The impact of good corporate governance on corporate sustainability on LPD in Bali on risk management as mediation
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Feb 28, 2023
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Abstract
Based on local knowledge, village credit institutions (LPD) are an essential part of making the village economy work and getting it moving. LPD management and low-risk mitigation have deteriorated LPD health. This study aims to identify good corporate governance for corporate sustainability in LPD in Bali with risk management as a mediation plan. Explanatory research with a quantitative approach is used. There are 100 LPDs included that are determined using proportional random sampling. The distribution of questionnaires and interviews was conducted with LPD leaders randomly. Data analysis was performed using SmartPLS 3.0. Ultimately, for corporate sustainability to be possible, the LPD component must improve good corporate governance by achieving positive and significant influence. Furthermore, risk management is directly influenced by good corporate governance, with significant positive results. Legalizing Pararem (local village rules) improves LPD risk management in Bali. The third result was a significant favorable influence between risk management and corporate sustainability. Indicators in risk management indirectly provide risk mitigation to improve LPD corporate sustainability. The impact of sound corporate governance on a company's capacity to maintain itself can be moderated by management. The impact of excellent corporate governance on LPD's corporate sustainability in Bali may be increased by implementing risk management, which comprises liquidity risk, credit risk, and operational risk management.
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How to Cite
Wilyadewi, I. I. D. A. Y. (2023). The impact of good corporate governance on corporate sustainability on LPD in Bali on risk management as mediation. Enrichment : Journal of Management, 12(6), 5283-5295. https://doi.org/10.35335/enrichment.v12i6.929
References
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Ardianti, P. A. R., & Suartana, I. W. (2017). Human Resource Competence and Village Financial System Implementation and Village Fund Management Accountability. E-Jurnal Akuntansi Ekonomi Dan Bisnis Universitas Udayana, 30(11), 2839–2851. Retrieved from https://ojs.unud.ac.id/index.php/Akuntansi/index 2839
Bae, S., Masud, Md., & Kim, J. (2018). A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective. Sustainability, 10(8), 2611. https://doi.org/10.3390/su10082611
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bastomi, M., Salim, U., & Aisjah, S. (2017). The Role of Corporate Governance and Risk Management on Banking Financial Performance in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 670–680. https://doi.org/10.26905/jkdp.v21i4.1285
Boeva, B., Zhivkova, S., & Stoychev, I. (2017). Corporate Governance and the Sustainable Development. European Journal of Economics and Business Studies, 7(1), 17. https://doi.org/10.26417/ejes.v7i1.p17-24
Bourakba, C., & Zerargui, H. (2015). The Relationship between Credit Risk and Corporate Governance in Islamic Banking : An Empirical Study. Issues in Business Management and Economics, 3(4), 67–73.
Cihon, P., Schuett, J., & Baum, S. D. (2021). Corporate Governance of Artificial Intelligence in the Public Interest. Information, 12(7), 275. https://doi.org/10.3390/info12070275
Crovini, C., Santoro, G., & Ossola, G. (2021). Rethinking risk management in entrepreneurial SMEs: towards the integration with the decision-making process. Management Decision, 59(5), 1085–1113. https://doi.org/10.1108/MD-10-2019-1402
Darwin, M., Mamondol, M. R., Sormin, S. A., Nurhayati, Y., Tambunan, H., Sylvia, D., … Gebang, A. A. (2021). Quantitative approach research method (1st ed.; T. S. Tambunan, Ed.). Bandung: CV Media Sains Indonesia.
Dharmawan, N. A. S., & Yudantara, I. G. A. P. (2020). Accountability Based on Tri Hita Karana (THK) in Sangsit Village. Proceedings of the 5th International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2020), 291–295. Paris, France: Atlantis Press. https://doi.org/10.2991/aebmr.k.201212.041
Diatmika, I. B. W., & Ramantha, I. W. (2021). The Effect of Good Corporate Governance on the Performance of Village Crediting Institutions (LPD) Using Awig-Awig Village Protection as Moderation Variables (Empirical Study on LPD in Mengwi District, Badung Regency). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(6), 219–224.
Dibartolomeo. (2010). Equity Risk, Credit Risk, Default Correlation, and Corporate Sustainability. The Journal of Investing, 19(4), 128–133. https://doi.org/10.3905/joi.2010.19.4.128
Dikova, D., & Veselova, A. (2021). Performance Effects of Internationalization: Contingency Theory Analysis of Russian Internationalized Firms. Management and Organization Review, 17(1), 173–197. https://doi.org/10.1017/mor.2020.39
Dwi, L., Maharani, P., Nur, S., Phalada, I., & Holiawati, H. (2020). Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Audit Delay. Prosiding Pekan Ilmiah Mahasiswa (PIM), 1(2).
Elkington, J. (1998). Accounting for the triple bottom line. Measuring Business Excellence, 2(3), 18–22. https://doi.org/10.1108/eb025539
Engert, S., & Baumgartner, R. J. (2016). Corporate sustainability strategy – bridging the gap between formulation and implementation. Journal of Cleaner Production, 113, 822–834. https://doi.org/10.1016/j.jclepro.2015.11.094
Forcadell, F. J., Aracil, E., & Ubeda, F. (2020). Using reputation for corporate sustainability to tackle banks digitalization challenges. Business Strategy and the Environment, 29(6), 2181–2193. https://doi.org/10.1002/bse.2494
Gerged, A. M., Albitar, K., & Al‐Haddad, L. (2021). Corporate environmental disclosure and earnings management—The moderating role of corporate governance structures. International Journal of Finance & Economics, 2564. https://doi.org/10.1002/ijfe.2564
Hamdani, S. M., & MM, M. A. (2016). Good corporate governance: Tinjauan etika dalam praktik bisnis. Jakarta: Mitra Wacana Media.
Hamza, S. M. (2017). Impact of credit risk management on banks performance: A case study in Pakistan banks. European Journal of Business and Management, 9(1), 57–64.
Hasbullah, E. S., Suyudi, M., Halim, N. A., Sukono, Gustaf, F., & Putra, A. S. (2018). A comparative study of three pillars system and banking methods in accounting long-term purposes of retiree in Indonesian saving account. IOP Conference Series: Materials Science and Engineering, 332, 012017. https://doi.org/10.1088/1757-899X/332/1/012017
Helgesson, K., & Morth, U. (2013). Securitization, accountability and risk management. London: Routledge.
Hidayah, R., Faizah, S. N., Sukirman, S., Suryandari, D., & Zahid, A. (2021). Corporate Governance, Enterprise Risk Management, and Company Performance. Management Analysis Journal, 10(3), 321–329.
Indrayani, M., & Nurkholis, N. (2001). Persepsi Manajemen Perusahaan Terhadap Prinsip-Prinsip Good Corporate Governance (Studi pada 36 Perusahaan di Indonesia). TEMA, 2(2), 136–157.
Irwondy, I. S., & Hubeis, M. (2016). Pengaruh Penerapan Konsep Good Corporate Governance Terhadap Kinerja Non-Keuangan di Kantor Pusat PT Asuransi Jasa Indonesia. Jurnal Manajemen Dan Organisasi, 7(2), 98–110.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower.
Lozano, R. (2013). Are Companies Planning their Organisational Changes for Corporate Sustainability? An Analysis of Three Case Studies on Resistance to Change and their Strategies to Overcome it. Corporate Social Responsibility and Environmental Management, 20(5), 275–295. https://doi.org/10.1002/csr.1290
Mahmood, Z., Kouser, R., Ali, W., Ahmad, Z., & Salman, T. (2018). Does Corporate Governance Affect Sustainability Disclosure? A Mixed Methods Study. Sustainability, 10(1), 207. https://doi.org/10.3390/su10010207
Mita Kristyan, P. (2021). Peranan Pararem Sebagai Sistem Pengendalian Internal Untuk Menyelesaikan Kredit Bermasalah Di Lpd Desa Adat Banyuatis. Universitas Pendidikan Ganesha.
Mohsin, M., Kamran, H. W., Atif Nawaz, M., Sajjad Hussain, M., & Dahri, A. S. (2021). Assessing the impact of transition from nonrenewable to renewable energy consumption on economic growth-environmental nexus from developing Asian economies. Journal of Environmental Management, 284, 111999. https://doi.org/10.1016/j.jenvman.2021.111999
Musa, D., Awolaja, O., Jerry, K., Okedina, I., Uduakobong, E.-E., & Olayinka, I. (2022). Is the influence of oil prices changes on oil and gas stock prices in Nigeria symmetric or asymmetric? Cogent Economics & Finance, 10(1), 2154311. https://doi.org/10.1080/23322039.2022.2154311
Naciti, V. (2019). Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production, 237, 117727. https://doi.org/10.1016/j.jclepro.2019.117727
Palermo, T. (2014). Accountability and Expertise in Public Sector Risk Management: A Case Study. Financial Accountability & Management, 30(3), 322–341. https://doi.org/10.1111/faam.12039
Pasko, O., Chen, F., Oriekhova, A., Brychko, A., & Shalyhina, I. (2021). Mapping the Literature on Sustainability Reporting: A Bibliometric Analysis Grounded in Scopus and Web of Science Core Collection. European Journal of Sustainable Development, 10(1), 303. https://doi.org/10.14207/ejsd.2021.v10n1p303
Permatasari, I. (2020). Does corporate governance affect bank risk management? Case study of Indonesian banks. International Trade, Politics and Development, 4(2), 127–139. https://doi.org/10.1108/ITPD-05-2020-0063
Rehman Khan, S. A., & Yu, Z. (2021). Assessing the eco-environmental performance: an PLS-SEM approach with practice-based view. International Journal of Logistics Research and Applications, 24(3), 303–321. https://doi.org/10.1080/13675567.2020.1754773
Riboldazzi, S. (2016). Corporate governance and sustainability in Italian large-scale retail companies. European Scientific Journal, 12(16).
Russell, S., Haigh, N., & Griffiths, A. (2007). Understanding corporate sustainability. Corporate Governance and Sustainability, 36–56.
Shahriar, A. Z. M., & Garg, M. (2017). Lender–entrepreneur relationships and credit risk: A global analysis of microfinance institutions. International Small Business Journal: Researching Entrepreneurship, 35(7), 829–854. https://doi.org/10.1177/0266242617701189
Shihadeh, F., Naradda Gamage, S. K., & Hannoon, A. (M. T. (2019). The causal relationship between SME sustainability and banks’ risk. Economic Research-Ekonomska Istraživanja, 32(1), 2743–2760. https://doi.org/10.1080/1331677X.2019.1655465
Siyanbola, T. T., & Adebayo, K. K. (2021). Credit risk management and financial sustainability of listed deposit money banks in Nigeria. Quest Journals Journal of Research in Business and Management, 9 (6), 64, 77.
Spira, L. F., & Page, M. (2003). Risk management: The reinvention of internal control and the changing role of internal audit. Accounting, Auditing & Accountability Journal, 16(4), 640–661. https://doi.org/10.1108/09513570310492335
Suartana, I. W. (2009). Arsitektur Pengelolaan Risiko Pada Lembaga Perkreditan Desa (LPD). Universitas Udayana.
Suartana, I. W., & Jati, I. K. (2017). Risk Based Internal Audit Based on Culture (Case Study at LPD Desa Adat Pecatu in Bali). Journal of Economics and Sustainable Development, 8(18), pp.190-200.
Ugoani, J. N. N. (2021). Corporate governance perspective on enterprise risk management and organizational sustainability. Independent Journal of Management & Production, 12(5), 1496–1517. https://doi.org/10.14807/ijmp.v12i5.1403
Ullah, H., Wang, Z., Mohsin, M., Jiang, W., & Abbas, H. (2022). Multidimensional perspective of green financial innovation between green intellectual capital on sustainable business: the case of Pakistan. Environmental Science and Pollution Research, 29(4), 5552–5568. https://doi.org/10.1007/s11356-021-15919-7
Vildåsen, S. S., & Havenvid, M. I. (2018). The role of interaction for corporate sustainability. IMP Journal, 12(1), 148–170. https://doi.org/10.1108/IMP-05-2017-0016
Zubeltzu‐Jaka, E., Álvarez‐Etxeberria, I., & Ortas, E. (2020). The effect of the size of the board of directors on corporate social performance: A meta‐analytic approach. Corporate Social Responsibility and Environmental Management, 27(3), 1361–1374. https://doi.org/10.1002/csr.1889
Adnyana, I. M. D. M. (2021). Populasi dan Sampel. In Metode Penelitian Pendekatan Kuantitatif (1st ed., pp. 103–116). Bandung: CV Media Sains Indonesia.
Agastia, I. (2006). Menemui Diri Sendiri Percikan Pemikiran Prof. Dr. Ida Bagus Mantra. Denpasar: Yayasan Dharma Sastra.
Aras, G., & Crowther, D. (2008). Governance and sustainability. Management Decision, 46(3), 433–448. https://doi.org/10.1108/00251740810863870
Ardianti, P. A. R., & Suartana, I. W. (2017). Human Resource Competence and Village Financial System Implementation and Village Fund Management Accountability. E-Jurnal Akuntansi Ekonomi Dan Bisnis Universitas Udayana, 30(11), 2839–2851. Retrieved from https://ojs.unud.ac.id/index.php/Akuntansi/index 2839
Bae, S., Masud, Md., & Kim, J. (2018). A Cross-Country Investigation of Corporate Governance and Corporate Sustainability Disclosure: A Signaling Theory Perspective. Sustainability, 10(8), 2611. https://doi.org/10.3390/su10082611
Barney, J. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bastomi, M., Salim, U., & Aisjah, S. (2017). The Role of Corporate Governance and Risk Management on Banking Financial Performance in Indonesia. Jurnal Keuangan Dan Perbankan, 21(4), 670–680. https://doi.org/10.26905/jkdp.v21i4.1285
Boeva, B., Zhivkova, S., & Stoychev, I. (2017). Corporate Governance and the Sustainable Development. European Journal of Economics and Business Studies, 7(1), 17. https://doi.org/10.26417/ejes.v7i1.p17-24
Bourakba, C., & Zerargui, H. (2015). The Relationship between Credit Risk and Corporate Governance in Islamic Banking : An Empirical Study. Issues in Business Management and Economics, 3(4), 67–73.
Cihon, P., Schuett, J., & Baum, S. D. (2021). Corporate Governance of Artificial Intelligence in the Public Interest. Information, 12(7), 275. https://doi.org/10.3390/info12070275
Crovini, C., Santoro, G., & Ossola, G. (2021). Rethinking risk management in entrepreneurial SMEs: towards the integration with the decision-making process. Management Decision, 59(5), 1085–1113. https://doi.org/10.1108/MD-10-2019-1402
Darwin, M., Mamondol, M. R., Sormin, S. A., Nurhayati, Y., Tambunan, H., Sylvia, D., … Gebang, A. A. (2021). Quantitative approach research method (1st ed.; T. S. Tambunan, Ed.). Bandung: CV Media Sains Indonesia.
Dharmawan, N. A. S., & Yudantara, I. G. A. P. (2020). Accountability Based on Tri Hita Karana (THK) in Sangsit Village. Proceedings of the 5th International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2020), 291–295. Paris, France: Atlantis Press. https://doi.org/10.2991/aebmr.k.201212.041
Diatmika, I. B. W., & Ramantha, I. W. (2021). The Effect of Good Corporate Governance on the Performance of Village Crediting Institutions (LPD) Using Awig-Awig Village Protection as Moderation Variables (Empirical Study on LPD in Mengwi District, Badung Regency). American Journal of Humanities and Social Sciences Research (AJHSSR), 5(6), 219–224.
Dibartolomeo. (2010). Equity Risk, Credit Risk, Default Correlation, and Corporate Sustainability. The Journal of Investing, 19(4), 128–133. https://doi.org/10.3905/joi.2010.19.4.128
Dikova, D., & Veselova, A. (2021). Performance Effects of Internationalization: Contingency Theory Analysis of Russian Internationalized Firms. Management and Organization Review, 17(1), 173–197. https://doi.org/10.1017/mor.2020.39
Dwi, L., Maharani, P., Nur, S., Phalada, I., & Holiawati, H. (2020). Pengaruh Ukuran Perusahaan Dan Profitabilitas Terhadap Audit Delay. Prosiding Pekan Ilmiah Mahasiswa (PIM), 1(2).
Elkington, J. (1998). Accounting for the triple bottom line. Measuring Business Excellence, 2(3), 18–22. https://doi.org/10.1108/eb025539
Engert, S., & Baumgartner, R. J. (2016). Corporate sustainability strategy – bridging the gap between formulation and implementation. Journal of Cleaner Production, 113, 822–834. https://doi.org/10.1016/j.jclepro.2015.11.094
Forcadell, F. J., Aracil, E., & Ubeda, F. (2020). Using reputation for corporate sustainability to tackle banks digitalization challenges. Business Strategy and the Environment, 29(6), 2181–2193. https://doi.org/10.1002/bse.2494
Gerged, A. M., Albitar, K., & Al‐Haddad, L. (2021). Corporate environmental disclosure and earnings management—The moderating role of corporate governance structures. International Journal of Finance & Economics, 2564. https://doi.org/10.1002/ijfe.2564
Hamdani, S. M., & MM, M. A. (2016). Good corporate governance: Tinjauan etika dalam praktik bisnis. Jakarta: Mitra Wacana Media.
Hamza, S. M. (2017). Impact of credit risk management on banks performance: A case study in Pakistan banks. European Journal of Business and Management, 9(1), 57–64.
Hasbullah, E. S., Suyudi, M., Halim, N. A., Sukono, Gustaf, F., & Putra, A. S. (2018). A comparative study of three pillars system and banking methods in accounting long-term purposes of retiree in Indonesian saving account. IOP Conference Series: Materials Science and Engineering, 332, 012017. https://doi.org/10.1088/1757-899X/332/1/012017
Helgesson, K., & Morth, U. (2013). Securitization, accountability and risk management. London: Routledge.
Hidayah, R., Faizah, S. N., Sukirman, S., Suryandari, D., & Zahid, A. (2021). Corporate Governance, Enterprise Risk Management, and Company Performance. Management Analysis Journal, 10(3), 321–329.
Indrayani, M., & Nurkholis, N. (2001). Persepsi Manajemen Perusahaan Terhadap Prinsip-Prinsip Good Corporate Governance (Studi pada 36 Perusahaan di Indonesia). TEMA, 2(2), 136–157.
Irwondy, I. S., & Hubeis, M. (2016). Pengaruh Penerapan Konsep Good Corporate Governance Terhadap Kinerja Non-Keuangan di Kantor Pusat PT Asuransi Jasa Indonesia. Jurnal Manajemen Dan Organisasi, 7(2), 98–110.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77–132). Gower.
Lozano, R. (2013). Are Companies Planning their Organisational Changes for Corporate Sustainability? An Analysis of Three Case Studies on Resistance to Change and their Strategies to Overcome it. Corporate Social Responsibility and Environmental Management, 20(5), 275–295. https://doi.org/10.1002/csr.1290
Mahmood, Z., Kouser, R., Ali, W., Ahmad, Z., & Salman, T. (2018). Does Corporate Governance Affect Sustainability Disclosure? A Mixed Methods Study. Sustainability, 10(1), 207. https://doi.org/10.3390/su10010207
Mita Kristyan, P. (2021). Peranan Pararem Sebagai Sistem Pengendalian Internal Untuk Menyelesaikan Kredit Bermasalah Di Lpd Desa Adat Banyuatis. Universitas Pendidikan Ganesha.
Mohsin, M., Kamran, H. W., Atif Nawaz, M., Sajjad Hussain, M., & Dahri, A. S. (2021). Assessing the impact of transition from nonrenewable to renewable energy consumption on economic growth-environmental nexus from developing Asian economies. Journal of Environmental Management, 284, 111999. https://doi.org/10.1016/j.jenvman.2021.111999
Musa, D., Awolaja, O., Jerry, K., Okedina, I., Uduakobong, E.-E., & Olayinka, I. (2022). Is the influence of oil prices changes on oil and gas stock prices in Nigeria symmetric or asymmetric? Cogent Economics & Finance, 10(1), 2154311. https://doi.org/10.1080/23322039.2022.2154311
Naciti, V. (2019). Corporate governance and board of directors: The effect of a board composition on firm sustainability performance. Journal of Cleaner Production, 237, 117727. https://doi.org/10.1016/j.jclepro.2019.117727
Palermo, T. (2014). Accountability and Expertise in Public Sector Risk Management: A Case Study. Financial Accountability & Management, 30(3), 322–341. https://doi.org/10.1111/faam.12039
Pasko, O., Chen, F., Oriekhova, A., Brychko, A., & Shalyhina, I. (2021). Mapping the Literature on Sustainability Reporting: A Bibliometric Analysis Grounded in Scopus and Web of Science Core Collection. European Journal of Sustainable Development, 10(1), 303. https://doi.org/10.14207/ejsd.2021.v10n1p303
Permatasari, I. (2020). Does corporate governance affect bank risk management? Case study of Indonesian banks. International Trade, Politics and Development, 4(2), 127–139. https://doi.org/10.1108/ITPD-05-2020-0063
Rehman Khan, S. A., & Yu, Z. (2021). Assessing the eco-environmental performance: an PLS-SEM approach with practice-based view. International Journal of Logistics Research and Applications, 24(3), 303–321. https://doi.org/10.1080/13675567.2020.1754773
Riboldazzi, S. (2016). Corporate governance and sustainability in Italian large-scale retail companies. European Scientific Journal, 12(16).
Russell, S., Haigh, N., & Griffiths, A. (2007). Understanding corporate sustainability. Corporate Governance and Sustainability, 36–56.
Shahriar, A. Z. M., & Garg, M. (2017). Lender–entrepreneur relationships and credit risk: A global analysis of microfinance institutions. International Small Business Journal: Researching Entrepreneurship, 35(7), 829–854. https://doi.org/10.1177/0266242617701189
Shihadeh, F., Naradda Gamage, S. K., & Hannoon, A. (M. T. (2019). The causal relationship between SME sustainability and banks’ risk. Economic Research-Ekonomska Istraživanja, 32(1), 2743–2760. https://doi.org/10.1080/1331677X.2019.1655465
Siyanbola, T. T., & Adebayo, K. K. (2021). Credit risk management and financial sustainability of listed deposit money banks in Nigeria. Quest Journals Journal of Research in Business and Management, 9 (6), 64, 77.
Spira, L. F., & Page, M. (2003). Risk management: The reinvention of internal control and the changing role of internal audit. Accounting, Auditing & Accountability Journal, 16(4), 640–661. https://doi.org/10.1108/09513570310492335
Suartana, I. W. (2009). Arsitektur Pengelolaan Risiko Pada Lembaga Perkreditan Desa (LPD). Universitas Udayana.
Suartana, I. W., & Jati, I. K. (2017). Risk Based Internal Audit Based on Culture (Case Study at LPD Desa Adat Pecatu in Bali). Journal of Economics and Sustainable Development, 8(18), pp.190-200.
Ugoani, J. N. N. (2021). Corporate governance perspective on enterprise risk management and organizational sustainability. Independent Journal of Management & Production, 12(5), 1496–1517. https://doi.org/10.14807/ijmp.v12i5.1403
Ullah, H., Wang, Z., Mohsin, M., Jiang, W., & Abbas, H. (2022). Multidimensional perspective of green financial innovation between green intellectual capital on sustainable business: the case of Pakistan. Environmental Science and Pollution Research, 29(4), 5552–5568. https://doi.org/10.1007/s11356-021-15919-7
Vildåsen, S. S., & Havenvid, M. I. (2018). The role of interaction for corporate sustainability. IMP Journal, 12(1), 148–170. https://doi.org/10.1108/IMP-05-2017-0016
Zubeltzu‐Jaka, E., Álvarez‐Etxeberria, I., & Ortas, E. (2020). The effect of the size of the board of directors on corporate social performance: A meta‐analytic approach. Corporate Social Responsibility and Environmental Management, 27(3), 1361–1374. https://doi.org/10.1002/csr.1889