Governing the Responsible Investment of Slack Resources in Environmental, Social, and Governance (ESG) Performance: How Beneficial are CSR Committees?

Heubeck, Tim; Ah ens, Annina
A icle — Published Ve sion
Go e ning he Responsible In es men o Slack Resou ces in
En i onmen al, Social, and Go e nance (ESG) Pe o mance: How
Bene icial a e CSR Commi ees?
Jou nal o Business E hics
P o ided in Coope a ion wi h:
Sp inge Na u e
Sugges ed Ci a ion: Heubeck, Tim; Ah ens, Annina (2024) : Go e ning he Responsible In es men o
Slack Resou ces in En i onmen al, Social, and Go e nance (ESG) Pe o mance: How Bene icial a e
CSR Commi ees?, Jou nal o Business E hics, ISSN 1573-0697, Sp inge Ne he lands, Do d ech , Vol.
198, Iss. 2, pp. 365-385,
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ORIGINAL PAPER
Go e ning heResponsible In es men o Slack Resou ces
inEn i onmen al, Social, andGo e nance (ESG) Pe o mance: How
Bene icial a e CSR Commi ees?
TimHeubeck1 · AnninaAh ens1
Recei ed: 13 May 2024 / Accep ed: 5 Augus 2024 / Published online: 14 Augus 2024
© The Au ho (s) 2024
Abs ac
Possessing slack esou ces enables businesses o in es in inno a i e and s akeholde - ocused ini ia i es. The e o e, we
posi ha highe slack esou ces encou age businesses o alloca e hese esou ces o imp o e hei en i onmen al, social,
and go e nance (ESG) pe o mance. Mo eo e , as a cen al sus ainabili y go e nance mechanism, we hypo hesize ha he
co po a e social esponsibili y (CSR) commi ee suppo s in es ing slack esou ces in ESG ini ia i es. Using da a om
Nasdaq-100 i ms, we ind ini ial suppo o a posi i e e ec o slack esou ces o ESG. Howe e , u he analyses e eal
ha slack esou ces become de imen al o ESG a e an economically ele an h eshold, indica ing an in e ed U-shaped
e ec o slack esou ces. Addi ionally, despi e hei gene ally posi i e e ec , we unco e ha CSR commi ees canno
e ec i ely enhance he bene i s o low o mode a e slack le els o ESG no p e en he de imen s o ele a ed slack le els
o ESG. The e o e, ou s udy signi ican ly con ibu es o he ongoing discou se su ounding slack esou ces, ESG, and he
use ulness o CSR commi ees. These indings hold signi ican implica ions o e hical esou ce alloca ion, u ging i ms and
hei decision-make s o econside he dual-edged ole o slack esou ces in he unique ESG con ex and suppo he CSR
commi ee in ealizing i s po en ial o p omo ing sus ainabili y and e hical p ac ices wi hin he o ganiza ion.
Keywo ds CSR commi ee· ESG pe o mance· Slack esou ces
In oduc ion
Co po a e social esponsibili y (CSR) is a signi ican con-
ce n o mode n-day co po a ions, which need o balance
ensions be ween p o i -maximiza ion goals ( he sha e-
holde iew) and socie al p essu es o a sus ainable, equi-
able, and anspa en business en i onmen ( he s akeholde
iew) (Delgado-Ceballos e al., 2023; Fa ima & Elbanna,
2023). E en mo e so, sha eholde s ha e begun o ad oca e
o explici ly in eg a ing CSR in o business ope a ions and
s a egies (Fa ima & Elbanna, 2023). As a measu e o CSR,
en i onmen al, social, and go e nance (ESG) pe o mance
has become a c ucial non inancial me ic (Ma iny e al.,
2024).1 Despi e ecei ing ex ensi e a en ion, he connec ion
be ween ESG and i m pe o mance emains con en ious, bu
mos esea ch suppo s he posi i e e ec o ESG on inan-
cial pe o mance (Huang, 2021). Thus, due o i s inancial
ma e iali y and he g owing ecogni ion o socially espon-
sible in es ing (Ma iny e al., 2024), i becomes impe a i e
o unde s and he ac o s ha d i e ESG.
P e ious esea ch has explo ed a ious o ganiza ional
ac o s as p edic o s o ESG ( o an in-dep h e iew, e e
o Gillan e al., 2021), among which esou ce a ailabili y
has eme ged as an ESG condui —o , con e sely, a ba -
ie when lacking (Hong e al., 2012). Slack esou ces a e
he “po en ially u ilizable esou ces ha can be di e ed
o edeployed o pu sue he goals o one o mo e o gani-
za ional ac o s” (Moun e al., 2024, p. 13); hus, hey
* Tim Heubeck
im.heubec[email p o ec ed]
1 Chai o In e na ional Managemen , Facul y o Law,
Business, andEconomics, Uni e si y o Bay eu h,
Uni e si ä ss aße 30, 95447Bay eu h, Ge many
1 ESG co e s a wide ange o issues han CSR o co po a e social
pe o mance (CSP) due o i s h ee unde lying pilla s ela ed o
en i onmen al (e.g., esou ce use, ca bon emissions), social (e.g.,
employee igh s, di e si y), and go e nance (e.g., sha eholde p o ec-
ion, boa d independence) conside a ions (Ma iny e  al., 2024). In
conjunc ion wi h he measu abili y o ESG pe o mance, we will use
i ms’ ESG pe o mance o measu e he sus ainabili y pe o mance o
i ms ela ed o hese h ee pilla s.
366 T.Heubeck, A.Ah ens
ep esen an adequa e measu e o esou ce a ailabil-
i y. Howe e , he di ec ole o slack esou ces o ESG
emains poo ly unde s ood. This comp ehension is c ucial
because slack esou ces a e pi o al in acili a ing o con-
s aining o ganiza ional ou comes (Moun e al., 2024),
including ESG.
D awing on he esou ce-based iew (RBV) (Ba ney,
1991), p io esea ch sugges s ha slack esou ces could
ep esen a double-edged swo d o ESG. Fo one, slack
esou ces acili a e he bene icial impac s o ESG on o gan-
iza ional ou comes, no ably i m alue (e.g., Alsho man
e al., 2024; Lu e al., 2023) and pe o mance (e.g., Duque-
G isales & Aguile a-Ca acuel, 2021; Lin e al., 2019). O he
esea ch sugges s ha inancial slack may unde mine CSR
e o s (Shahzad e al., 2016) o be un ela ed o CSR (Xu
e al., 2014). The e o e, gi en he gene al signi icance o
slack esou ces o ESG and he po en ial duali y wi hin
slack deploymen , i becomes e iden ha in es iga ing he
impac o esou ce slack on ESG pe o mance is c ucial o
esea ch and p ac ice.
The e a e also signi ican gaps in he cu en knowledge
o slack esou ces in he ESG con ex . Fi s ly, he limi ed
esea ch on slack as an enable o ESG concen a es on
inancial slack esou ces (e.g., Lin e al., 2019; Shahzad
e al., 2016; Wasiuzzaman e al., 2022), which may limi
he unde s anding o he nuanced e ec s o slack on ESG
because slack esou ces comp ise mo e han inancial
esou ces. Speci ically, slack esou ces a e mul idimen-
sional, comp ising unabso bed (e.g., liquid esou ces) and
abso bed slack esou ces (e.g., excess s a ). This dis inc ion
is signi ican due o he a ying unde lying cha ac e is ics
o he wo slack ypes (Ma lin & Geige , 2015; Moun e al.,
2024), especially in he CSR domain (Zhao e al., 2024).
Howe e , p e ious esea ch has ei he ocused on unab-
so bed slack (e.g., Islam e al., 2021; Wasiuzzaman e al.,
2022) o abso bed slack (e.g., Ma ingly & Olsen, 2018;
Shang e al., 2023; Xu e al., 2014). Thus, he e is a lack o
esea ch ha examines bo h slack ypes as di ec an eced-
en s o ESG, which migh explain he con lic ing indings
ob ained in p e ious s udies.
Mo eo e , wi hin he ESG con ex , slack esou ces ha e
p edominan ly been concep ualized h ough he lens o he
RBV. While his iewpoin e ec i ely explains he bu e -
ing and explo a ion-enhancing ad an ages o slack esou ces
(Mishina e al., 2004; Noh ia & Gula i, 1996), i o e looks
he po en ial d awbacks om an agency- heo y s andpoin
(Jensen, 1986; Leibens ein, 1969), such as os e ing mana-
ge ial sel -oppo unism o loosening con ol sys ems (Bou -
geois, 1981; Noh ia & Gula i, 1996). Thus, aming he dis-
cussion o esou ce a ailabili y in he ESG con ex wi hin a
mo e comp ehensi e heo e ical amewo k can illumina e
he po en ially dual na u e o slack esou ces in co po a e
sus ainabili y.
Addi ionally, slack esou ces ha e p edominan ly
been examined as a con ingency ac o in he ela ionship
be ween ESG and o ganiza ional ou comes (e.g., Lin e al.,
2019; Uya e al., 2023; Zhao e al., 2024), o e looking he
po en ial di ec impac o slack esou ces on ESG. This
esea ch gap is signi ican as slack esou ces se e o econ-
cile sha eholde and s akeholde in e es s (Shahzad e al.,
2016), po en ially ac ing as bo h d i e s and ba ie s o ESG
pe o mance.
Finally, exis en slack esea ch ends o iew CSR as a
olun a y endea o (e.g., Ha ison & Coombs, 2012; Kang
e al., 2016; McGui e e al., 1988), despi e ESG pe o mance
being inc easingly ecognized o i s inancial ma e iali y
(e.g., by enhancing epu a ion capi a o a ac ing in es o s)
(Delgado-Ceballos e al., 2023; Jebe, 2019). P io esea ch
has ocused on slack esou ces in he con ex o CSR (e.g.,
Islam e al., 2021; Shang e al., 2023) and no he new con-
ex o ESG, which is po en ially less olun a y and in all
cases mo e comp ehensi e—consequen ly, mo e di icul
o ealize— han CSR. The e o e, i is essen ial o explo e
whe he slack esou ces can also acili a e, a leas in pa ,
non- olun a y ESG ac i i ies. Conside ing hese in e wined
gaps, we pose he ollowing esea ch ques ion: A e slack
esou ces d i e s o ba ie s o ESG pe o mance?
To complemen he RBV wi h an agency- heo y lens, we
p opose ha he ela ionship be ween slack esou ces and
ESG should be s udied unde he con ingency o CSR go -
e nance. Especially a dedica ed CSR commi ee—composed
o di ec o s skilled o iden i y, o mula e, and implemen
sus ainabili y s a egies and aise hei impo ance in he
boa d oom (Fuen e e al., 2017)—could lead o enhanced
ESG pe o mance h ough slack esou ces (Radu & Smaili,
2022). Fu he , CSR commi ees align wi h agency heo-
y’s p emise ha boa ds ul ill iducia y esponsibili ies by
moni o ing manage ial ac ions (Hillman & Dalziel, 2003). A
dis inc CSR commi ee can acili a e be e boa d supe i-
sion o ESG- ela ed decisions and guide manage s owa d
mo e e hical and accoun able conduc (Gill, 2008; Radu &
Smaili, 2022), indica i e o a shi om na ow sha eholde
ocus o b oade s akeholde conside a ion (Gill, 2008). The
CSR commi ee could se e as a mechanism o di ec ing
slack esou ces owa d ESG endea o s, p ima ily due o he
conside a ion and moni o ing o s akeholde in e es s a he
s a egic le el (Ebe ha d -To h, 2017). Consequen ly, CSR
commi ees ha e he po en ial o add ess e hical challenges
su ounding he manage ial alloca ion o slack esou ces by
ensu ing ha hese su plus esou ces a e di ec ed owa d
en i onmen al, social, and e hical ini ia i es (Ley a-de la
Hiz e al., 2019).
Howe e , despi e he po en ial bene i s, he p esence
o a CSR commi ee migh be me ely symbolic, lacking
he e icacy needed o e ec i e manage ial o e sigh o
ESG issues (Chams & Ga cía-Blandón, 2019; Michelon
367
Go e ning heResponsible In es men o Slack Resou ces inEn i onmen al, Social, and…
& Pa bone i, 2012). Recognizing hese po en ially con-
lic ing e ec s unde sco es he necessi y o disce n which
aspec is pe inen when making in es men decisions
ega ding slack esou ces. This a gumen leads o he
second esea ch ques ion: How does he p esence o a
CSR commi ee in luence he ela ionship be ween slack
esou ces and ESG?
This s udy explo es hese wo in e connec ed esea ch
ques ions using 12yea da a om Nasdaq-100 i ms.
G ounded in an RBV amewo k, he esul s suppo he pos-
i i e e ec o slack esou ces on ESG. Howe e , hey also
e eal ha he p esence o a CSR commi ee posi i ely in lu-
ences ESG bu a enua es he posi i e associa ion be ween
slack esou ces and ESG pe o mance.
We pe o m addi ional analyses o shed ligh on he
unde lying dynamics. Fi s ly, we demons a e ha he e ec
o slack esou ces on ESG is no linea ly posi i e; ins ead,
i ollows an in e ed U-shaped ajec o y, whe e he e ec
o esou ce slack u ns nega i e beyond an economically
ele an h eshold. Secondly, we e eal ha he unabso bed
slack dimension p edominan ly shapes he slack e ec , albei
i s magni ude inc eases when bo h slack dimensions in e -
ac in d i ing ESG. Thi dly, he impac o esou ce slack is
disce nible in he en i onmen al and social dimensions o
ESG bu no in he go e nance dimension.
This s udy o e s se e al con ibu ions o managemen
li e a u e. We en ich he RBV by iden i ying slack esou ces
as pi o al acili a o s o ESG pe o mance. Fu he mo e,
he in e ed U-shaped e ec demons a es a c ucial ade-
o be ween esou ce slack and ESG pe o mance: while
esou ce a ailabili y os e s ESG a low slack le els, exces-
si e slack esou ces inc easingly impede ESG. Hence, ou
indings align wi h he documen ed in e ed U-shaped ela-
ionship be ween slack esou ces and inno a ion (e.g., Chiu
& Liaw, 2009; Heubeck & Meckl, 2024; Noh ia & Gula i,
1996) and in igo a e he discou se on slack esou ces in
managemen and o ganiza ional domains (Lu e al., 2023;
Moun e al., 2024). We p esen e idence suppo ing RBV
a gumen s, indica ing ha hese esou ces d i e ESG a low
slack le els. Con e sely, ou indings align wi h he agency
iew and i s adjacen ine iciency a gumen s a highe slack
le els, sugges ing ha high slack le els can pose ba ie s
o ESG. Mo eo e , his s udy esponds o ecen esea ch
inqui ies (Heubeck & Meckl, 2024; Lu e al., 2023; Moun
e al., 2024) by emphasizing he p ima y in luence o unab-
so bed slack esou ces in he ESG con ex .
Fu he mo e, he indings unde sco e ha slack e ec s
a e mos p onounced in he en i onmen al and social pilla s
o ESG, wi h no disce nable e ec in he go e nance ealm.
Thus, we os e a nuanced comp ehension o he ela i e sig-
ni icance o slack esou ces o he pilla s o ESG, echoing
ecen schola ly calls (Duque-G isales & Aguile a-Ca acuel,
2021; Shang e al., 2023).
Addi ionally, his s udy con ibu es o CSR go e nance
li e a u e by e ealing ha a CSR commi ee mi iga es he
ESG ad an ages o o ganiza ional slack, po en ially due o
he dual-edged na u e o slack esou ces. Simul aneously,
we demons a e ha CSR commi ees a e ine ec i e in
mi iga ing he ad e se impac o slack esou ces on ESG
pe o mance a ele a ed slack le els. This esul challenges
con en ional pe spec i es on CSR go e nance, highligh ing
he limi ed abili y o CSR commi ees o in luence esou ce
alloca ion decisions conce ning slack esou ces.
Taken oge he , ou s udy con ibu es o he discou se on
e hical business and sus ainable in es men beha io . We
demons a e ha slack esou ces can suppo business e h-
ics while, a he same ime, e ealing pa adoxical ensions
in bo h he ela ionship be ween slack esou ces and ESG as
well as he con ingency ole o CSR commi ees. These ind-
ings hold signi ican implica ions o gene a ing a business
en i onmen gea ed owa d sus ainable and e hical ope a-
ions. Th ough his con ibu ion, we shed ligh on he p i-
ma y pu pose o e hical business in c ea ing “en i onmen-
al, social, and inancial weal h, he eby making a posi i e
con ibu ion o he en i onmen and socie y in a inancially
esponsible manne ” (Spille , 2000, p. 151).
Theo y Backg ound andHypo heses
De elopmen
Slack Resou ces andESG Pe o mance
Slack esou ces cons i u e a cen al componen o he
esou ce po olio and encompass esou ces beyond he
i m’s immedia e ope a ional needs (Cye & Ma ch, 1963;
Noh ia & Gula i, 1996). The concep o slack esou ces
can be aced back o he ounda ional wo ks o esou ce-
based heo y by schola s like Pen ose (1959). Th ough he
lens o he RBV, i ms can gain compe i i e ad an ages by
le e aging hei in e nal esou ces (Ba ney, 1991). Acco d-
ingly, i ms endowed wi h supe io esou ces— hose pos-
sessing angible o in angible asse s cha ac e ized by alue,
a i y, inimi abili y, and non-subs i u abili y (VRIN)—a e
posi ioned o pu sue s a egies and ac ions ha con e com-
pe i i e ad an age (Ba ney, 1991; Die ickx & Cool, 1989).
As de e minan s o esou ce a ailabili y, slack esou ces
in luence he ex en o which i ms can—and a e willing
o—alloca e esou ces o p ojec s o a ying isk le els (Lu
e al., 2023; Noh ia & Gula i, 1996).
Slack esou ces a e a ocal cons uc in Cye and
Ma ch’s (1963) beha io al heo y o he i m (BTOF)
(A go e & G e e, 2007; Moun e al., 2024). Roo ed in
he su plus na u e o slack esou ces, he BTOF empha-
sizes slack’s ole in shielding o ganiza ions om in e nal
(e.g., goal con lic s, pe o mance p essu e educ ion) and
368 T.Heubeck, A.Ah ens
ex e nal (e.g., economic down u ns, compe i i e chal-
lenges) dis up ions. Slack p o ides he necessa y esou ces
o add ess and manage hese challenges while main ain-
ing he s abili y o ongoing business ope a ions (A go e
& G e e, 2007; Bou geois, 1981; Lu e al., 2023). Conse-
quen ly, o ganiza ional heo is s ega d slack esou ces as
pi o al d i e s o o ganiza ional g ow h and pe o mance
(Lu e al., 2023).
These wo heo e ical pe spec i es elucida e he p ima y
unc ions o slack esou ces in os e ing ESG pe o mance.
Speci ically, slack esou ces enable i ms o ul ill wo c i i-
cal unc ions, bo h o which a e highly pe inen in he ESG
con ex . The i s in ol es isk- aking, explo a ion, and inno-
a ion, as o ganiza ions endowed wi h su plus esou ces
can mo e eadily mi iga e goal con lic s, lowe accep ance
h esholds, and ole a e delayed o unce ain e u ns om
p ojec s compa ed o less esou ce-endowed coun e pa s.
F om an RBV pe spec i e, slack esou ces ep esen a es-
e oi o disc e iona y asse s ha can be channeled in o
unce ain endea o s (Ben ley & Kehoe, 2020; Mishina e al.,
2004; Shahzad e al., 2016), including hose ela ed o ESG
ini ia i es.
The i s unc ion o slack esou ces encapsula es hei
ole in inducing ESG ini ia i es by os e ing isk- aking,
explo a ion, and inno a ion, which is essen ial o companies
emba king on long- e m and isk-o ien ed ESG endea o s
(Lu e al., 2023). While his pe spec i e has adi ionally
domina ed inno a ion esea ch (e.g., Ben ley & Kehoe,
2020; Tabesh e al., 2019), i is equally applicable o he
ESG con ex . In es men s in ESG p ojec s ex end beyond
i ms’ co e business esponsibili ies (Gillan e al., 2021;
Jebe, 2019). The e o e, p io i izing ESG p ojec s o e o he
p o i able endea o s could en ail signi ican oppo uni y
cos s—po en ially o se ing he bene i s o ESG (Lu e al.,
2023). Howe e , i ms wi h slack esou ces a e be e posi-
ioned o balance sha eholde and s akeholde in e es s as
hey possess he esou ces o pu sue bo h simul aneously—
wi hou needing o conside he po en ial ade-o be ween
hem (Lu e al., 2023). Exis ing esea ch co obo a es ha
mi iga ing inancial cons ain s os e s CSR (e.g., Ha ison
& Coombs, 2012; Hong e al., 2012).
The second unc ion o slack esou ces pe ains o lex-
ibili y and esponsi eness. Resou ce- ich i ms a e equipped
o capi alize on eme ging oppo uni ies as hey possess he
necessa y esou ces o can eadily mobilize hem. Conse-
quen ly, slack esou ces enhance he adap abili y and agili y
o i ms (Ben ley & Kehoe, 2020; Lu e al., 2023). In he
ESG con ex , i ms wi h ample slack esou ces can in es in
new en i onmen ally iendly echnologies p omp ly, wi h-
ou p o ac ed decision-making p ocesses. Hence, i ms wi h
subs an ial slack esou ces a e mo e inclined o emb ace
he unce ain y o change (Cye & Ma ch, 1963; Noh ia &
Gula i, 1996), making in es men s in ESG mo e p obable.
These a gumen s sugges ha due o he (1) enhanced
isk- aking, explo a ion, and inno a ion and (2) inc eased
lexibili y and esponsi eness associa ed wi h slack
esou ces, i ms wi h highe le els o slack a e mo e inclined
o seek ou , de ise, ini ia e, and ealize ESG ini ia i es.
On he con a y, agency heo is s o e a mo e pessimis ic
pe spec i e on slack esou ces, sugges ing ha an abundance
o slack can b eed ine iciencies, encou age sel -se ing
beha io , and os e manage ial complacency (Bou geois,
1981; Leibens ein, 1969; Noh ia & Gula i, 1996). Conse-
quen ly, slack esou ces may lead o heigh ened isk-a e -
sion and p io i izing pe sonal p ojec s o e decisions ha
enhance alue o suppo s akeholde s (Bou geois, 1981;
Jensen & Meckling, 1976; Noh ia & Gula i, 1996). Howe e ,
in he dis inc i e decision-making con ex o ESG, esea ch
indica es ha sel -in e es ed manage s o en pu sue ini ia-
i es ha bene i s akeholde s due o hei desi e o pe sonal
ul illmen , ecogni ion, o epu a ion ein o cemen (Masu-
lis & Reza, 2015; Pe enko e al., 2016). Thus, highe le els
o slack may also bols e ESG pe o mance as he agency
issues associa ed wi h slack—such as diminished o e sigh
(Jensen, 1986; Leibens ein, 1969)—empowe manage s o
ad ance hei pe sonal agendas, including enhancing hei
epu a ion o expanding hei social ne wo ks (Masulis &
Reza, 2015).
In conclusion, we posi ha ESG p esen s a i ing in es -
men en i onmen o slack esou ces due o he disc e ion-
a y na u e sha ed by bo h (Ha ison & Coombs, 2012; Kang
e al., 2016; McGui e e al., 1988). Fu he mo e, he esca-
la ing p essu es owa d ESG ha e ans o med ESG om
p edominan ly olun a y endea o s o compelling business
impe a i es owing o he inancial signi icance hey en ail
(Duque-G isales & Aguile a-Ca acuel, 2021; Jebe, 2019).
These a gumen s lead o he i s hypo hesis:
Hypo hesis 1 Slack esou ces ha e a posi i e impac on ESG
pe o mance.
Mode a ing E ec o CSR Commi ee
The speci ic design o co po a e go e nance s uc u es
es ablishes he amewo k o a i m’s e hical, legal, and
social conduc (Jamali e al., 2008). One speci ic CSR go -
e nance mechanism is es ablishing a sepa a e CSR commi -
ee, which helps companies align hei co po a e go e nance
wi h ESG objec i es (Fuen e e al., 2017; Spi zeck, 2009).
Thus, co po a e go e nance s uc u es can be con igu ed o
suppo ESG ini ia i es.
D awing om s akeholde heo y, CSR commi ees a e
es ablished o add ess s akeholde in e es s and aim o os e
sus ainabili y wi hin businesses (Chams & Ga cía-Blandón,
2019; Ga cía-Sánchez e al., 2019). In addi ion, Bu ke e al.
(2019) a gue ha CSR commi ees se e s akeholde and

369
Go e ning heResponsible In es men o Slack Resou ces inEn i onmen al, Social, and…
sha eholde in e es s, ecognizing ha sha eholde s a e
inc easingly conce ned wi h business ac ions ega ding
employees and he en i onmen . Fu he mo e, CSR com-
mi ees a e d i en by c ea ing alue and a aining inancial
success, aligning wi h sha eholde s’ expec a ions (Bu ke
e al., 2019).
The CSR commi ee pe o ms wo p ima y unc ions o
ensu e i can e ec i ely shape he boa d’s decision-making.
Fi s ly, i moni o s he boa d o ensu e alignmen wi h he
in e es s o a ious s akeholde g oups and compliance wi h
egula ions and policies (Chams & Ga cía-Blandón, 2019;
Ga cía-Sánchez e al., 2019). Secondly, i ad ises he boa d
o imp o e decision-making, mi iga e isks, and aise di ec-
o s’ gene al awa eness o ESG conside a ions (Bu ke e al.,
2019; Ebe ha d -To h, 2017; Fu e al., 2020). In he con ex
o slack esou ces, he boa d o di ec o s occupies a cen al
ole due o i s au ho i y in alloca ing esou ces owa d ESG
(Ha ison & Coombs, 2012; Radu & Smaili, 2022). Fu he -
mo e, CSR commi ees shape employee beha io by se ing
CSR egula ions and implemen ing incen i es o p omo e
esponsible p ac ices (Liao e al., 2015).
Empi ical esea ch has demons a ed ha a CSR commi -
ee posi i ely impac s he ESG pe o mance o i ms (Hus-
sain e al., 2018). In hei li e a u e e iew, Vel e and S awi-
noga (2020) concluded ha appoin ing a CSR commi ee
impac s CSR pe o mance posi i ely. Bi indelli e al. (2018)
ound ha CSR commi ees signi ican ly in luence i ms’
ESG pe o mance, pa icula ly in communica ing hei en i-
onmen al o ien a ion o ex e nal s akeholde s. Howe e ,
he e is li le e idence o whe he CSR a ec s all ESG sub-
ac o s equi ocally. While Biswas e al. (2018) demons a ed
ha a CSR commi ee posi i ely in luences he social and
en i onmen al pe o mance o Aus alian i ms, Radu and
Smaili (2022) ound ha CSR commi ees o Canadian i ms
only in luence hei social pe o mance.
In addi ion, con lic ing indings om o he s udies p omp
a discussion ega ding whe he CSR commi ees may unc-
ion mo e as symbolic ges u es a he han in luencing di ec-
o s’ decision-making p ocesses (Chams & Ga cía-Blandón,
2019). Resea ch shows ha i ms wi h a CSR commi ee
do no exhibi a g ea e p opensi y o ewa d en i onmen-
al s a egies han hose lacking such s uc u es (Be one &
Gomez-Mejia, 2009). Simila ly, he p esence o CSR com-
mi ees does no lead o a signi ican inc ease in he quali y
o en i onmen al disclosu e (Rupley e al., 2012).
In ligh o hese mixed esul s, we build on Ha ison and
Coombs (2012), who demons a ed ha co po a e go e n-
ance mechanisms in luence he ela ionship be ween slack
esou ces and disc e iona y in es men s, o sugges ha
a CSR commi ee will use i s in luence o encou age he
boa d o di ec o s o alloca e slack esou ces o ESG ini ia-
i es. The mode a ion e ec occu s because he CSR com-
mi ee ecognizes he po en ial o maximizing alue o
s akeholde s and sha eholde s. Thus, i p o ides he boa d
o di ec o s wi h knowledge on sus ainabili y ini ia i es and
guides manage s’ decision-making owa d enhancing hei
i m’s ESG pe o mance (Michelon & Pa bone i, 2012).
The e o e, we p opose he ollowing hypo hesis:
Hypo hesis 2 The p esence o a CSR commi ee posi i ely
mode a es he ela ionship be ween slack esou ces and ESG
pe o mance.
Me hod
Sample Selec ion andDa a Collec ion
Ou esea ch sample consis s o i ms lis ed on he Nas-
daq-100 s ock ma ke index, which includes he 100 la g-
es non inancial i ms by ma ke capi aliza ion. This sample
selec ion was delibe a e, as hese i ms ace conside able
s akeholde p essu es o engage in sus ainable in es men s
due o hei p ominen posi ion in he capi al ma ke , a end
also e lec ed in he ESG guidelines implemen ed by Nasdaq
(Shields e al., 2021).
To ensu e an adequa e sample size, 2010 was chosen as
he s a ing poin o da a collec ion, consis en wi h p io
esea ch ha has also been selec ed his yea o mi iga e
he pos -e ec s o he Global Financial C isis (Heubeck &
Meckl, 2024). The da a collec ion concluded in 2021, which
was chosen o accoun o he one-yea lag in ESG pe o -
mance and ep esen ed he mos ecen da a a ailable o
he yea 2022.
An ini ial lis o cons i uen s was compiled om he his-
o ical lis s o he Nasdaq-100 index spanning 2010–2021
o ci cum en su i o ship bias (B own e al., 1992). We
sou ced da a o hese i ms om LSEG Eikon, a p emie
inancial and ESG da a eposi o y widely u ilized in nume -
ous p e ious s udies (e.g., Delgado-Ceballos e al., 2023;
Jus e al., 2023). We collec ed da a o he independen a i-
ables o he obse a ion pe iod, wi h ESG da a lagged by
one yea . Ou da a collec ion led o 165 i ms, comp ising
1439 obse a ions. Table1 summa izes he o al numbe o
i ms o e he speci ied ime ame.
Va iable Measu emen
ESG pe o mance is measu ed using LSEG Eikon’s ESG
sco es, which ank i ms in o pe cen iles ( om 0 o 100)
and assign co esponding g ades ( om D− o A +) (LSEG,
2023).2 This pe cen ile sco e quan i ies a i m’s ESG
2 We acknowledge ha he choice o ESG da a p o ide may ha e
in luenced ou esul s. Va ia ions in ESG sco es ac oss di e en p o-
ide s could lead o di e ing ou comes (see Be g e al., 2022 o an
in es iga ion o he a ious ESG sco e p o ide s). We chose LSEG
370 T.Heubeck, A.Ah ens
pe o mance, wi h he ESG sco e om + 1 u ilized o
add ess endogenei y conce ns (Semadeni e al., 2022).
Slack esou ces a e measu ed by di e en ia ing be ween
abso bed and unabso bed slack (Sha man e al., 1988),
u ilizing a e ages om measu es p oposed by Wiseman
and B omiley (1996) and Lee and Wu (2016). Abso bed
slack, also known as eco e able slack, is measu ed by he
selling, gene al, and adminis a i e (SG&A) expenses- o-
sales a io, cap u ing esou ces in eg a ed in o he o gani-
za ional design, such as pe sonnel, aining, o ad e ising
cos s. Unabso bed slack comp ises a ailable slack (cu en
a io = cu en asse s/cu en liabili ies), e lec ing dispos-
able esou ces ia he abundance o sho - e m wo king
capi al, and po en ial slack (deb - o-equi y a io = equi y/
liabili ies), indica ing a i m’s inancial s uc u e and bo -
owing capaci y.
The p esence o a CSR commi ee is indica ed by a
dummy a iable (assigned a alue o 1 i p esen and 0 i
absen ) (End ika e al., 2021; Radu & Smaili, 2022).
Following p io s udies, we also inco po a ed se e al
boa d and i m cha ac e is ics ha may in luence ESG pe -
o mance. Table2 p o ides an o e iew o hese con ols,
ou lining hei de ini ions, he expec ed ela ionship wi h
ESG pe o mance, and exempla y s udies.
Analysis andResul s
Desc ip i e S a is ics andCo ela ions
Table3 illus a es he dis ibu ion o he sample ac oss di -
e en indus ies. Mos o he sample o igina es om he
Manu ac u ing, In o ma ion, and P o essional, Scien i ic,
and Technical Se ices sec o s.
Table4 summa izes desc ip i e s a is ics, including
means, s anda d de ia ions, and co ela ion coe icien s. On
a e age, i ms ha e an ESG sco e o 53.51, co esponding o
a ‘B–’ g ade, indica ing abo e-a e age ESG pe o mance
(LSEG, 2023), consis en wi h indings om o he s udies
(e.g., Heubeck, 2024). The a e age sco es o each ESG pil-
la indica e some a iance, wi h i ms sco ing lowes on he
en i onmen al pilla (en i onmen al pilla : 44.11; social pil-
la : 56.83; go e nance pilla : 55.01).
Fi ms, on a e age, possess 1.008 uni s o slack esou ces.
The a e ages o abso bed and unabso bed slack a e 0.213
and 1.803, espec i ely, comp ising a mean o 2.324 o
a ailable slack and 1.283 o po en ial slack. These igu es
align wi h p e ious esea ch (e.g., Lee & Wu, 2016), excep
o he po en ial slack measu e, which is app oxima ely hal .
Fi ms in ou sample ha e conside able sho - and long- e m
slack esou ces due o a ela i ely low SG&A- o-sales a io
(abso bed slack), a high cu en a io (a ailable slack), and
a deb - o-equi y a io indica ing good inancial heal h and
ela i ely low in es men isk ( eco e able slack) (Lee &
Wu, 2016).
Figu e1 isualizes he dis ibu ion o he slack esou ce
a iable. The his og am indica es ha mos i ms ha e ela-
i ely low slack le els due o he igh -skewness and high
densi y obse ed owa d he le o he diag am. The slack
alues ange om 0 o abou 5 o mos o he obse a ions,
excep o wo ou lie s emo ed om u he analysis.3
App oxima ely, hal o he i ms (51.4%) ha e a CSR
commi ee, consis en wi h indings om o he s udies (e.g.,
De chi e al., 2021; Radu & Smaili, 2022). As summa ized
in Table1, he e has been an inc easing end in he adop ion
o CSR commi ees o e ime, despi e some luc ua ions.
The la e pe iods especially showcase a subs an ial inc ease.
This ise migh indica e a g owing ecogni ion o CSR com-
mi ees among i ms.
Table4 also p esen s mean alues and s anda d de ia-
ions o he con ol a iables. We ind s a is ically signi i-
can co ela ions be ween slack esou ces, CSR commi ee
p esence, and ESG pe o mance. The coe icien s indica e no
mul icollinea i y be ween a iables (Kennedy, 2008), which
Table 1 Time se ies: i m coun and CSR commi ee adop ion
Yea 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Numbe o i ms 95 105 122 121 125 130 128 122 127 128 130 106
O which ha e a
CSR commi ee 37 48 61 58 55 52 53 54 56 73 101 92
38.95% 45.71% 50.00% 47.93% 44.00% 40.00% 41.41% 44.26% 44.09% 57.03% 77.69% 86.79%
3 Excluding hese ou lie s does no impac ou p ima y esul s, as
con i med by subsequen un epo ed es s ha included he wo ou li-
e s.
Foo no e 2 (con inued)
Eikon because i is one o he mos widely used da abased in empi i-
cal esea ch (e.g., Delgado-Ceballos e  al., 2023; Jus e  al., 2023).
LSEG Eikon is a leading da a p o ide widely adop ed by bo h p ac i-
ione s and schola s due o i s ex ensi e co e age and igo ous me h-
odologies, which es ablish i as a c edible p ima y sou ce o ESG
da a (Del Vi o e al., 2023).
371
Go e ning heResponsible In es men o Slack Resou ces inEn i onmen al, Social, and…
we will assess using a iance in la ion ac o s (VIFs) du ing
eg ession analysis.
S a is ical P ocedu e andHypo hesis Tes Resul s
Based on p io s udies (e.g., Heubeck, 2024; Lee & Wu,
2016), a panel da a es ima o is deemed mo e app op ia e
han o dina y leas squa es (OLS) eg ession due o he lon-
gi udinal s uc u e o he da a. The B eusch-Pagan Lag ange
mul iplie es con i med he panel da a s uc u e, wa an -
ing he use o a panel da a es ima o o e OLS eg ession
(B eusch & Pagan, 1980). The Du bin-Wu-Hausman es
indica ed ha he ixed e ec s model sui s he da a (G eene,
2019). De ec ion o possible he e oscedas ici y ia he
Table 2 Con ol a iables: De ini ion, expec ed ela ionship, and exempla y e e ences
Va iable De ini ion Expec ed e ec on ESG pe o -
mance
Exempla y s udies
(1) Boa d size Numbe o boa d membe s Posi i e due o inc eased di e si y
in pe spec i es
He and Jiang (2019)
(2) Boa d independence Pe cen age o independen di ec-
o s
Posi i e due o mo e e icien
moni o ing
Radu and Smaili (2022)
(3) Boa d mee ing numbe Numbe o boa d mee ings Posi i e due o inc eased boa d
ac i i y and socializa ion p o-
cesses
Bi indelli e al. (2018); Radu and
Smaili (2022)
(4) Boa d mee ing a endance A e age a endance o di ec o s a
boa d mee ings
Posi i e due o inc eased boa d
ac i i y and socializa ion p o-
cesses
Heubeck and Meckl (2024)
(5) CEO duali y Dummy a iable, coded wi h al-
ues o 1 i he CEO is he boa d
chai man, 0 i o he wise
Nega i e due o dec eased moni-
o ing
End ika e al. (2021); Radu and
Smaili (2022)
(6) Boa d gende di e si y Pe cen age o emale di ec o s in
ela ion o o al boa d size
Posi i e due o inc eased di e si y
and g ea e s akeholde conce n
Heubeck (2024)
(7) Di ec o enu e A e age enu e o boa d membe s Nega i e due o dec eased moni-
o ing and inc eased change
ine ia
B a o and Regue a-Al a ado
(2017)
(8) Di ec o a ilia ions A e age numbe o ex e nal
co po a e a ilia ions o boa d
membe s
Posi i e due o inc eased esou ce
access and in o ma ion exchange
Ba oso-Cas o e al. (2016)
(9) Di ec o skills Pe cen age o di ec o s wi h an
indus y-speci ic o inancial
backg ound
Posi i e due o inc eased moni o -
ing and knowledge
He and Jiang (2019); Heubeck
(2024)
(10) Managemen compensa ion To al managemen compensa ion
measu ed in 1 million USD
Posi i e due o inc eased moni o -
ing and be e -skilled di ec o s
Ryan and Wiggins (2004)
(11) Sus ainabili y compensa ion
incen i es
Dummy a iable, coded wi h
alues o 1 i senio execu i es’
compensa ion is linked o CSR,
sus ainabili y, o heal h and
sa e y a ge s, 0 i o he wise
Posi i e due o g ea e incen i es
o p omo e sus ainabili y
Co dei o e al. (2000)
(12) Fi m age Yea s since inco po a ion g ouped
in ou age in e als (Coad e al.,
2016)
Posi i e due o inc eased legi i-
macy p essu es
D’Ama o and Fali ena (2020)
(13) Fi m size Na u al loga i hm o he o al
numbe o employees
Posi i e due o inc eased s ake-
holde p essu e
D’Ama o and Fali ena (2020);
Heubeck (2024)
(14) Fi m pe o mance Re u n on equi y Posi i e due o inc eased esou ce
a ailabili y and suppo o ESG
ini ia i es
Huang (2021)
(15) R&D in ensi y R&D spending o sales a io;
missing R&D alues eplaced
wi h 0 (Koh & Reeb, 2015)
Posi i e due o di ec o spillo e
bene i s o sus ainable business
ope a ions
Xu e al. (2021)
(16) Indus y a ilia ion Dummy a iables o wo-digi
NAICS codes
Cap u es po en ial di e ences
be ween indus ies
Radu and F ancoeu (2017)
(17) Yea s Dummy a iables o obse a ion
yea s
Cap u es po en ial di e ences
be ween yea s
Jus e al. (2023); Radu and Smaili
(2022)
372 T.Heubeck, A.Ah ens
modi ied Wald es led o he usage o he e oscedas ici y-
obus s anda d e o s (G eene, 2019). The p e-es ima ion
assessmen s e ealed ha a ixed e ec s panel da a es ima-
o wi h he e oscedas ici y- obus s anda d e o s o e s he
bes - i es ima ion app oach. S anda d e o s we e clus e ed
a he i m le el.
Table5 p esen s he eg ession esul s, which emain
una ec ed by mul icollinea i y, as e idenced by VIF es s
and co ela ion coe icien s below con en ional h esholds
(Johns on e al., 2018; Kennedy, 2008). We execu ed eg es-
sion models hie a chically, wi h Model 1 comp ising he
con ol a iables, Model 2 adding he slack esou ce a i-
able (Hypo hesis 1), Model 3 including he CSR commi ee
a iable, and Model 4 adding he in e ac ion be ween slack
esou ces and CSR commi ee (Hypo hesis 2). R2 alues
exceed con en ional le els ac oss all models. The hie a -
chical eg ession esul s demons a e ha s udy a iables
con ibu e o he esea ch model’s explana o y powe , as
addi ional a iables enhance explana o y capaci y compa ed
o he baseline model (ΔR2 = 0.127).
Hypo hesis 1 posi ed a posi i e di ec e ec o slack
esou ces on ESG pe o mance. Reg ession esul s suppo
his hypo hesis, indica ing a posi i e and signi ican coe -
icien (b = 1.863, p = 0.053). Thus, slack esou ces os e
i ms’ ESG pe o mance.
Hypo hesis 2 sugges ed ha he p esence o a CSR com-
mi ee ampli ies he posi i e e ec o slack esou ces on
ESG pe o mance. While he in e ac ion be ween slack
esou ces and he CSR commi ee is signi ican , he coe -
icien is nega i e (b = −2.185, p = 0.024). Consequen ly,
Hypo hesis 2 is ejec ed due o an opposi e e ec , implying
ha he posi i e impac o slack esou ces on ESG pe o -
mance diminishes in i ms wi h a CSR commi ee.
Addi ional andRobus ness Tes s
Nonlinea Slack E ec
The da a analysis has yielded somewha inconsis en
esul s, as indica ed by he nega i e signi ican co ela ion
be ween slack esou ces and ESG pe o mance obse ed
du ing desc ip i e analysis, con as ing wi h he posi i e
signi ican e ec o slack esou ces on ESG pe o mance
e ealed in he eg ession analysis. These indings sugges
a po en ial nonlinea ela ionship be ween slack esou ces
and ESG pe o mance, consis en wi h insigh s om p io
s udies in o he con ex s (e.g., Geo ge, 2005; Heubeck &
Meckl, 2024; Tan & Peng, 2003).
We in es iga ed he p esence o a nonlinea e ec by
inco po a ing he squa ed a iable o slack esou ces in o
he eg ession model. Ou analysis p o ides ini ial suppo
o an in e ed U-shaped impac o slack on ESG, wi h he
linea e ec showing a posi i e and signi ican coe icien
(b = 5.858, p = 0.005) and he nonlinea e ec demons a -
ing a nega i e and signi ican coe icien (b = −1.023,
p = 0.004) (Haans e al., 2016). To subs an ia e his ela-
ionship, we employed a h ee-s age p ocedu e (Lind &
Mehlum, 2010). Fi s ly, Sasabuchi’s (1980) es a i ms he
in e se U-shaped ela ionship (p = 0.005), wi h he join
signi icance o he slack a iables gi en (p = 0.016). Sec-
ondly, he u ning poin o his in e se U-shaped ela ion-
ship is 2.863. Thi dly, u ilizing Fielle ’s s anda d e o s,
we calcula ed he 95% con idence in e al as [0.025;
5.640]. Thus, he ex eme poin lies wi hin he con idence
in e al. Impo an ly, hese indings we e obus ly sup-
po ed by he join signi icance o he con ol a iables
(p = 0.000) and all model a iables (p = 0.000).
Table 3 Dis ibu ion o i ms in
he di e en indus ies Indus y Numbe o i ms Pe cen age
Code Desc ip ion
21 Mining, qua ying, and oil and gas ex ac ion 2 1.21
22 U ili ies 2 1.21
31–33 Manu ac u ing 56 33.94
42 Wholesale ade 4 2.42
44–45 Re ail ade 15 9.09
48–49 T anspo a ion and wa ehousing 6 3.64
51 In o ma ion 45 27.27
52 Finance and insu ance 3 1.82
53 Real es a e and en al and leasing 1 0.61
54 P o essional, scien i ic, and echnical se ices 21 12.73
56 Adminis a i e and suppo and was e managemen
and emedia ion se ices
5 3.03
72 Accommoda ion and ood se ices 3 1.82
81 O he se ices (excep public adminis a ion) 2 1.21
To al (2010–2021) 165 100.00
379
Go e ning heResponsible In es men o Slack Resou ces inEn i onmen al, Social, and…
like inno a ion (e.g., Heubeck & Meckl, 2024; Noh ia &
Gula i, 1996), emains cen al o ou analysis. Ou s udy
unde sco es ha he impac o slack esou ces on ESG pe -
o mance hinges on he ela i e le el o slack esou ces. A
low le els o slack, we ind suppo o esou ce-based a gu-
men s due o he acili a ing ole o slack esou ces. Thus,
ou esea ch en iches he RBV (e.g., Ba ney, 1991; Die -
ickx & Cool, 1989) by e ealing ha slack esou ces can
quali y as VRIN esou ces ha in e compe i i e ad an age
in ESG. Addi ionally, we con ibu e o he BTOF (Cye &
Ma ch, 1963) by highligh ing he pi o al unc ion o slack
esou ces in esol ing con lic s o in e es , pa icula ly
be ween sha eholde s and s akeholde s, which a e pe inen
in he ESG domain. In essence, we demons a e ha lowe
le els o slack os e ESG pe o mance by os e ing isk-
aking, explo a ion, inno a ion, and enhancing lexibili y
and esponsi eness.
A highe le els o slack, we ind suppo o a gu-
men s oo ed in agency heo y. Ou analysis o he in e ed
U-shaped e ec e eals ha an excess o slack esou ces—
beyond he op imal poin —diminishes i ms’ e o s owa d
ESG ini ia i es. This ou come may be a ibu ed o ine i-
ciency, oppo unism, and isk-a e sion ac o s (e.g., Bou -
geois, 1981; Jensen & Meckling, 1976; Noh ia & Gula i,
1996). Consequen ly, he assump ion ha sel -in e es ed
manage s p io i ize ESG in es men s due o epu a ional
conce ns appea s un ounded. E en i his a gumen we e
pa ially alid, he de imen al e ec s o highe amoun s o
slack esou ces ou weigh any po en ial bene i s. These ind-
ings sugges ha an abundance o slack may lead o subop-
imal in es men beha io in ESG endea o s o diminishing
ESG e u ns om addi ional in es men s. Lowe le els o
slack, in con as , may compel manage s o me iculously
assess and p io i ize p omising ESG ini ia i es while
encou aging mo e igilan moni o ing by he boa d o
di ec o s.
We con ibu e o he li e a u e by examining he dynamics
o a ious slack ypes, pa icula ly abso bed and unabso bed
slack esou ces, in in luencing ESG ou comes (e.g., Ma lin
& Geige , 2015; Moun e al., 2024; Tan & Peng, 2003).
We ind ha unabso bed slack esou ces d i e an in e se
U-shaped e ec on ESG, highligh ing hei disc e iona y
na u e and signi ican associa ion wi h ESG ou comes, while
abso bed slack shows no signi ican associa ion (e.g., Islam
e al., 2021; Shahzad e al., 2016; Wasiuzzaman e al., 2022;
Xu e al., 2014). Ou indings sugges ha he impac o
slack on ESG can a y depending on he ype and le el o
slack esou ces. Addi ionally, we do no ind an in e ed
U-shaped e ec o abso bed slack on ESG pe o mance, pos-
sibly due o di e ences in esea ch con ex s and ou come
a iables (Shang e al., 2023). O e all, ou s udy unde -
sco es he dual na u e o disc e iona y esou ces in ela ion
o ESG conside a ions.
Fu he mo e, ou esea ch con ibu es by e ealing ha
he e ec o slack esou ces a ies ac oss di e en dimen-
sions o ESG. While slack esou ces exe he mos p o-
nounced in luence on en i onmen al and social pe o mance,
hey exhibi no disce nible impac on go e nance pe o -
mance. This phenomenon may s em om i ms’ cons ained
abili y o p omp ly alloca e slack esou ces o ini ia i es
in ol ing managemen s uc u e, sha eholde igh s, o o e -
all CSR s a egy.
In summa y, ou s udy signi ican ly con ibu es o he
ongoing discou se su ounding slack esou ces and ESG
by b idging hese wo dis inc a eas o inqui y h ough ou
heo e ical amewo k. This in eg a ion ep esen s a c ucial
s ep o wa d in comp ehending he de e minan s o ESG
pe o mance and eigni ing discussions on he ole o slack
esou ces wi hin he managemen domain.
Con ingency Role o  heCSR Commi ee
Ou empi ical in es iga ion in o he con ingen e ec s o he
CSR commi ee e eals wo con adic ing in luences ela ed
o ESG. Fundamen ally, he esul s sugges a di ec posi i e
impac o he CSR commi ee on i ms’ ESG pe o mance,
consis en wi h p e ious s udies (e.g., Bi indelli e al., 2018;
Radu & Smaili, 2022). Viewing i h ough an agency lens,
he bene i s o a sepa a e CSR commi ee s em om i s
moni o ing and ad iso y oles, especially in di ec ing man-
age s who can bene i om he expe ise o he en i onmen-
ally conscious CSR commi ees (Be one & Gomez-Mejia,
2009). Ou indings also ein o ce s akeholde heo y, as he
CSR commi ee endea o s o ul ill he in e es s o di e se
s akeholde g oups u ging i ms o enhance hei sus ain-
abili y pe o mance (Michelon & Pa bone i, 2012).
Howe e , ou indings also demons a e a de imen al
e ec o he CSR commi ee on he ela ionship be ween
slack esou ces and ESG pe o mance, indica ing ha i s
p esence does no encou age i ms o in es addi ional slack
esou ces in enhancing hei ESG pe o mance. Conse-
quen ly, signi ican ques ions a ise ega ding he abili y o
his subcommi ee o in luence and s ee managemen deci-
sions. P e ious esea ch sugges s ha CSR commi ees a e
pu ely symbolic due o epu a ional conce ns; he e o e,
hey a e no linked o enhanced sus ainabili y pe o mance
(Chams & Ga cía-Blandón, 2019; Rod igue e al., 2013).
Al hough his a ionale may pa ially explain ou indings,
we belie e o he ac o s may con ibu e o he nega i e
mode a ion e ec o CSR commi ees on he ela ionship
be ween slack esou ces and ESG pe o mance.
I is plausible ha CSR commi ees lack su icien
au ho i y o in luence boa d o execu i e decisions on slack
esou ces, se ing p ima ily as ad iso y bodies whose p o-
posals may no always be ollowed (Be one & Gomez-
Mejia, 2009). Al e na i ely, CSR commi ees may ocus

380 T.Heubeck, A.Ah ens
mo e on in es ing addi ional slack esou ces in p e en ing
CSR misconduc han ac i ely p omo ing ESG ini ia i es
(Rod igue e al., 2013). Thus, he p esence o a CSR com-
mi ee may no necessa ily indica e g eenwashing o decep-
ion bu a he a lack o empowe men o alloca e slack
esou ces o ESG ini ia i es. Ano he explana ion could be
ha CSR commi ees ha e a nega i e pe cep ion o slack
esou ces due o he de imen s o high slack le els. Thus,
CSR commi ees may es ain slack in es men in ESG, e en
a low slack le els. We belie e his a gumen could also be
linked o he elusi e na u e o slack esou ces (Moun e al.,
2024). Assessing he le el o slack o de e mine he ela i e
ex en o slack (e.g., low s. high) could be a non- ou ine
and challenging ask o he CSR commi ee. To a oid ESG
de imen s, he CSR commi ee may s i e o ac i ely educe
he in es men o slack esou ces in o ESG—i espec i e o
he slack le el. A he same ime, ou indings demons a e
ha he CSR commi ee is ine ec i e in educing he ESG
de imen s o high slack le els. The e o e, we p o ide pa ial
e idence ha he pu e es ablishmen o a CSR commi ee
is insu icien o mi iga e he ad e se e ec s o slack. The
CSR commi ee’s composi ion could e lec he oo cause,
as adep commi ee membe s migh mi iga e he ad e se
impac s o su plus esou ces by in ensi ying o e sigh .
Fu he in es iga ion is wa an ed o examine how a i-
ous a ibu es o CSR commi ees could in luence he slack
esou ces–ESG pe o mance ela ionship.
Gi en hese indings, as agency heo y sugges s, ou
esea ch indica es ha sus ainabili y go e nance mecha-
nisms like CSR commi ees posi i ely in luence ESG pe -
o mance. The e o e, by e ealing ha he ad an ageousness
o CSR commi ees depends on he speci ic con ex , we pa e
he way o u u e esea ch o unpack his subcommi ee’s
asks and makeup as well as gauge he i m’s unde lying
a ionale o ins alling a CSR commi ee.
Manage ial Implica ions
Ou s udy holds signi ican implica ions o manage s look-
ing o enhance hei i m’s ESG pe o mance. The i s se o
implica ions e ol es a ound he amoun o slack esou ces.
Ou indings subs an ia e a gene al posi i e e ec o slack
esou ces; he e o e, we s ongly ad oca e o manage s
o alloca e especially unabso bed slack esou ces owa d
imp o ing ESG pe o mance. Howe e , manage s mus exe -
cise g ea cau ion when de e mining he amoun o slack
esou ces o in es in ESG ini ia i es. Ou s udy e eals ha
lowe le els o slack posi i ely in luence ESG pe o mance,
eaching an op imum poin beyond which inc easing slack
esou ces diminishes ESG pe o mance. In ligh o his dual
e ec , we ecommend ha manage s alloca e only a mod-
es amoun o slack esou ces o en i onmen al and social
ini ia i es o enhance ESG pe o mance. The e o e, i is
c ucial o manage s o me iculously selec ESG in es men
ini ia i es, ensu ing hey a e speci ically a ge ed a enhanc-
ing o e all ESG pe o mance. In es ing addi ional slack
esou ces in o en i onmen al and social ini ia i es may no
yield imp o emen s and migh be be e alloca ed o o he
p omising causes. Consequen ly, he indings highligh ha
he igilan moni o ing o he amoun o slack esou ces
in es ed in ESG ini ia i es is impe a i e, especially ele an
o he en i onmen al and social pilla s, as hese a e highly
a ec ed by slack esou ces.
The second se o implica ions pe ains o u ilizing go -
e nance mechanisms o boos ESG pe o mance. Speci ically,
es ablishing a CSR commi ee by he boa d p o es aluable
in his ega d, signi ican ly enhancing ESG pe o mance.
Such commi ees o e see managemen p ac ices and p o-
ide expe ise in mi iga ing misconduc , enhancing o e all
ESG pe o mance. Fi ms should con empla e appoin ing
en i onmen ally and socially conscious di ec o s o o m a
subcommi ee, signaling hei commi men o s akeholde s o
imp o e ESG pe o mance. Second, he CSR commi ee os-
e s ESG consciousness no only a he op managemen le el
bu also among lowe -le el employees h ough incen i izing
ESG- iendly p ac ices and p o iding aining on a oiding
en i onmen al o social misconduc . By ins i u ing a CSR
commi ee a he boa d le el, i ms can ins ill sus ainabili y
h oughou he o ganiza ion, mee ing s akeholde expec a-
ions. Thi d, since es ablishing a CSR commi ee is olun-
a y, i s p esence can signi ican ly enhance en i onmen al
and social ini ia i es, and i s posi i e signaling e ec can
help di e en ia e i ms om compe i o s and gain a compe i-
i e ad an age. Howe e , ou indings also cau ion i ms o
ca e ully assess he ole o hei CSR commi ee conce ning
slack esou ces. The pu e es ablishmen o a CSR commi ee
is no conduci e o ansla ing slack in o ESG ou comes, and
i s p esence does no e ec i ely mi iga e he de imen s o
high slack o ESG. The e o e, we ad ise i ms o conside
he CSR commi ee’s composi ion and equip his subcom-
mi ee wi h su icien au ho i y. Fac o s such as he numbe
o independen di ec o s, equency o mee ings, and he
di ec o s’ gende o expe ise can in luence he ou comes o
CSR commi ees (Ebe ha d -To h, 2017; Elmagh abi, 2021).
Since he composi ion o boa d commi ees emains an unde
esea ched opic (Alhossini e al., 2021; Rossi & Ta quinio,
2017), mo e esea ch is needed o s udy CSR commi ee
composi ion in conjunc ion wi h slack esou ces and ESG
o p o ide manage s wi h mo e guidance o deciding who
should be on he CSR commi ee.
Limi a ions andFu u e Resea ch
We no e ha ou indings should be in e p e ed wi h some
limi a ions in mind, which can se e as depa u e poin s o
u u e esea ch. Fi s , we ocused on publicly lis ed and la ge
381
Go e ning heResponsible In es men o Slack Resou ces inEn i onmen al, Social, and…
i ms om a highly de eloped economy owing o da a a ail-
abili y and compa abili y conside a ions. Fu u e esea ch
could build on he s udy design o conduc esea ch in less
de eloped economies o small- and medium-sized en e -
p ises. Changing he esea ch se ing could p o ide mo e
insigh s in o he ela ionships be ween slack esou ces, CSR
commi ees, and ESG pe o mance due o di e en ins i u-
ional amewo ks o decision-making p ocesses ha could
in luence hese ela ionships.
Second, while ou measu e o slack is well es ablished in
managemen li e a u e, u u e esea ch could u ilize eme g-
ing echnologies, such as gene a i e a i icial in elligence,
o benchma k speci ic slack measu es agains quali a i e
insigh s om i ms’ annual epo s. Fo ins ance, le e ag-
ing ools like Cha GPT-4o could enable sen imen analysis
by de eloping ele an keywo ds and analyzing inancial
epo s (Cao & Zhai, 2023). Addi ionally, we ocused on
inancial slack esou ces, al hough o he ypes o slack (e.g.,
human esou ce slack) o o he in angible esou ces could
in luence he le el o ESG in es men .
Thi d, we ha e no explo ed he dynamics be ween he
wo slack ypes (abso bed s. unabso bed), no can we
de i e an op imal con igu a ion o slack esou ces in he
ace o inc easing ESG demands. Fu u e esea ch is needed
o examine how he unde lying slack ypes in e ac in a ec -
ing ESG ou comes and i he e is an op imal con igu a ion
o abso bed and unabso bed slack esou ces.
Fou h, ou s udy design using seconda y da a did no
allow us o illumina e he i m in e nal p ocesses ha led o
he deploymen o slack esou ces. Thus, u u e esea ch is
needed o explo e whe he and how, o example, di e en
pe cep ions o manage s (e.g., oppo uni y o h ea ) could
lead o di e en slack deploymen decisions o ESG.
Fi h, we ea ed he CSR commi ee as a bina y a iable.
While his app oach is s anda d p ac ice in ela ed s udies
(e.g., Fuen e e al., 2017; Wasiuzzaman e al., 2022), u u e
esea ch is needed o explo e he composi ion o he CSR
commi ee. Fo example, he managemen capabili ies o
he CSR commi ee membe s could play an in eg al ole
in in luencing he deploymen o slack esou ces, as p e i-
ous esea ch has shown ha manage s’ dynamic capabili ies
a e ela ed o sus ainabili y ou comes (Heubeck, 2023). Ou
s udy aimed o unde s and he impac o ESG in es men s
on i m pe o mance ac oss a ious indus ies a he han
conduc ing de ailed analyses o commi ee composi ions.
Al hough ac o s such as gende composi ion a e conside ed
impo an , hey all ou side ou p ima y scope and a e sug-
ges ed o u u e esea ch.
Six h, ano he limi a ion is ha we only used da a om
one ESG da a p o ide . Using o he ESG ankings migh ha e
p oduced di e en esul s due o he lack o a s anda dized
a ing sys em. This a iabili y in a ings om di e en ESG
agencies can signi ican ly impac he pe cei ed pe o mance
and e iciency o ESG in es men s (Be g e al., 2022). Con-
sequen ly, i ms may ind i challenging o achie e consis en
pe o mance imp o emen s h ough ESG p ac ices due o
hese a ing disc epancies, highligh ing he ambiguous ole
o ESG. This limi a ion opens up a po en ial a enue o u u e
esea ch o explo e how di e en ESG pe o mance me ics
a ec i m pe o mance. As some s udies indica e ha in es -
ing esou ces in ESG ini ia i es is ine icien (Mak idis &
Simaan, 2024; Mi hani, 2017), assessing whe he i ms
should alloca e slack esou ces o ESG ini ia i es o o he
a eas o be e e iciency could be help ul.
Las , ou s udy did no es o indus y di e ences, bu
we con olled o hem in ou analysis. We ocus on de i ing
gene al implica ions applicable ac oss a ious indus ies;
he e o e, we did no conduc c oss-indus y compa isons.
Ne e heless, u he s udies could close ha gap and del e
deepe in o indus y di e ences, especially explo ing how
he in es men o slack esou ces in ESG ini ia i es akes
e ec in speci ic sec o s such as manu ac u ing.
Conclusion andCon ibu ions oBusiness
E hics
Al hough esea ch on ESG and i s impac on pe o mance
measu es is ex ensi e, he e exis s a gap in s udies exam-
ining he an eceden s o slack esou ces o i ms’ ESG
pe o mance and he go e nance mechanisms shaping his
ela ionship. This s udy o e s an in-dep h analysis o he
dynamics o slack esou ces and ESG pe o mance and high-
ligh s he impo ance o u he esea ch on he po en ial
in luence o go e nance mechanisms.
We ha e demons a ed ha slack esou ces play a c ucial
ole in ESG pe o mance, e ealing a nuanced and con in-
gen ela ionship. Ou indings indica e an in e ed U-shaped
e ec , wi h low slack le els posi i ely impac ing ESG, peak-
ing a an op imal poin , and declining a e ha . This e ec
is mainly d i en by unabso bed slack esou ces, no ably
a ec ing he en i onmen al and social dimensions o ESG.
Despi e he gene al bene i s o CSR commi ees, ou s udy
sugges s hey a e ine ec i e in le e aging slack esou ces o
ESG ini ia i es o mi iga ing hei de imen al e ec s. Ou
esea ch o e s a de ailed explo a ion o how slack esou ces,
CSR commi ees, and ESG pe o mance in e ac , p o iding
aluable insigh s in o hei complex dynamics.
This s udy holds signi ican implica ions o business e h-
ics. By shedding ligh on he inancial an eceden s o ESG
pe o mance, we demons a e ha esou ce a ailabili y is a
c i ical—ye dual-edged—de e minan o e hical business
ope a ions. Fu he , while we econ i m he ESG bene i s o
CSR commi ees, we e eal ha hese sus ainabili y-o ien ed
subcommi ees may ace challenges in di ec ing he bene icial
in es men o slack esou ces owa d ESG a low slack le els
382 T.Heubeck, A.Ah ens
and ha hey canno e ec i ely mi iga e he ESG de imen s
o slack esou ces a high le els. Thus, we u ge i ms o econ-
side he ole o he CSR commi ee o enable his subcom-
mi ee o ealize i s ull po en ial and e ec i ely con ibu e o
de eloping s ong business e hics and he global ision o a
sus ainable and egali a ian socie y. We call on op manage s o
pu pose ully alloca e slack esou ces o add ess oday’s mos
p essing global challenges and b oaden hei decision-making
ho izons om sel -in e es ed mo i a ions o p omo e business
e hics and esponsible in es men o company esou ces.
Acknowledgemen s The au ho s acknowledge he use o Cha GPT
(h ps:// cha . openai. com/) and G amma ly (h ps:// www. g amm a ly.
com/) o p o ide sugges ions o e ising he con en s o his man-
usc ip and checking i s g amma ical co ec ness. A e using hese
ools/se ices, he au ho s e iewed and edi ed he con en as needed.
The au ho s ake ull esponsibili y o he publica ion’s con en and
con i m ha i e lec s hei o iginal wo k.
Au ho Con ibu ions Tim Heubeck con ibu ed owa d concep ualiza-
ion, da a cu a ion, o mal analysis, in es iga ion, me hodology, p ojec
adminis a ion, supe ision, alida ion, w i ing—o iginal d a , and
w i ing— e iew and edi ing; Annina Ah ens con ibu ed owa d con-
cep ualiza ion, w i ing—o iginal d a , and w i ing— e iew and edi ing.
Funding Open Access unding enabled and o ganized by P ojek
DEAL. P ojec DEAL enabled open-access unding. No o he unding
was ecei ed o assis wi h he p epa a ion o his manusc ip .
Da a A ailabili y Da a a e a ailable om he co esponding au ho
upon easonable eques bu no publicly a ailable due o he da a p o-
ide ’s da a-sha ing es ic ions.
Decla a ions
Compe ing in e es s The au ho s decla e no ele an inancial o non-
inancial con lic s o in e es o disclose. They ce i y ha hey a e no
a ilia ed wi h o in ol ed in any o ganiza ion o en i y wi h any inan-
cial o non inancial in e es in he subjec ma e o ma e ials discussed
in his manusc ip . The au ho s ha e no inancial o p op ie a y in e es
in any ma e ial discussed in his a icle.
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ju isdic ional claims in published maps and ins i u ional a ilia ions.