisa ional
de elopmen o en e p ises. Addi ionally, hey se e as in e media ies be ween he o ganisa ion and
ex e nal en i ies. Nwude and Nwude (2021) poin ed ou he signi icance o la ge boa ds inside en e -
p ises, consis ing o pe sons possessing b oad skills and he abili y o mobilise esou ces om se e al
dimensions. Such o ganisa ions a e mo e e ec i ely posi ioned o op imise he alloca ion and u ilisa ion
4 O. TARDA ET AL.
o esou ces owa ds CSR ini ia i es. Nwude and Nwude (2021) ound a signi ican posi i e ela ionship
be ween BOD size and he le el o CSRD. Adnan e al. (2018), Co ie e al. (2018), Fuen e e al. (2017),
and Dias e al. (2017) co obo a e his inding. Howe e , Cuad ado-Balles e os e al. (2017) ound ha a
la ge BOD size has a signi ican nega i e impac on CSRD, while Alshbili e al. (2019) and O azalin
(2019) ound no impac o BOD size on CSRD. S udies conduc ed in Pales ine ha e also yielded mixed
indings. Alia and Ba ham (2022), Zaid e al. (2019), and Ba aka e al. (2015) ound a posi i e and signi i-
can ela ionship be ween BOD size and CSRD. On he con a y, Alia and Ma dawi (2021) disco e ed a
signi ican nega i e ela ionship be ween BOD size and CSRD.
Based on he esou ce dependence heo y and he indings o he majo i y o p e ious s udies, which
sugges ha la ge boa ds a e mo e obliga ed o engage in CSRD, his s udy hypo hesises a posi i e
ela ionship be ween BOD size and CSRD.
H1: BOD size has a posi i e and signi ican impac on he le el o CSR disclosu es in Pales inian
companies
2.3. BOD size and inancial pe o mance
Co po a e BOD is a i al ac o in he success o companies. The BOD does a s a egic job by de ining
he goals o he o ganisa ion and p o iding a clea ision o he company, as well as mechanisms o
e alua ing pe o mance. Kanak iyah (2021) indica ed ha se ing he s a egic objec i es o he company
is he esponsibili y o he BOD. Hence, he size o he BOD has a subs an ial in luence on shaping he
long- e m inancial and non- inancial ou comes o co po a ions. These a gumen s a e suppo ed by
esou ce dependence heo y. Akba e al. (2019) sugges ha a signi ican componen o co po a e go -
e nance is he p esence o la ge BODs comp ising indi iduals wi h he necessa y expe ise and expe i-
ence o o e see isks pe aining o all sha eholde s. These BODs a e equipped o o e managemen
aluable insigh s and e ec i e s a egies o mi iga ing isks ha could po en ially impac a company’s
inancial pe o mance.
The exis ing li e a u e on he ela ionship be ween BOD size and inancial pe o mance has yielded incon-
sis en indings. Kha ib and Nou (2021), Waheed and Malik (2021), Akba e al. (2019), Kanak iyah (2021)
and Mondal and Sahu (2024) ound ha BOD size has a posi i e and signi ican ela ionship wi h inancial
pe o mance. Singhal e al. (2021) conduc ed a s udy and disco e ed a nega i e and s a is ically signi ican
ela ionship be ween he size o he BOD and inancial pe o mance. The indings o esea ch conduc ed on
he opic o Pales inian s udies exhibi a ange o ou comes. Acco ding o he indings o Saleh and Islam
(2020) as well as Saleh e al. (2021), he e exis s a s a is ically signi ican and posi i e co ela ion be ween
he size o he BOD and inancial pe o mance. Howe e , Abdeljawad and Mas i (2020) oundanega i e
ela ionship be ween he size o he BOD and he inancial pe o mance o i ms in Pales ine.
Acco ding o Saleh e al. (2021), he p esence o a la ge boa d o non-execu i e and independen
di ec o s con ibu es o enhanced moni o ing and he success ul acquisi ion o essen ial esou ces by
le e aging hei expe ise. Consequen ly, he p esence o a di e se BOD yields ad an ageous ou comes
o i ms, including he inco po a ion o a wide ange o aluable pe spec i es, expe ise, and asse s, sig-
ni ican ly impac ing he inancial success o hose companies. Hence, i can be in e ed ha he size o
he BOD is expec ed o ha e a a ou able in luence on he inancial pe o mance. Based on he esou ce
dependence heo y and he indings o he majo i y o p e ious s udies, his s udy hypo hesises a posi-
i e ela ionship be ween BOD size and inancial pe o mance.
H2: BOD size has a posi i e and signi ican impac on he inancial pe o mance o Pales inian
companies
2.4. The media ing ole o inancial pe o mance (ROA)
Re u n on asse s (ROA) is one o he mos impo an e u n on in es men measu es, which measu es a
company’s p o i s in ela ion o i s o al asse s. This a io indica es he quali y o business pe o mance
by linking he e u n ha companies achie e o he in es ed capi al and how o use inancial esou ces
COGENT ECONOMICS & FINANCE 5
by he companies (Kha ib & Nou , 2021). Wahyudi and Abidin (2023) poin ed ou ha he ROA can
change signi ican ly o public companies due o he company’s managemen o i s asse s.
As discussed abo e, p io esea ch has in es iga ed he di ec co ela ions be ween BOD size, CSRD,
and inancial pe o mance. In addi ion, he e is a di ec ela ionship be ween inancial pe o mance and
CSRD. Howe e , he exis ing li e a u e has no su icien ly examined he phenomenon o he in e con-
nec ion o boa d cha ac e is ics and has o e looked he po en ial media ing ac o s ha could es ablish
a link be ween boa d cha ac e is ics and i m ou comes (Pos & By on, 2015). Howe e , i was ecen ly
discussed (Mukh a uddin e al., 2019). This s udy assumes ha ha ing inancial pe o mance, in pa icu-
la , may pa ly media e he ela ionship be ween BOD size and CSRD. Thus, he size o he boa d o
di ec o s may ha e di ec and indi ec e ec s on CSRD. Musibah and Al a ani’s(2014) s udy indica es
ha inancial pe o mance (ROA, ROE) was ound o be a signi ican media ing ac o o he ela ionship
be ween Sha iah Supe iso y Boa d E ec i eness and Capi al Employed E iciency. Wahba and Elsayed
(2015) s udy indica es ha inancial pe o mance media es he ela ionship be ween social esponsibili y
and owne ship s uc u e. Fahimi and Fakha i’s(2017) s udy shows ha he e is no media ing e ec o
inancial pe o mance in he ela ionship be ween in ellec ual capi al and ma ke sha e. Aini and Faisal
(2021) show ha inancial pe o mance is no p o en as a a iable ha media es he e ec o en i on-
men al pe o mance on i m alue. Howe e , p e ious s udies neglec ed he s udy o inancial pe o m-
ance as a media ing a iable be ween boa d size and CSRD.
Ca oll (2015) con i ms he impo ance o he i m’s economic esponsibili y, as i is connec ed o all
o he business esponsibili ies since hey become deba able conside a ions. Handaya i e al. (2022) claim
ha he BOD may exhibi a p e e ence o disclosing social esponsibili y, while sha eholde s may p io i-
ise he accumula ion o weal h. Howe e , sha eholde s may no demons a e a signi ican conce n o
social esponsibili y as long as companies gene a e p o i s. Hence, he magni ude o he p o i s will
impac he disclosu e o social esponsibili y (Handaya i e al., 2022). This s udy assumes ha ha ing
inancial pe o mance, in pa icula , may media e he ela ionships be ween BOD size and CSRD. Thus,
he BOD size may a ec CSRD h ough inancial pe o mance.
H3: Financial pe o mance media es he ela ionship be ween BOD size and CSRD in Pales inian
companies
3. P oposed concep ual amewo k
As explained in he li e a u e e iew, his s udy employs esou ce dependence heo y o explain BOD
size in ela ion o CSRD and inancial pe o mance. Figu e 1 depic s he heo ised ela ionships be ween
s udy a iables.
Figu e 1 p esen s BOD size as he independen a iable, CSRD as he dependen a iable, and inan-
cial pe o mance as he media o a iable. In con as , i m size, le e age, ype o indus y, and i m age
a e he con ol a iables.
Figu e 1. Concep ual amewo k.
6 O. TARDA ET AL.
4. Resea ch design and me hodology
4.1. Sample and da a collec ion
The selec ion p ocess is ou lined in Table 1.
4.2. Da a analysis
This s udy u ilises seconda y da a ob ained om he annual inancial epo s o publicly lis ed
Pales inian companies, which a e accessible on he PEX Pales ine websi e o he espec i e co po a e
web pages. The s a is ical so wa e applica ion STATA is u ilised o da a analysis and hypo hesis es ing.
The associa ion be ween he a iables is in es iga ed in his s udy using a panel da a esea ch me hod-
ology and he O dina y Leas Squa e (OLS) eg ession es ima ion me hod – ixed and andom e ec
model eg ession. This s udy examines he media ing e ec o inancial pe o mance on he ela ionship
be ween BOD size and CSRD, u ilising he causal s ep echnique de eloped by Ba on and Kenny (1986).
A a iable is said o be a media o , in acco dance wi h Ba on and Kenny (1986), i i mee s h ee equi e-
men s. Fi s , he dependen a iable (CSRD) should be signi ican ly impac ed by he independen a i-
able (BOD size). Second, i is expec ed ha he independen a iable will ha e a signi ican e ec on he
media o a iable, in his case, he ROA. Thi d, when bo h he independen and media o a iables a e
included in a model, he media o a iable should be signi ican , while he absolu e alue o he inde-
penden a iable should dec ease. In he hi d s ep, he ype o media ion can be de e mined. I he
independen a iable has an insigni ican impac on he dependen a iable, esea che s epo ha he
media o ully o comple ely media es he ela ionship. I he e is s ill a signi ican impac , esea che s
epo ha he media o pa ially media es he ela ionship (Iacobucci, 2012). Figu e 2, adap ed om
Hayes (2009), illus a es he amewo k o a simple media ion model.
The amewo k illus a ed in Figu e 2 conside s X as he independen a iable (BOD size), Y as he
dependen a iable (CSRD), and M as he media ing a iable (ROA). Pa hs a and b ep esen indi ec
e ec s, while pa h c ep esen s he di ec in luence o X on Y a e con olling o he media o . The op
po ion o he igu e displays c as he o al impac o he independen a iable (X) on he dependen
a iable (Y).
Table 1. P ocess o selec ing he sample.
Selec ion p ocess Sample
The o al numbe o companies lis ed 49
Less: Banking and insu ance sec o (16)
Less: Two in es men companies unlis ed du ing he ull pe iod (2012–2021) (2)
Final sample du ing he ull pe iod (2012–2021) 31
Figu e 2. Model o media ion.
COGENT ECONOMICS & FINANCE 7
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