Does a Foreign Board Improve Corporate Social Responsibility?

This study examines the effect of foreign boards on corporate social responsibility, exploring issues two-tier board systems (boards directors and commissioners). Using data for manufacturing firms listed Indonesia Stock Exchange over sample period 2017–2019, results suggest that a engages more in responsibility activities. Our key finding remains robust with respect to all measures (foreign ownership, members, directors, commissioners, CEO, chairperson) alternative estimation methods, pass series endogeneity checks. We established causal from CSR, supporting institutional theory contesting agency theory.