Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector?

This study provides empirical evidence on the association between board attributes and corporate social responsibility (CSR) engagement—as well as between CSR engagement and corporate performance—in the global energy sector. The data for the period of 2011–2018 was obtained from Thomson Reuters. The results indicate that board diligence and CSR committees are robust drivers of CSR performance, as proxied by the composite environmental, social, and governance (ESG) score along with its three individual indicators. While board independence is more influential in boosting the aggregate ESG score and the governance indicator, the board's gender diversity is more influential in environmental and governance indicators. However, higher CSR performance does not guarantee higher financial performance—as proxied by both market and accounting performance. We provide theoretical and practical implications, to guide regulators and energy firms in ensuring the sustainable development of the sector. •Board diligence and CSR committee are robust drivers of CSR performance.•Independent directors are more influential in boosting governance indicator.•Female directors are more influential in environmental and governance indicators.•Independent and female directors are suggested to reinforce social indicator.•Higher CSR performance does not guarantee higher financial performance.