Impact of the Experience of the CEO and the Board on CSR Performance

Abstract

This study investigates the impact of CEO and board experience on corporate social responsibility (CSR) performance of tourism and hospitality firms and examines institutional shareholders’ moderating role. Analyzing longitudinal data from 89 firms (2003 – 2021), the results show board’s cross-industry experience positively and significantly influences CSR performance, contrary to prevailing literature emphasizing CEO influence. Institutional shareholders weaken this effect. Optimal 7- year board tenure drives CSR initiatives. Furthermore, while boards’ experience breadth contributes to various aspects of CSR, CEOs’ cross-industry experience adversely affects several facets. The findings expand upper echelon and resource-based view theories, providing recommendations to support industry CSR performance.