Ouidad Yousfi
email: ouidad-yousfi@umontpellier.fr

Rania Béji
email: r.beji@montpellier-bs.com

CSR: What Does Board Diversity Bring to the Table?

Keywords: social performance, corporate governance, diversity, strategic CSR, CSR committee

. Specifically, the attributes of committees' members could play a key role in the definition of a CSR strategy and its implementation. In the current chapter, we discuss how diversity in boardrooms could drive meaningful changes, through specific channels to enhance social performance. Also, we discuss the criterion established by recent studies to define two main CSR strategies: (1) strategic CSR driven by initiatives and pioneering actions and (2) responsive CSR based on CSR standards, the imitation of the main competitors and the implementation of actions to "avoid" stakeholders' pressure. We show that the concept of strategic CSR has been widely discussed and extended while responsive CSR is marginalized and often associated with low social performance. We point out that this dichotomous approach of CSR strategies could be biased. Many firms could display a strategic CSR in some areas and a responsive CSR in other areas. The current chapter analyses the influence of diversity on social performance. It discusses the influence of structural and demographic diversity in boardrooms on CSR performance and the role of CSR committees on the implementation of a strategic CSR-building process.

Introduction

Recently, diversity on top management positions and boards has attracted an increasing interest (see among others [START_REF] Attia | Do Directors' attributes Influence Innovation? Empirical evidence from France[END_REF][START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF]2020, Tasheva and[START_REF] Tasheva | Integrating diversity at different levels: multilevel human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF][START_REF] Jizi | The Influence of Board Composition on Sustainable Development Disclosure[END_REF][START_REF] Harjoto | Board diversity and corporate social responsibility[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF]. It is widely argued that diversity on boardrooms have effects on many business areas, such as financial performance, governance quality, innovation, and risk preferences [START_REF] Tasheva | Integrating diversity at different levels: multilevel human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF]Adams et al., 2015;[START_REF] Miller | Demographic diversity in the boardroom: Mediators of the board diversity-firm performance relationship[END_REF]Kang et al., 2007;[START_REF] Ruigrok | Nationality and gender diversity on Swiss corporate boards[END_REF]Carter et al., 2003;[START_REF] Robinson | Building a business case for diversity[END_REF].

In fact, diversity could lead to meaningful changes in leadership style, generate new ideas, and challenge the business management, through specific channels such as the presence of independent, female and foreign directors, and directors who belong to minorities. In fact, getting involved in more inclusive nomination policies helps the company to get access to new opportunities through a better understanding of the market expectations and a deployment of more resources (Carter et al., 2003). Also, [START_REF] Hambrick | The influence of top management team heterogeneity on firms' competitive moves[END_REF] and [START_REF] Nielsen | The contribution of women on boards of directors: Going beyond the surface[END_REF] put forward that, in high uncertainty contexts, diverse teams are more successful.

Regarding board diversity, the academic literature distinguishes two different types of diversity: (1) diversity in boards that refers to the heterogeneity of directors' profiles, more specifically demographic traits such as age, gender, nationality, and (2) diversity of boards that is explained by structural features, like for example the board size, CEO-chair structure, duality, and independence [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF]Mahadeo et al. 2012;Kang, 2007;[START_REF] Erhardt | Board director diversity and firm financial performance[END_REF]Millikens and Martin, 1996).

Most often, diversity has been discussed in the light of the competitive advantage, it could provide to the business on the short term as well as the long term [START_REF] Erhardt | Board director diversity and firm financial performance[END_REF][START_REF] Siciliano | The relationship of board member diversity to organisational performance[END_REF][START_REF] Murray | Top Management Group Hetero-geneity and Firm Performance[END_REF]. Lately, more papers have stated that getting more diverse top management is an ethical requirement to go beyond the restrictive financial view, mainly focused on short-term returns (Mahadeo et al. 2012;Carter et al., 2003). In fact [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF] provide evidence that all diversity forms are valuable to improve corporate social responsibility CSR at different levels.

Increasing social performance could drive a more sustainable financial performance.

Taking into account cognitive and psychological features in top management positions could shape the decision-making process. Indeed, directors' ideas and choices are influenced by their individuals' beliefs and values (Hemmingway and Maclagan, 2004). On the same vein, the adoption of CSR practices, specifically on the absence of mandatory CSR standards, is the result of stakeholders' pressure as well as personal beliefs [START_REF] Deegan | Stakeholder influence on corporate reporting: An exploration of the interaction between WWF-Australia and the Australian minerals industry[END_REF].

In fact, there are two different approaches in CSR practices. According to [START_REF] Bocquet | CSR, innovation, and firm performance in sluggish growth contexts: A firm-level empirical analysis[END_REF], Zerbini (2017), andGoyder (2003), CSR could be:

(1) strategic when the firm displays a high level of CSR commitment going beyond standards and stakeholders' expectations, and (2) responsive when CSR actions are mainly determined by external expectations and reporting standards. Most often, responsive CSR corresponds to the lowest level of commitment.

In order to develop their CSR strategies, many firms have decided to establish specialized board committees, namely CSR committees CSRC [START_REF] Peters | The association between sustainability governance characteristics and the assurance of corporate sustainability reports[END_REF][START_REF] Rodrigue | Stakeholders' influence on environmental strategy and performance indicators: A managerial perspective[END_REF]; CSRCs aim to guide the company towards more strategic CSR actions, through the implementation of CSR initiatives, decreasing CSR risks and pursuing new opportunities [START_REF] Hussain | Does it pay to be sustainable? Looking inside the black box of the relationship between sustainability performance and financial performance[END_REF]. They play a key role in the development of a CSR strategy and improving social performance [START_REF] Bagh | The Corporate Social Responsibility and Firms' Financial Performance: Evidence from Financial Sector of Pakistan[END_REF]. They also have to check the compliance with regulations and initiatives in order to decrease CSR risks [START_REF] Peters | The association between sustainability governance characteristics and the assurance of corporate sustainability reports[END_REF][START_REF] Walls | Corporate governance and environmental performance: Is there really a link?[END_REF].

Not surprisingly, corporate governance literature shows that the composition of CSRC influences corporate outcomes [START_REF] Uzun | Board composition and corporate fraud[END_REF][START_REF] Klein | Firm performance and board committee structure[END_REF][START_REF] Beasley | An empirical analysis of the relation between the board of director composition and financial statement fraud[END_REF]. The attributes of CSRC members could, therefore, matter in the definition of a CSR strategy and its implementation.

The main aim of the current chapter is to analyze the influence of diversity on top management on social performance.

It is structured in the following. Section (1) discusses the influence of board diversity on CSR performance. The role of committees' members in strategic CSR-building process is analyzed in section (2)

Does board diversity favor CSR?

Under the upper echelons theory [START_REF] Hambrick | Upper echelons: The organization as a reflection of its top managers[END_REF], in diverse boards directors have more and different characteristics. They have, therefore, more knowledge, skills, values, and professional experiences which generate more ideas and interpretations of the situations they face. Diversity could lead to superior monitoring, and thus, more strategic involvement in CSR (Aggarwal et al., 2019;[START_REF] Tasheva | Integrating diversity at different levels: multilevel human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF]Hambrick, 2007).

From an agency perspective [START_REF] Jensen | Theory of the firm: Managerial behavior, agency costs and ownership structure[END_REF], board members are supposed to monitor top managers to ensure that they serve shareholders' interests. The board effectiveness is closely related to its composition (Jo andHarjoto, 2011, 2012). For instance, increasing corporate transparency improves the decision-making process, which drives a more socially responsible management.

Resource dependence theory [START_REF] Pfeffer | The External Control of Organisations: A Resource Dependence Perspective[END_REF] Reddy, 2015;[START_REF] Taljaard | Board diversity and financial performance: A graphical time-series approach[END_REF][START_REF] Mak | Intellectual capital performance and board characteristics of GCC banks[END_REF][START_REF] Bear | The impact of board diversity and gender composition on corporate social responsibility and firm reputation[END_REF]. All these resources are valuable when the firm have to meet shareholders expectations, and therefore for the development of a CSR strategy (Béji et al., 2020;[START_REF] Harjoto | Board diversity and corporate social responsibility[END_REF][START_REF] Davis | Corporations and economic inequality around the world: The paradox of hierarchy[END_REF][START_REF] Vinnicombe | Locks and keys to the boardroom[END_REF].

Structural diversity in boards and CSR

Structural diversity refers to diversity of boards. In fact, boards display different features in terms of structure, size, separation between management and control functions as well as the percentage of independent members [START_REF] Tasheva | Integrating diversity at different levels: multilevel human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF].

First, the board size is a key determinant of the board effectiveness.

Regarding social performance, studies provide mixed results. On the one hand, large boards may be associated with more resources and knowledge, very valuable to improve the decision-making process [START_REF] Kabir | Does corporate governance shape the relationship between corporate social responsibility and financial performance?[END_REF][START_REF] Villiers | The effect of board characteristics on firm environmental performance[END_REF]Carter et al., 2010). Appointing more diverse profiles to boardrooms increases the firm's social capital [START_REF] Hillman | Board composition and stakeholder performance: Do stakeholder directors make a difference?[END_REF][START_REF] Clarkson | A stakeholder framework for analyzing and evaluating corporate social performance[END_REF][START_REF] Pfeffer | The External Control of Organisations: A Resource Dependence Perspective[END_REF]. They can, therefore increase the firm's involvement in socially responsible activities, and social performance [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Kabir | Does corporate governance shape the relationship between corporate social responsibility and financial performance?[END_REF]. On the other hand, large boards could suffer communication and coordination problems which slower the decision-making process, specifically when directors have very different backgrounds [START_REF] Cheng | Board size and the variability of corporate performance[END_REF][START_REF] Hermalin | Board of directors as an endogenously determined illusion[END_REF][START_REF] Hermalin | Board of directors as an endogenously determined illusion[END_REF]. For instance, CEOs are more powerful and influential over small boards than large ones: it becomes easier to reach a consensus [START_REF] Cheng | Board size and the variability of corporate performance[END_REF].

Second, duality is another form of diversity of boards where there could be no separation between management and control functions. When the CEO is also the chairperson, there is a concentration of power that does not benefit CSR investments [START_REF] Jizi | Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector[END_REF]Surroca and Tribo, 2008). For instance, CEO-chair may pursue opportunistic strategies to have more private benefits on the short term, at the expense of long-term and less profitable activities such as CSR ones [START_REF] Jizi | Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector[END_REF]Surroca andTribo, 2008and Firth et al., 2007).

Finally, independent directors help to improve management quality through monitoring and better advice [START_REF] Jo | Corporate governance and firm value: The impact of corporate social responsibility[END_REF][START_REF] Hermalin | Board of directors as an endogenously determined illusion[END_REF]. From an agency perspective, it is widely known that they decrease opportunistic behavior of managers who could be tempted to extract some private benefits, specifically under asymmetric information [START_REF] Adams | Women in the boardroom and their impact on governance and performance[END_REF][START_REF] Walsh | On the efficiency of internal and external corporate control mechanisms[END_REF]. [START_REF] Jo | Corporate governance and firm value: The impact of corporate social responsibility[END_REF] provide evidence that independent board members are likely to support investment decisions that respond to stakeholders needs (Beji et la., 2020;Shaukat et al., 2015;Li et al., 2012). On the same vein, [START_REF] Adams | Women in the boardroom and their impact on governance and performance[END_REF] show that their presence improves board functioning, particularly attendance problems on board meetings.

Demographic diversity in board and social performance

Demographic diversity is a form of diversity inside boardrooms.

The profile of board members has changed in the last years, because of a social pressure: the boards are expected to appoint more diverse profiles in the image of the society they produce. Consequently, gender, foreign, and generational diversities have attracted an increasing interest.

Many studies put forward that female directors are likely to increase CSR performance at different levels [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Harjoto | Board diversity and corporate social responsibility[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Zhang | Institutional Dynamics and Corporate Social Responsibility (CSR) in an Emerging Country Context: Evidence from China[END_REF]and Carter et al., 2003). In fact gender diverse boards have better social performance than less diverse ones (Carter et al., 2003); In fact, women members seem to be more concerned about governance, environmental and social issues [START_REF] Conyon | Firm performance and boardroom gender diversity: A quantile regression approach[END_REF][START_REF] Mc | Corporate governance, female directors and quality of financial information[END_REF][START_REF] Rodriguez-Ariza | Consequences of earnings management for corporate reputation: Evidence from family firms[END_REF][START_REF] Post | Green governance: Boards of directors' composition and environmental corporate social responsibility[END_REF][START_REF] Braun | Going green: women entrepreneurs and the environment[END_REF][START_REF] Nielsen | The contribution of women on boards of directors: Going beyond the surface[END_REF]. They could be tempted to undertake non-profit activities (The social identity theory, [START_REF] Ashforth | Social identity theory and the organization[END_REF]. In line with the social role theory [START_REF] Eagly | Sex Differences in Social Behaviour: A Social-Role Interpretation[END_REF][START_REF] Eagly | Explaining sex differences in social behavior: A meta-analytic perspective[END_REF], women are prone to be altruistic and to care about relationships (Gneezy and Crosen, 2009). In fact, previous studies point out that women have higher cognitive moral reasoning scores and more ethical perceptions than men [START_REF] Forte | Business ethics: A study of the moral reasoning of selected business managers and the influence of organizational ethical climate[END_REF][START_REF] Elm | Determinants of moral reasoning: Sex role orientation, gender, and academic factors[END_REF][START_REF] Eynon | Factors that influence the moral reasoning abilities of accountants: Implications for universities and the profession[END_REF]). From the upper echelons' theory perspective [START_REF] Hambrick | Upper echelons: The organization as a reflection of its top managers[END_REF], women display specific cognitive features. They bring their differences to boardrooms that have been male-controlled places for long time [START_REF] Sundarasen | Board composition and corporate social responsibility in an emerging market[END_REF][START_REF] Carpenter | The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance[END_REF][START_REF] Pelled | Exploring the black box: An analysis of work group diversity, conflict and performance[END_REF].

They also, have different academic and professional backgrounds which give access to more resources and specific networks (the resource dependence theory, [START_REF] Pfeffer | The External Control of Organisations: A Resource Dependence Perspective[END_REF]. These resources are valuable when it comes to the implementation of CSR projects [START_REF] Conyon | Firm performance and boardroom gender diversity: A quantile regression approach[END_REF][START_REF] Rodriguez-Ariza | Consequences of earnings management for corporate reputation: Evidence from family firms[END_REF][START_REF] Mc | Corporate governance, female directors and quality of financial information[END_REF][START_REF] Boulouta | Hidden connections: The link between board gender diversity and corporate social performance[END_REF].

Generational diversity is also a requirement for social performance [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Ferrero-Ferrero | Board Diversity: An Empirical Study in the Board of Directors[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF]. Age diversity could help to solve "narrow group thinking" problems and could be associated with specific level of knowledge and openness to new ideas [START_REF] Ouma | Effect of Age Diversity of Board Members on Performance of Non-Governmental Organizations in Kenya[END_REF][START_REF] Ferrero-Ferrero | Board Diversity: An Empirical Study in the Board of Directors[END_REF]. Regarding age diversity and social performance, previous studies provide mixed results. When they mature, directors could become more sensitive to society's needs: they get involved in a giving-back to society process [START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF]Kets de Vries et al., 1984). Thus old directors help to improve social performance. However, because of the changes in universities curricula, specifically on management and business programs, young directors could also be sensitive to CSR activities. In the last years, universities have introduced specific programs on sustainable development and CSR. For instance, [START_REF] Post | Green governance: Boards of directors' composition and environmental corporate social responsibility[END_REF] provide evidence that young members are sensitive to environmental and ethical issues.

Another interesting feature of board diversity is the presence of foreign members (Beji et al., 2020, Hafsi and[START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Tihanyi | The effect of cultural distance on entry mode choice, international diversification, and MNE performance: A meta-analysis[END_REF]. The empirical investigation shows that nationality diversity enhances the firm involvement in philanthropic and local social activities [START_REF] Eskeland | Moving to Greener Pastures? Multinationals and the Pollution Haven Hypothesis[END_REF]. Their international expertise, broader and diversified networks, awareness of environmental and social issues and willingness to use new technologies are value-enhancing in terms of social performance [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Tihanyi | The effect of cultural distance on entry mode choice, international diversification, and MNE performance: A meta-analysis[END_REF][START_REF] Eskeland | Moving to Greener Pastures? Multinationals and the Pollution Haven Hypothesis[END_REF]. Non-local directors bring their cultural values and new connections to the business, specifically on environmental projects [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Oxelheim | The impact of foreign board membership on firm value[END_REF].

Different educational backgrounds are also a valuable form of diversity in boardrooms [START_REF] Rupley | Governance, media and the quality of environmental disclosure[END_REF][START_REF] Goll | The Moderating Effect of Environmental Munificence and Dynamism on the Relationship Between Discretionary Social Responsibility and Firm Performance[END_REF][START_REF] Hillman | Boards of directors and firm performance: Integrating agency and resource dependence perspectives[END_REF]. Many studies show that post-graduated directors are positively associated with the firm's success [START_REF] Geletkanycz | Bound by the past? Experience-based effects on commitment to the strategic status quo[END_REF][START_REF] Hambrick | Upper echelons: The organization as a reflection of its top managers[END_REF]. High-educated members have better capacity to absorb new ideas and adopt new challenging tendencies. They also can adjust quickly their strategies and decisionmaking process to comply with new regulations and sudden events [START_REF] Finkelstein | Strategic Leadership: Theory and Research on Executives, Top Management Teams and Boards[END_REF][START_REF] Goll | The Moderating Effect of Environmental Munificence and Dynamism on the Relationship Between Discretionary Social Responsibility and Firm Performance[END_REF][START_REF] Grimm | Research notes and communications management and organizational change: A note on the railroad industry[END_REF]. In terms of CSR, they are likely to be more sensitive to environmental issues (Azar [START_REF] Shahgholian | The effect of board roles on firm environmental governance[END_REF][START_REF] Ewert | Standing for where you sit: An exploratory analysis of the relationship between academic major and environment beliefs[END_REF]. Their international skills and experiences are valuable to understand environmentalists' needs.

Finally, sitting on multiple boards is a proxy for the busyness of the board members. Board busyness could influence the firm involvement in CSR activities (Béji et al., 2020;[START_REF] Rupley | Governance, media and the quality of environmental disclosure[END_REF]Ortizde-Mandojana, 2012). For instance, busy directors are familiar with broad practices in different businesses. They have, therefore, more information and could provide more perspectives, specifically in the implementation of new CSR initiatives (Béji et al., 2020). Firms with multiple directorships are likely to encourage the adoption of new practices coming from other firms, specifically in environment-related issues [START_REF] Rupley | Governance, media and the quality of environmental disclosure[END_REF]. On the same vein, many studies put forward a positive association between multiple directorships and the involvement in proactive environmental strategies [START_REF] Diaz | Social Networking Influence on Environmental and Corporate Performance[END_REF][START_REF] Ortiz-De-Mandojana | The effect of director interlocks on firms' adoption of proactive environmental strategies[END_REF][START_REF] Villiers | The effect of board characteristics on firm environmental performance[END_REF].

It is straightforward to see that readjusting the board composition could be valuable to enhance social performance. In fact, firms looking for sustainable development cannot ignore stakeholders' expectations and have to act responsibly [START_REF] Ferrell | Business ethics, corporate social responsibility, and brand attitudes: An exploratory study[END_REF][START_REF] Weller | Professional Associations as Communities of Practice: Exploring the Boundaries of Ethics and Compliance and Corporate Social Responsibility[END_REF]. Getting involved in socially responsible activities could be challenging and provide new opportunities. Accordingly, many firms have decided to establish specialized committees (CSR committees CSRC) to go beyond elementary and responsive CSR practices to achieve more sustainable and strategic ones (Orlizsky et al., 2011;[START_REF] Maon | Organizational stages and cultural phases: A critical review and a consolidative model of corporate social responsibility development[END_REF];

In the following, we discuss the features of CSRC and how they could lead to best-integrated CSR models and to meet, therefore, the plurality of existing demands.

CSR strategies

Many theories have been actively applied in the field of CSR, such as the theories of stakeholders' theory [START_REF] Freeman | Strategic management: A stakeholder approach[END_REF], resource-based view (Litz, 1996;[START_REF] Russo | A resource-based perspective on corporate environmental performance and profitability[END_REF]Fouts, 1997), market-based view (Lin et al., 2015;Liu et al., 2015;[START_REF] Saeidi | How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction[END_REF], branding strategy [START_REF] He | The effect of corporate social responsibility on brand loyalty: the mediating role of brand image[END_REF]Tingchi Liu et al., 2014), strategic conversations [START_REF] Miles | The role of strategic conversations with stakeholders in the formation of corporate social responsibility strategy[END_REF], public-private partnerships (Rotter et al., 2012), and emergent strategy [START_REF] Vilanova | Exploring the nature of the relationship between CSR and competitiveness[END_REF] to understand CSR strategies.

While it is assumed that firms act socially responsible because they anticipate some benefits, theories of CSR assert that firms engage in profit-maximizing CSR, being their principal motivation [START_REF] Amin-Chaudhry | Corporate social responsibility-from a mere concept to an expected business practice[END_REF][START_REF] Mcwilliams | Corporate social responsibility: A theory of the firm perspective[END_REF]. This leads to the identification of diverse CSR strategies.

According to [START_REF] Bocquet | CSR, innovation, and firm performance in sluggish growth contexts: A firm-level empirical analysis[END_REF], Zerbini (2017), andGoyder (2003), CSR strategies could be divided into two categories: (1) strategic CSR associated to high level of commitment and implies a more comprehensive implementation of CSR within a firm and (2) responsive CSR that is mainly determined by external expectations and reporting standards, and corresponds to the lowest level of commitment.

Strategic versus Responsive CSR

Many studies have tried to establish criterion to distinguish between the two CSR strategies. During the last years, the concept of strategic CSR has been widely discussed and extended while responsive CSR is still marginalized and often associated with low social performances. In fact, the current literature on CSR has adopted a biased and dichotomous view of CSR strategies: firms could adopt either a strategic CSR or a responsive CSR. However, firms could display a strategic CSR in some areas and a responsive CSR in other areas.

The strategic side of CSR seems to be a promising and relevant field for further research (McWilliams and Siegel, 2011). However, the lack of consideration of the strategic aspects of CSR, and the scarcity of theoretical research on the determinants of strategic CSR (McWilliams and Siegel, 2011) led several scholars to call for identifying the determinants of strategic CSR [START_REF] Tang | How corporate social responsibility engagement strategy moderates the CSR-financial performance relationship[END_REF][START_REF] Halme | Philanthropy, integration or innovation? Exploring the financial and societal outcomes of different types of corporate responsibility[END_REF]. While CSR tends to assume an increasingly strategic integration, very few studies analyze why organizations report different levels of strategic CSR. Thus, there is a need to deepen knowledge on the drivers and rationale of CSR behavior, and on which factors condition the level of strategic CSR integration.

Regarding the definition of strategic CSR, [START_REF] Burke | How corporate social responsibility pays off[END_REF] suggested that CSR becomes strategic in a company when social and environmental issues become a high priority, and diverse means and practices are mobilized to handle them. Accordingly, CSR is strategic "when it yields substantial business-related benefits to the firm, in particular by supporting core business activities and thus contributing to the firm's effectiveness in accomplishing its mission". Then, the concept was developed to cover actions put into practice to achieve sustainable competitive advantages. Strategic CSR is, therefore, a set of activities that are simultaneously good for the company and the society, thus improving company's performance and creating social and economic performances [START_REF] Porter | The Link Between Competitive Advantage and Corporate Social Responsibility[END_REF]Carroll, 2001;[START_REF] Marsden | Social networks, job changes, and recruitment[END_REF][START_REF] Husted | Toward a model of corporate social strategy formulation[END_REF]. Recently, studies have become more specific regarding the definition of strategic CSR. [START_REF] Athanasopoulou | The social context in CSR research: a contextualist approach with critical applications[END_REF] define strategic CSR as a continuous process that takes into account its effect, helps the company to pursue its business goals while considering the stakeholders' engagement. It related CSR to the corporate core business, auditing, setting of social targets, reporting, and implementation of social management systems [START_REF] Visser | The future of CSR: Towards transformative CSR, or CSR 2.0[END_REF]. [START_REF] Ruggiero | CSR Strategic Approach, Financial Resources and Corporate Social Performance: The Mediating Effect of Innovation[END_REF] emphasize that CSR is strategic when it increasingly goes beyond the needs of a company's stakeholders. They also argue that the assumption of a strategic perspective implies not only the definition of the business' future direction and objectives but also an understanding of the amount and apportionment of available resources. Sufficient resources allow the firm to develop strategies suitable for pursuing opportunities coherent with its current and prospective environment and capacities. Thus, resources have to be strategically invested and allocated in order to enhance CSR performance. Lately, [START_REF] Vishwanathan | Strategic CSR: a concept building meta-analysis[END_REF] have identified specific areas of strategic CSR: (1) reputation enhancement, (2) stakeholder reciprocation, (3) risk mitigation, and (4) innovation capacity.

Why should firms establish CSR committees?

Godos [START_REF] Cabeza-García | Relationship between Corporate Social Responsibility (CSR) and Internationalisation Strategies: A Descriptive Study in the Spanish Context[END_REF] argue that, in order to deal with the wide range of board's functions and for a better understanding of stakeholder expectations, companies should establish CSRCs.

The creation of a CSRC responds to stakeholder theory statements: it implies the creation of governance bodies that are able to fulfill stakeholders' needs [START_REF] Donaldson | The stakeholder theory of the corporation: Concepts, evidence, and implications[END_REF]Preston, 1995 Ullman, 1985). CSRCs have a strategic role to play in achieving corporate legitimacy and strategy formulation, and in implementing firms' CSR initiatives [START_REF] Barroso-Castro | Board members' contribution to strategy: The mediating role of board internal processes[END_REF]Fuentel et al., 2017;[START_REF] Peters | The association between sustainability governance characteristics and the assurance of corporate sustainability reports[END_REF][START_REF] Perrault | Toward a life cycle theory of board evolution: Considering firm legitimacy[END_REF][START_REF] Rodrigue | Stakeholders' influence on environmental strategy and performance indicators: A managerial perspective[END_REF].

Previous studies have discussed how CSRCs could improve the governance quality [START_REF] Bagh | The Corporate Social Responsibility and Firms' Financial Performance: Evidence from Financial Sector of Pakistan[END_REF][START_REF] Liao | Gender diversity, board independence, environmental committee and greenhouse gas disclosure[END_REF]. Also, they help to solve agency conflicts through the alignment of diverse interests (managers, shareholders and stakeholders).

Regarding social performance, empirical studies conclude that they are positively associated with environmental performance [START_REF] Konadu | Gender diversity impact on corporate social responsibility (CSR) and greenhouse gas emissions in the UK[END_REF][START_REF] Walls | Corporate governance and environmental performance: Is there really a link?[END_REF] as well as CSR performance (Eberhardt-Toth, 2016;[START_REF] Liao | Gender diversity, board independence, environmental committee and greenhouse gas disclosure[END_REF]Mallin and Michelon, 2013;[START_REF] Jo | The causal effect of corporate governance on corporate social responsibility[END_REF].

Besides, they are created to evaluate environmental risks, strategic opportunities, and policies. They have to define conducts, and commitments to stakeholders' needs, and are also involved in the process of environmental reporting [START_REF] Vishwanathan | Strategic CSR: a concept building meta-analysis[END_REF][START_REF] Post | Redefining the corporation: Stakeholder management and organizational wealth[END_REF].

On the same vein, Mahmood et al. ( 2018), [START_REF] Helfaya | Do board's corporate social responsibility strategy and orientation influence environmental sustainability disclosure? UK Evidence[END_REF], [START_REF] Law Chapple | Sustainability Committee Effectiveness and CSR Assurance[END_REF], [START_REF] Dienes | What are the drivers of sustainability reporting? A systematic review[END_REF], and [START_REF] Michelon | The effect of corporate governance on sustainability disclosure[END_REF] argue that the establishment of a CSRC enhances voluntary and social disclosure. CSRCs are considered as a sustainable reporting assurance. Furthermore, as they are supposed to promote and monitor CSR activities, their creation could serve as a positive signal to the market and other competitors [START_REF] Gennari | CSR committees on boards: The impact of the external country level factors[END_REF][START_REF] Mallin | Board reputation attributes and corporate social performance: an empirical investigation of the US Best Corporate Citizens[END_REF].

Finally, CSRCs actions could reduce the risk of litigation and other reputational risks [START_REF] Rodrigue | Stakeholders' influence on environmental strategy and performance indicators: A managerial perspective[END_REF][START_REF] Michelon | The effect of corporate governance on sustainability disclosure[END_REF][START_REF] Rupley | Governance, media and the quality of environmental disclosure[END_REF].

Diversity in CSRC

The literature on heterogeneity in CSRC is not yet fully explored.

Very few areas of diversity have been explored, such as the presence of independent members, gender diversity, age, and members' affiliations.

For instance, independent members in CSRCs are prone to ensure an effective monitoring and a better management: they reduce the risk of opportunistic behaviors (Del Valle et al., 2013;Li et al., 2012;[START_REF] Aboody | Information asymmetry, R&D, and insider gains[END_REF]. Del Valle et al. (2013) [START_REF] Surroca | Corporate responsibility and financial performance: The role of intangible resources[END_REF]Hart and Sharma, 2004).

Second, chairpersons could be CSRC members. They are, therefore, able to discuss CSR topics in board meetings [START_REF] Kim | Corporate social responsibility and employee-company identification[END_REF].

Regarding gender diversity in CSRC, previous studies show that female directors are more inclined to respond to stakeholders' expectations and could bring important resources to committees such as information, human capital, external networks, skills and constituencies that increase understanding of the creativity and innovation [START_REF] Post | Women on boards and firm financial performance: A meta-analysis[END_REF][START_REF] Adams | Women in the boardroom and their impact on governance and performance[END_REF]Carter et al., 2003). For instance, Beji et al.

(2020) argue that female directors are more likely to be sensitive to environmental issues, bring to the light critical elements of corporate governance and care more about human rights. Accordingly, female directors could encourage and require firms to adopt and adapt their strategic CSR mindsets.

Finally, regarding CSRC functioning, [START_REF] Nurulyasmin | Board Independence and Corporate Social Responsibility (CSR) Reporting in Malaysia[END_REF] show that the number of meetings organized could be considered as a proxy for directors' monitoring effort. The director is likely to be more informed about existing and appropriate strategies and actions to solve problems as the number of meetings increases [START_REF] Nurulyasmin | Board Independence and Corporate Social Responsibility (CSR) Reporting in Malaysia[END_REF][START_REF] Ponnu | Board independence and corporate performance: Evidence from Malaysia[END_REF]. Therefore, committees suffer less from asymmetric information [START_REF] Nurulyasmin | Board Independence and Corporate Social Responsibility (CSR) Reporting in Malaysia[END_REF][START_REF] Vafeas | Board meeting frequency and firm performance[END_REF].

Conclusion

The current chapter analyzes the literature on the influence of diversity in boardrooms and CSR committees.

Board diversity could be an advantage for the decision-making process, specifically in terms of socially responsible activities [START_REF] Bocquet | Strategic CSR for innovation in SMEs: Does diversity matter?[END_REF]. This heterogeneity can increase exchanges and business' connections, offer new perspectives, and influence the board's functioning. Consequently, it can influence both financial and social performances [START_REF] Isidro | The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance[END_REF]and Aggarwal and Dow, 2012). It could also promote specific CSR strategies. In fact, CSR literature identifies a dichotomous approach to define CSR strategies:

1. Strategic CSR is based on original and pioneering actions to foster interactions between the firm and stakeholders, going beyond CSR regulations and standards. It needs the mobilization of specific resources and capabilities driving superior social performance.

2. Responsive CSR is an imitative CSR strategy where the firm is involved in CSR activities responding to specific regulations and stakeholders' pressure. In calls for tenders, governments may prefer socially responsible firms.

The survey of the literature shows that more diverse boards could drive better social performance than less diverse ones (Béji et al., 2020;[START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF].

We also shed light on the key role of CSR committees on CSR performance and the implementation of strategic CSR policies (Khan, 2017;Peters and Romi, 2015;and Rodrigue et al., 2013) and how they could decrease CSR risks (Perters and Romi, 2015;and Rodrigue et al., 2013). We notice that diversity on board committees in not yet fully explored, more diverse boards lead to the creation of more diverse committees and the emerging studies on CSRC diversity provide some empirical evidence that heterogeneity in CSRC is likely to favor strategic CSR.


Ouidad Yousfi
email: ouidad.yousfi@umontpellier.fr

Nadia Loukil
email: nadialoukil@gmail.com

Why should firms achieve strategic CSR?

Keywords: CSR performance, strategic CSR, Innovation, diversity

The current chapter shows that strategic corporate social responsibility (hereafter CSR) drives more pioneering socially responsible initiatives than responsive CSR based on "imitative" activities introduced to meet stakeholders' basic expectations. We conclude that strategic CSR leads to more sustainable financial performance as well as more socially and environmentally responsible innovation. We show that more diversity in top management positions could be a necessary requirement to shape more strategic CSR strategies.

We present a critical survey of the literature structured in the following. First, we discuss the main features of CSR strategies and how they have evolved in the last years. Second, we shed light on the puzzled CSR-financial performance association. Then, we focus on the tools provided by strategic CSR to foster innovation potential of businesses and why we should rethink CSR to drive more sustainable innovations. Finally, the chapter discusses how hiring more diverse profiles in top positions could help to get out of the narrow CSR thinking and to go beyond stakeholders' expectations and reports' standards which could provide valuable opportunities to widen the innovation range in businesses through the implementation of more social, organizational and marketing innovations as well as the introduction of new products and processes.

Introduction

In the last years, many policy and market-makers have introduced programs to increase the firms' involvement in socially responsible activities. For instance, the French government has provided many incentives to increase CSR investments and transparency, like for example the New Economic Regulations (NER law, 2001) 3 , the Grenelle Environment Forum (2007 and 2010) 4 , the Energy Transition Act (2015) 5 and the France's Due Diligence Law (2017) 6 . The main aim of these programs is to provide incentives to the firms, particularly listed ones, to get involved in more socially responsible activities.

In fact, for many years, the decision-making process has been drawn on the challenge of how to increase short-term returns, most often at the expense of long-term and sustainable development. It has been shaped by a short-term and restrictive thinking. Focusing solely on increasing shareholders' wealth is not any more the guarantee for the business' survival and legitimacy. Firms have to adopt a more inclusive holders' philosophy and to be concerned about the identification of their stakeholders and their needs. They have to increase the social performance as well as the financial one. Indeed, socially responsible projects could provide an alternative way to increase the firms' resources and connections, the effectiveness of their management, and to achieve a sustainable development (Carvalho et al., 2018). The survey of the literature on corporate governance and CSR shows that there are two main CSR approaches: strategic CSR and responsive CSR. They display different features and influential effects on social and financial performances.

In the following, we present the development of CSR strategies and their specific features.

Then, we address how they could benefit to businesses, and help to overcome the current challenges. The last part of this chapter discusses the moderating role of top managers, specifically the influence of their cognitive and demographic traits, on achieving more socially and environmentally responsible businesses.

CSR strategies

Recent studies show the presence of two forms of CSR strategies depending on the business degree on involvement in socially and environmentally responsible activities, namely strategic CSR and responsive CSR (see among others Vishwanathan et al., 2020;[START_REF] Bocquet | CSR, innovation, and firm performance in sluggish growth contexts: A firm-level empirical analysis[END_REF]Bocquet et al. , 2019;;[START_REF] Porter | Strategy and society: The link between competitive advantage and corporate social responsibility[END_REF].

In fact, CSR strategies have matured: firms were first developing CSR activities that are closely related to the scope of their main activities to meet reporting standards and basic expectations of stakeholders. Then they have started to initiate more pioneering and strategic CSR projects based on an active and dynamic interaction with multiple stakeholders groups.

These strategies have led to the implementation of a more comprehensive and inclusive CSR thinking. These initiatives go beyond basic stakeholders' requests [START_REF] Bocquet | CSR, innovation, and firm performance in sluggish growth contexts: A firm-level empirical analysis[END_REF]Zerbini, 2017).

The survey of CSR literature shows that despite the booming number of studies on strategic CSR, it is not yet clearly established how to define strategic CSR strategies in comparison with responsive ones. More specifically, very rare academic papers have tried to distinguish between responsive and strategic strategies of CSR. In the following, we discuss the different CSR approaches in the last years and how they led to the definition of this dichotomous approach of CSR.

Responsive CSR

The defensive CSR

The first CSR strategies have been influenced by the age of greed in which CSR was seen as an extension of the existing financial tools mainly serving the shareholders' interests: they are meant to increase shareholders' value. Accordingly, managers are prone to prefer CSR activities protecting financial results, specifically short-term returns, at the expense of more sustainable and less profitable socially and environmentally responsible activities. The first age of CSR is based on "defensive" initiatives: they are undertaken when they are profitable.

Thinking of socially and environmentally activities to drive more returns could not lead to a sustainable development.

As defensive CSR is meant to increass shareholders' wealth, it marginalises stakeholders and therefore the opportunties they could provide to the business. Consequently, it cannot provide a good understanding of different expectations which increase agency conflicts. Also, as it is focuses on actions enhancing the corporate reputation, it could be "poor vector" of innovation (Bertrand et al., 2020).

Despite the involvement in CSR activities, many large corporates such as Enron have collapsed during the financial crisis. Green models they have been promoting to enhance their market image, have been green-washing models initiated to gain customers and suppliers legitimacy. Their practices have contributed to the quick spread of the crisis [START_REF] Miller | Demographic diversity in the boardroom: Mediators of the board diversity-firm performance relationship[END_REF].

The consequences of subprime crisis pushed policy-and market-makers, and managers to think of their role on promoting more sustainable system through responsible governance and management. Enron scandal is definitely a juncture in CSR literature that serves to the introduction of the second age of CSR (Owen, 2005;Heath and Norman, 2004).

The charitable CSR

CSR activities cannot be reduced to improving the market image of the firm, it has to be more concerned about the society and the environment needs. In the second CSR age, CSR strategies become more associated to charitable actions: this is the philanthropic age of CSR Investors have to raise their money in projects serving communities' interests (Carnegie, 1889). In addition to increasing shareholders wealth, CSR investments are undertaken to empower the community through an equal distribution of wealth: they are considered the "Gospel of Wealth" that drives growth.

The association of philantrophy and investments could initiate strong partnerships between universities and non-profit organizations which increase creativity and carry innovative opportunities (Marsh, 2018;Bereskin and Hsu, 2016). However, this association must be consistent with the main activities of the business to avoid wasting money and non-profitable activities. Accordingly, the undertaken CSR projects have to be profitable as much as conventional activities and to generate significant cash-flows: firms should be able to raise money in financially profitable socially responsible activities. In fact, these two conditions seem to be prominent when it comes to choosing the appropriate ones, which reduces the scope of "compliant" CSR activities. Consequently, the implemented CSR activities failed drastically to solve real social and environmental issues.

According to Burke and Logsdon (1996), binding this philanthropic condition is one of the dimensions of strategic CSR, namely the "specificity" dimension. However, in the philanthropic CSR, the specificity dimension is generic, and not strategically involved in the CSR policy of the business. Furthermore, [START_REF] Porter | Strategy and society: The link between competitive advantage and corporate social responsibility[END_REF] underlined that each firm has to deal with social and environmental issues, specific to its industry. Accordingly, CSR actions must be consistent and entirely incorporated with the global business strategy.

Philanthropic CSR failed to create dynamic effects able to influence the business strategy, specifically its everyday operations, competitiveness and growth. However, very recently, De Silva and Wright (2019) pointed out that the charity aspect in CSR activities could be a necessary requirement to open innovation, particularly due to the strong connections it is able to establish between profit and non-profit structures.

The promotional CSR

The limits of charitable CSR lead the firm to get involved in a promotional building process where CSR activities are social activities that help the business to enhance corporate reputation and the market image. Unlike defensive CSR, the firm has to bet on public relations, specifically on the trust of the most powerful and profitable stakeholders.

Accordingly, it has to identify and deal with different groups of stakeholders as their perception is going to shape the firm market image and therefore its CSR strategy. Relying on stakeholders to build a brand image conveys more dynamic exchanges in CSR projects: this is the age of social marketing. It comes also from the need of stakeholders to see businesses taking socially responsible initiatives transforming the real world (Lefebvre, 2012).

Then, optimal CSR strategy has to align the interests of shareholders and stakeholders by enhancing the stakeholders' perception of the business. Thus if stakeholders are highlighting environmental issues related to the business activities, the firm is supposed to take advantage of these opportunities to gain the stakeholders trust. This approach is definitely meant to reduce reputational risk through increasing visibility (Singh and Dhir, 2019). Unlike charitable CSR, promotional CSR and its marketing dimension have been strategically integrated in CSR policies.

Singh and Dhir (2019) notice, however, that customers are skeptical and find that spending on the marketing of CSR is most often larger than spending on CSR marketing. In other words, they find that many real social issues with low visibility are marginalized at the expense of less significant social issues with greater visibility. They suspect CSR marketing to manipulate stakeholders as there is a huge gap between how CSR shows off and how it is Finally, firms that do not apply CSR strategically are applying it in a responsive way: defensive, charitable and promotional CSR approaches are responsive and were not able to integrate CSR as a hardcore of the business global strategy.

Strategic CSR

The consecutive sandals on CSR leads to the development of a more integrated CSR strategy: a more strategic CSR (Brenkert, 2019).

The strategic side of CSR seems to be a promising and relevant field for further research (McWilliams and Siegel, 2011). However, the lack of consideration of the strategic aspects of CSR, and the scarcity of theoretical research on the determinants of strategic CSR led several scholars to call for identifying the determinants of strategic CSR (Tang et al., 2012;Halme and Laurila, 2009). While CSR tends to assume an increasingly strategic integration, very few studies analyze why organizations report different levels of strategic CSR. Thus, there is a need to deepen knowledge on the drivers and rationale of CSR behavior, and on which factors condition the level of strategic CSR integration. Burke and Logsdon (1996) argue that CSR becomes strategic in a company when social and environmental issues become a high priority, and diverse means and practices are mobilized to handle them. Accordingly, CSR is strategic "when it yields substantial businessrelated benefits to the firm, in particular by supporting core business activities and thus contributing to the firm's effectiveness in accomplishing its mission". Then, the concept was developed to cover actions put into practice to achieve sustainable competitive advantages.

Strategic CSR is, therefore, a set of activities that are simultaneously good for the company and the society, thus improving company's performance and creating social and economic performances [START_REF] Porter | Strategy and society: The link between competitive advantage and corporate social responsibility[END_REF]Carroll, 2001;Marsden et al., 2001;Husted and Allen, 2001). Recently, studies have become more specific regarding the definition of strategic CSR. Athanasopoulou and Selsky (2016) define strategic CSR as a continuous process that takes into account its effect, helps the company to pursue its business goals while considering the stakeholders' engagement. It related CSR to the corporate core business, auditing, setting of social targets, reporting, and implementation of social management systems (Visser, 2016). Ruggiero and Cupertino (2018) emphasize that CSR is strategic when it increasingly goes beyond the needs of a company's stakeholders. They also argue that the assumption of a strategic perspective implies not only the definition of the business' future direction and objectives but also an understanding of the amount and apportionment of available resources. Sufficient resources allow the firm to develop strategies suitable for pursuing opportunities coherent with its current and prospective environment and capacities. Thus, resources have to be strategically invested and allocated in order to enhance CSR performance. Lately, Vishwanathan et al. ( 2020) described the non-strategic side of CSR as a blind spot to CSR researchers. Indeed, investigations' focus has been oriented to the strategic CSR. They have identified specific areas of strategic CSR: (1) reputation enhancement, (2) stakeholder reciprocation, (3) risk mitigation, and (4) innovation capacity.

CSR has suffered narrow thinking that led to the development of a binary approach where firm's classification has become absolute. From a theoretical perception, a company is whether strategic or responsive, while in reality, it can develop responsive CSR strategies in some areas and strategic CSR in other areas. It is clear that Vishwanathan et al. ( 2020)'s approach encompasses promotional, charitable and promotional aspects of CSR. At this stage, we should point out there is no sole definition of the strategic CSR which makes the CSR understanding more blurred.

Strategic CSR and financial performance

In CSR literature, many studies have focused on building arguments on how corporate responsibility may influence corporate financial performance. From a resource-based view, the firm may perform better than its competitors when it relies, over time, on specific resources such as human, physical and organizational assets: this is the hardcore of the stakeholder theory [START_REF] Freeman | Strategic Management: A Stakeholder Approach[END_REF][START_REF] Clarskon | A stakeholder framework for analyzing and evaluating corporate social performance[END_REF]. Building better relations with employees, customers, suppliers and communities could increase financial performance. In fact, financial outcomes are driven by tangible as well as intangible assets which could be valuable sources of competitive advantages (Hillman and Keim, 2001;[START_REF] Hart | A natural resource-based view of the firm[END_REF].

Raising money in socially responsible activities is likely to enhance the firm's reputation among customers, suppliers, employees, regulators [START_REF] Carmeli | The role of perceived organizational performance in organizational identification, adjustment and job performance[END_REF][START_REF] Brammer | Corporate reputation and social performance: the importance of fit[END_REF][START_REF] Berman | Does stakeholder orientation matter? The relationship between stakeholder management models and firm financial performance[END_REF]. It could also decrease agency conflicts between managers and the firm's stakeholder: reducing agency conflicts leads to a better financial performance [START_REF] Harjoto | Corporate governance and CSR Nexus[END_REF].

However, according to [START_REF] Mazutis | Why zero is not one: towards a measure of corporate social strategy[END_REF]Mazutis ( , 2013) ) and [START_REF] Akpinar | Strategic use of CSR as a signal for good management[END_REF], important questions should be raised: can firms successfully balance the competing demands of various stakeholders by balancing investments in different dimensions of CSR? And how do CSR activities affect financial performance? For many years, traditional economic theory considers corporate engagement on CSR activities as an economic disadvantage (Jensen and Meckling, 1976;[START_REF] Friedman | The Social Responsibility of Business Is to Increase Its Profits[END_REF]. Indeed, [START_REF] Friedman | The Social Responsibility of Business Is to Increase Its Profits[END_REF] state that that "the social responsibility of business is to increase its profits" (Friedman, 1970, p. 1). In other words, managers must focus on the purpose of maximizing shareholders' return even when they are raising money on CSR projects: CSR returns are not supposed to increase their personal reputation [START_REF] Barnea | Corporate social responsibility as a conflict between shareholders[END_REF]. Indeed, corporate social activity is considered as an agency costs that could deteriorate corporate profits (Kruger, 2015;[START_REF] Cronqvist | Do entrenched managers pay their workers more?[END_REF]Surroca and Tribó, 2008;[START_REF] Pagano | The political economy of corporate governance[END_REF][START_REF] Aupperle | An empirical examination of the relationship between corporate social responsibility and profitability[END_REF][START_REF] Vance | Are socially responsible corporations' good investment risks?[END_REF]. [START_REF] Jensen | Value maximization, stakeholder theory, and the corporate objective function[END_REF] discusses the relation between value maximization and stakeholder theory and argues that firms cannot achieve value maximization without satisfying the interests of its stakeholders: this is the enlightened stakeholder theory. He suggests that the value maximization is the only indicator of the accountability of managers. According to Porter and[START_REF] Porter | Creating a shared value[END_REF][START_REF] Jensen | Value maximization, stakeholder theory, and the corporate objective function[END_REF], investing in CSR activities may have an indirect positive effect on financial performance. Satisfying stakeholders (shareholders, employees, customers, suppliers, the environment, the community) could support firm's operations and may lead to higher profits and higher shareholder value. Hence, CSR is considered as a part of the whole value maximization strategy of the firm. "This strategic CSR is simply a profit-maximization strategy motivated by self-interest and not by a conception of corporate social responsibility" (Baron, 2001, p. 9). Indeed, [START_REF] Porter | Strategy and society: The link between competitive advantage and corporate social responsibility[END_REF] argue that firms investing strategically with respect to social interests will have a competitive advantage, which leads to enhance firm value.

In the same vein, to answer to the question "should firms carry out such profit-sacrificing activities"?, [START_REF] Reinhardt | Corporate social responsibility through an economic lens[END_REF] argue that, in most cases, firms make the decision to invest in social activities based on the criterion of profitability like other traditional investments. Hence, they "are engaged in more profitable-set of socially beneficial activities that are still contributing to their financial goals (Reinhardt et al, 2008, p.235).

From another angle of view, [START_REF] Baron | Managerial contracting and corporate social responsibility[END_REF] point out that CSR investments could be a productive ones. In fact, consumers are more attracted by socially profitable firms and some investors prefer raising their money on CSR activities even when they display lower returls in short term. Accordingly, more responsible firms could have higher value due to their reputational premium [START_REF] Besley | Retailing public goods: the economics of social responsibility[END_REF] To analyze causality in CSR-financial performance association, [START_REF] Nelling | Corporate social responsibility and financial performance: the "virtuous circle" revisited[END_REF] raise the following questions:

(1) Does "''doing good'' socially leads to ''doing well'' financially, whether firms exhibiting superior financial performance or devote more resources to social activities.

(2)Why should a ''virtuous circle'' exist?" (Nelling and Webb, 2009 p. 198) provide evidence that strong stock market performance leads to greater firm investment in CSR activities when these activities are dedicated to enhancing employees' relations. They conclude, however, that CSR activities are not likely to affect financial performance. However, [START_REF] Waddock | The corporate social performance-financial performance link[END_REF] and Hillman and Keim (2001)' findings confirm the existence of a virtuous circle.

One explanation could be the nonlinear relationship between CSR and financial performance.

The idea is to assess the trade-off between costs and benefits of CSR. [START_REF] Nollet | Corporate social responsibility and financial performance: a non-linear and disaggregated approach[END_REF] shows a U-shaped relationship between CSR performance and accounting performance indicators. Social performance could drive financial performance only when it reaches a certain level. Otherwise, any additional investment on CSR activities lowers financial performance.

In hospitality sector, [START_REF] Franco | Are you good enough? CSR, quality management and corporate financial performance in the hospitality industry[END_REF] advance that stakeholders may appreciate firms performing well in CSR but they do not depreciate less socially profitable firms. They suggest that CSR costs could be covered by CSR benefits only when CSR strategy is successful. Their study provides evidence of U shaped relationship. Accordingly, they recommend that companies should reach high levels of CSR investments and avoid medium levels. In fact low and medium levels of CSR investments could lead to: (1) reputational risks due to scandals and (2) a poor financial performance as they are expensive. In addition, they find a curvilinear relationship in the post-2008 crisis period, showing that CSR could improve financial performance even in period of crisis, and its sustainability.

Strategic CSR and Innovation

The innovation-CSR association has been examined extensively in last decade. In most studies, analysis was made to test if innovation is the channel through which CSR could affect financial performance (among others [START_REF] Cook | The influence of corporate social responsibility on investment efficiency and innovation[END_REF][START_REF] Visser | The age of responsibility CSR 2.0 and the new DNA of business[END_REF]. The intuition is that innovation and CSR are the both corporate strategies with long term perspectives [START_REF] Katila | When does lack of resources make new firms innovative[END_REF][START_REF] Edwards | Characterization of innovations introduced on the US market in 1982[END_REF]. Some studies consider firms' investments on CSR as a determinant of innovation. Indeed, [START_REF] Porter | Strategy and society: The link between competitive advantage and corporate social responsibility[END_REF], argue that investments in CSR are a source of opportunity, innovation, and competitive advantage. In addition, corporate abilities to create long-term value through social responsible activities include innovation through the introduction of new technologies, operating methods, and management approaches [START_REF] Porter | Creating a shared value[END_REF].

Hence, the ability to focus on long-term value creation through a strategy based on economic and social values, improves cognitive flexibility and promotes creative ideas to solve problems [START_REF] Grant | The necessity of others is the mother of invention: Intrinsic and prosocial motivations, perspective taking, and creativity[END_REF][START_REF] De Dreu | Rational self-interest and other orientation in organizational behavior: A critical appraisal and extension of Meglino and Korsgaard[END_REF]. In the same vein, [START_REF] Porter | Creating a shared value[END_REF] state that: "this value creation will drive the next wave of innovation and productivity growth in the global economy" (Porter and Kramer, 2011, p. 65). In the same vein, Cook et al.

(2019) provide evidence that firms with higher CSR performance produce more patents and patent citations while Lefebvre, (2012) argue that social marketing could drive more marketing innovation. Also, Innovation may be a smart device to solve environment issues and achieve corporate sustainability. In fact, innovation could create value and deal with the environment and society issues [START_REF] Grayson | A New Mindset for Corporate Sustainability[END_REF][START_REF] Pavelin | The corporate social performance content of innovation in the UK[END_REF][START_REF] Labatt | Corporate Response to Environmental Issues: Packaging[END_REF]. Hence, it is a hardcore of any sustainable strategy aiming to reduce environmental burdens or to reach ecologically specified sustainability targets [START_REF] Rennings | Redefining Innovation-Eco-Innovation Research and the Contribution from Ecological Economics[END_REF].

According to the European Commission ( 2006), CSR may contribute to corporate sustainability development and increase corporate competitive potential by driving innovation. In the same vein, [START_REF] Nidumolu | Why sustainability is now the key driver of innovation[END_REF] argue that the CSR is considered a fundamental driver of innovation while [START_REF] Rexhepi | Corporate social responsibility (CSR) and innovation the drivers of business growth[END_REF] argue that corporate social activities and innovation are the core of business competencies. Innovative investments are necessary for firms' growth and survival [START_REF] Kim | Corporate social responsibility driven innovation[END_REF]. It may guarantee long-term profit since its focus on technology and in R&D and ensure sustainability to human, social, environmental, technical, and economic investments. [START_REF] Szutowski | The Relation between CSR and Innovation. Model Approach[END_REF] show that the influence of innovation on strategic CSR practices depend on the type and intensity of innovation. They provide evidence also that the influence of CSR on innovation depend on CSR feature, such as type of reaction, degree of development, and field of activity.

Strategic CSR and Diversity

The strong connections between corporate businesses and their environment and how they continually change, have shifted the interest towards managers and board members, more specifically their demographic and cognitive traits instead of focusing on supervisors (Vallejo, 2009).

Diversity on top management positions and boards has attracted an increasing interest (see among others [START_REF] Attia | Do Directors' attributes Influence Innovation? Empirical evidence from France[END_REF][START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF]2020, Tasheva and[START_REF] Tasheva | Integrating diversity at different levels: multi-level human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF][START_REF] Jizi | The Influence of Board Composition on Sustainable Development Disclosure[END_REF][START_REF] Harjoto | Board diversity and corporate social responsibility[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF]. It is widely argued that diversity on boardrooms have effects on many business areas, such as financial performance, governance quality, innovation, and risk preferences [START_REF] Tasheva | Integrating diversity at different levels: multi-level human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF]Adams et al., 2015;[START_REF] Miller | Demographic diversity in the boardroom: Mediators of the board diversity-firm performance relationship[END_REF]Kang et al., 2007;[START_REF] Ruigrok | Nationality and gender diversity on Swiss corporate boards[END_REF]Carter et al., 2003;[START_REF] Robinson | Building a business case for diversity[END_REF].

In fact, diversity could lead to meaningful changes in leadership style, generate new ideas, and challenge the business management, through specific channels such as the presence of independent, female and foreign directors, and directors who belong to minorities. In fact, getting involved in more inclusive nomination policies helps the company to get access to new opportunities through a better understanding of the market expectations and a deployment of more resources (Carter et al., 2003). Also, [START_REF] Hambrick | The influence of top management team heterogeneity on firms' competitive moves[END_REF] and Nielsen (2010) put forward that, in high uncertainty contexts, diverse teams are more successful.

Regarding board diversity, the academic literature distinguishes two different types of diversity: (1) diversity in boards in which board members display different demographic traits such as age, gender, nationality, and (2) diversity of boards is explained by structural differences between boards such as the board size, CEO-chair structure, duality, boord committees and independence (see among others [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF]Mahadeo et al. 2012;Kang, 2007;[START_REF] Erhardt | Board director diversity and firm financial performance[END_REF]Millikens and Martin, 1996).

Most often, diversity has been discussed in the light of the competitive advantage, it could provide to the business on the short term as well as the long term [START_REF] Erhardt | Board director diversity and firm financial performance[END_REF][START_REF] Siciliano | The relationship of board member diversity to organisational performance[END_REF][START_REF] Murray | Top Management Group Hetero-geneity and Firm Performance[END_REF]. Lately, more papers have stated that getting more diverse top management is an ethical requirement to go beyond the restrictive financial view, mainly focused on short-term returns (Mahadeo et al. 2012;Carter et al., 2003). In fact [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF] provide evidence that all diversity forms are valuable to improve corporate social responsibility CSR at different levels, such as the governance quality, the protection of humain rights, employees' protection, and the involvement in ethical activities.

Taking into account cognitive and psychological features in top management positions could shape the decision-making process. Indeed, directors' ideas and choices are influenced by their individuals' beliefs and values (Hemmingway and Maclagan, 2004). On the same vein, the adoption of CSR practices, specifically on the absence of mandatory CSR standards, is the result of stakeholders' pressure as well as personal beliefs [START_REF] Deegan | Stakeholder influence on corporate reporting: An exploration of the interaction between WWF-Australia and the Australian minerals industry[END_REF].

The strategic CSR-diversity association is supported by many theories. Under the upper echelons theory [START_REF] Hambrick | Upper echelons: The organization as a reflection of its top managers[END_REF], in diverse boards directors have more and different characteristics. They have, therefore, more knowledge, skills, values, and professional experiences which generate more ideas and opportunities. Diversity could enhance transparency, monitoring, and communication which are among the basic requirements of stakeholders. İt is likely to increase the business involvement in a more strategic CSR [START_REF] Aggarwal | Board diversity and firm performance: the role of business group affiliation[END_REF][START_REF] Tasheva | Integrating diversity at different levels: multi-level human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF]Hambrick, 2007).

From an agency perspective (Jensen and Meckling, 1976), board members are supposed to monitor top managers to ensure that they serve shareholders' interests. The board effectiveness is closely related to its composition (Jo andHarjoto, 2011, 2012). For instance, increasing corporate transparency improves the decision-making process.

Resource dependence theory [START_REF] Pfeffer | The External Control of Organisations: A Resource Dependence Perspective[END_REF]) also supports the influencial effects of diversity in boards. Appointing more diverse profiles to boardrooms allows the firms to get access to more diverse resources, in terms of experiences, skills and networks (see among others Locke and Reddy, 2015;[START_REF] Taljaard | Board diversity and financial performance: A graphical time-series approach[END_REF][START_REF] Mak | Intellectual capital performance and board characteristics of GCC banks[END_REF][START_REF] Bear | The impact of board diversity and gender composition on corporate social responsibility and firm reputation[END_REF]. All these resources are valuable when the firm have to meet shareholders expectations, and therefore for the development of a CSR strategy (Béji et al., 2020;[START_REF] Harjoto | Board diversity and corporate social responsibility[END_REF][START_REF] Davis | Corporations and economic inequality around the world: The paradox of hierarchy[END_REF][START_REF] Vinnicombe | Locks and keys to the boardroom[END_REF].

Hereafter, we discuss the effects of different forms of diversity on CSR strategy.

Structural diversity in boards and CSR

Structural diversity refers to diversity of boards. In fact, boards display different features in terms of structure, size, separation between management and control functions as well as the percentage of independent members [START_REF] Tasheva | Integrating diversity at different levels: multi-level human Capital, social Capital, and demographic diversity and their implications for team effectiveness[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF].

Regarding the board size, large boards are a key determinant of the board effectiveness. Regarding social performance, studies provide mixed results. On the one hand, large boards may be associated with more resources and knowledge, very valuable to improve the decision-making process [START_REF] Kabir | Does corporate governance shape the relationship between corporate social responsibility and financial performance?[END_REF][START_REF] Villiers | The effect of board characteristics on firm environmental performance[END_REF]Carter et al., 2010).

Appointing more diverse profiles to boardrooms increases the firm's social capital (Hillman et al., 2001;[START_REF] Clarkson | A stakeholder framework for analyzing and evaluating corporate social performance[END_REF][START_REF] Pfeffer | The External Control of Organisations: A Resource Dependence Perspective[END_REF]. Heterogeneity of profiles can, therefore increase the firm's involvement in socially responsible activities, and social performance [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Kabir | Does corporate governance shape the relationship between corporate social responsibility and financial performance?[END_REF]. On the other hand, large boards could suffer communication and coordination problems which slower the decision-making process, specifically when directors have very different backgrounds [START_REF] Cheng | Board size and the variability of corporate performance[END_REF][START_REF] Hermalin | Board of directors as an endogenously determined illusion[END_REF][START_REF] Bushman | Financial accounting information and corporate governance[END_REF]. For instance, CEOs are more powerful and influential over small boards than large ones: it becomes easier to reach a consensus [START_REF] Cheng | Board size and the variability of corporate performance[END_REF]. Also , duality is another form of diversity of boards where there could be no separation between management and control functions. When the CEO is also the chairperson, there is a concentration of power that does not benefit CSR investments [START_REF] Jizi | Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector[END_REF]Surroca and Tribo, 2008). Pro-CSR CEOs may preferot undertake socially reponsible activities at the expense of conventional activities that do not meet stakeholders' needs. Hoewever many studies have concluded that dualilty is likely to worsen the CEO entrenchement: the CEO-chair may pursue opportunistic strategies to have more private benefits on the short term, at the expense of long-term and less profitable activities such as CSR ones [START_REF] Jizi | Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector[END_REF]Surroca andTribo, 2008and Firth et al., 2007).

Besides, board independency is a widely discusssed feature in corporate governance literature. Independent directors help to improve management quality through monitoring and better advice [START_REF] Harjoto | Corporate governance and CSR Nexus[END_REF][START_REF] Hermalin | Board of directors as an endogenously determined illusion[END_REF]. From an agency perspective, it is widely known that they decrease opportunistic behavior of managers who could be tempted to extract some private benefits, specifically under asymmetric information [START_REF] Adams | Women in the boardroom and their impact on governance and performance[END_REF][START_REF] Walsh | On the efficiency of internal and external corporate control mechanisms[END_REF]. [START_REF] Harjoto | Corporate governance and CSR Nexus[END_REF] provide evidence that independent board members are likely to support investment decisions that respond to stakeholders needs (Beji et la., 2020;Shaukat et al., 2015;Li et al., 2012). On the same vein, [START_REF] Adams | Women in the boardroom and their impact on governance and performance[END_REF] show that their presence improves board functioning, particularly attendance problems on board meetings.

Finally, in order to develop their CSR strategies, many firms have decided to establish specialized board committees, namely CSR committees CSRC [START_REF] Peters | The association between sustainability governance characteristics and the assurance of corporate sustainability reports[END_REF][START_REF] Rodrigue | Stakeholders' influence on environmental strategy and performance indicators: A managerial perspective[END_REF]; CSRCs aim to guide the company towards more strategic CSR actions, through the implementation of CSR initiatives, decreasing CSR risks and pursuing new opportunities [START_REF] Hussain | Does it pay to be sustainable? Looking inside the black box of the relationship between sustainability performance and financial performance[END_REF]Orlizsky et al., 2011;Maon et al., 2010). CSRCs could lead to best-integrated CSR models and to meet, therefore, the plurality of existing demands.

They play a key role in the development of a strategic CSR policy and improving social performance (Khan, 2017). They also have to check the compliance with regulations and initiatives in order to decrease CSR risks [START_REF] Peters | The association between sustainability governance characteristics and the assurance of corporate sustainability reports[END_REF][START_REF] Walls | Corporate governance and environmental performance: Is there really a link?[END_REF]. Not surprisingly, corporate governance literature shows that the presence and the composition of CSRC influence corporate outcomes [START_REF] Uzun | Board composition and corporate fraud[END_REF][START_REF] Klein | Firm performance and board committee structure[END_REF][START_REF] Beasley | An empirical analysis of the relation between the board of director composition and financial statement fraud[END_REF].

Diverse boards are prone to create diverse committees, which is valuable, specifically in CSRC, when it comes to the implementation of strategic CSR policies. The attributes of CSRC members could, therefore, matter in the definition of a CSR strategy and its implementation.

Demographic diversity in board

Demographic diversity is a form of diversity inside boardrooms. The profile of board members has changed in the last years, because of a social pressure: the boards are expected to appoint more diverse profiles in the image of the society they produce. Consequently, gender, foreign, and generational diversities have attracted an increasing interest.

Many studies put forward that female directors are likely to increase CSR performance at different levels [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Harjoto | Board diversity and corporate social responsibility[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Zhang | Institutional Dynamics and Corporate Social Responsibility (CSR) in an Emerging Country Context: Evidence from China[END_REF]and Carter et al., 2003). In fact gender diverse boards have better social performance than less diverse ones (Carter et al., 2003); In fact, women members seem to be more concerned about governance, environmental and social issues [START_REF] Conyon | Firm performance and boardroom gender diversity: A quantile regression approach[END_REF][START_REF] Mc | Corporate governance, female directors and quality of financial information[END_REF]Rodriguez Ariza et al., 2016;[START_REF] Post | Green governance: Boards of directors' composition and environmental corporate social responsibility[END_REF][START_REF] Braun | Going green: women entrepreneurs and the environment[END_REF]Nielsen and Huse, al. (2011) provide evidence that young members are sensitive to environmental and ethical issues.

Another interesting feature of diversity in boards, is the presence of foreign members (Beji et al., 2020, Hafsi and[START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF][START_REF] Tihanyi | The effect of cultural distance on entry mode choice, international diversification, and MNE performance: A meta-analysis[END_REF]. The empirical investigation shows that nationality diversity enhances the firm involvement in philanthropic and local social activities [START_REF] Eskeland | Moving to Greener Pastures? Multinationals and the Pollution Haven Hypothesis[END_REF]. Their international expertise, broader and diversified networks, awareness of environmental and social issues and willingness to use new technologies are value-enhancing in terms of social performance [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Tihanyi | The effect of cultural distance on entry mode choice, international diversification, and MNE performance: A meta-analysis[END_REF][START_REF] Eskeland | Moving to Greener Pastures? Multinationals and the Pollution Haven Hypothesis[END_REF]. Non-local directors bring their cultural values and new connections to the business, specifically on environmental projects [START_REF] Beji | Board Diversity and Corporate Social Responsibility: Empirical Evidence from France[END_REF][START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF]Oxelheim and Randoy, 2003).

Appointing members who have different educational backgrounds is also a source of cognitive diversity that could be valuable for social performance and strategic CSR (Rupley et al., 2012;Goll and Rasheed, 2004;Hillman and Dalziel, 2003). Many studies show that postgraduated directors are positively associated with the firm's success (Geletkanycz and Black, 2001;[START_REF] Hambrick | Upper echelons: The organization as a reflection of its top managers[END_REF]. High-educated members have better capacity to absorb new ideas and adopt new challenging tendencies. They also can adjust quickly their strategies and decision-making process to comply with new regulations and sudden events (see among others Finkelstein et al., 2009;Goll and Rasheed, 2004;Grimm and Smith, 1991). In terms of CSR, they are likely to be more sensitive to environmental issues (Azar Shahgholian, 2017;Ewert et al., 2001). Their international skills and experiences are valuable to understand environmentalists' needs.

Finally, sitting on multiple boards is a proxy for the busyness of the board members.

İncreasing multiple diretorships is a proxy for the professional experience of the director.

Directors sitting in other boards could get inspired by what is conducted in other firms specifically in terms of sociall responsible invetsments. Accordingly, they could drive the firm to prefer more strategic CSR projects (Béji et al., 2020;Rupley et al., 2012;Ortizde-Mandojana, 2012). For instance, busy directors are familiar with board practices in different businesses. They have, therefore, more information and could provide more perspectives, specifically in the implementation of new CSR initiatives (Béji et al., 2020). Firms with multiple directorships are likely to encourage the adoption of new practices coming from other firms, specifically in environment-related issues (Rupley et al., 2012). On the same vein, many studies put forward a positive association between multiple directorships and the involvement in proactive environmental strategies (Diaz et al. 2013;Ortiz-de-Mandojana et al. 2012;[START_REF] Villiers | The effect of board characteristics on firm environmental performance[END_REF].

The survey of the literature shows that readjusting the board composition could enhance social performance. In fact, firms looking for sustainable development cannot ignore stakeholders' expectations and have to act responsibly (Ferrell et al., 2019;Weller, 2017).

Getting involved in socially responsible activities could be challenging and provide new opportunities.

Conclusion

The current chapter reviews the literature on CSR, specifically the different CSR appoaches.

We show that for many years, CSR strategies have been developed to respond to stakeholders'expectations and comply with reporting standards: they have been responsive strategies. They encompass defensive, charitable and promotional CSR strategies and are meant to enhance the market image and the firm reputation to gain legitimacy in the eyes of basic stakeholders such as customers, suppliers and policymakers.

Lately, many firms have get involved in CSR strategies based on original and pioneering actions to foster interactions between the firm and stakeholders, going beyond CSR regulations and standards: strategic CSR. It needs the mobilization of specific resources and capabilities driving superior social performance.

The CSR literature does not establish yet criterion to identify responsive and strategic CSR strategies. Furthermore, many firms could raise money in responsive CSR activities as well as strategic CSR activities: this dichotomous approach of CSR strategies provides a biased view of the firm's involvement in CSR.

To implement more strategic CSR policies, the survey of corporate governance literature shows that more diverse boards could drive better social performance than less diverse ones (Béji et al., 2020;[START_REF] Hafsi | Boardroom diversity and its effect on social performance: conceptualization and empirical evidence[END_REF]: diversity of boards and diversity in baords could be an advantage for the decision-making process, specifically in terms of socially responsible activities (Bocquet et al., 2019). This heterogeneity can increase exchanges and business' connections, offer new perspectives, and influence the board's functioning. Diverse boards are prone to implement more strategic CSR strategies. Consequently, it increases both financial and social performances (Isidro and Sobral, 2015;Aggarwal and Dow, 2012). We also shed light on the key role of CSR committees on CSR performance and the implementation of strategic CSR policies (Khan, 2017;[START_REF] Peters | The association between sustainability governance characteristics and the assurance of corporate sustainability reports[END_REF][START_REF] Rodrigue | Stakeholders' influence on environmental strategy and performance indicators: A managerial perspective[END_REF] and how they could decrease CSR risks (Perters and Romi, 2015;[START_REF] Rodrigue | Stakeholders' influence on environmental strategy and performance indicators: A managerial perspective[END_REF].

  practiced. CSR marketing leads to the development of CSR as an advertising tool and greenwashing (Esper and Barin Cruz, 2019). Many large corporates have been involved CSR scandals such as Volkswagen test cheating, Siemens bribe scandal, BAE corruption scandal, and General Motors defective ignition switches.

https://www.eurofound.europa.eu/publications/article/2001/new-economic-regulations-law-adopted

http://www.oecd.org/gov/regulatory-policy/FRA-Grenelle-Environment-Forum.pdf

https://www.gouvernement.fr/en/energy-transition

https://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000034290626&categorieLien=id