This study examines the impact of board diversity on firms’ corporate social responsibility performance. Using seven different measures of board diversity across 1,489 U.S. firms from 1999 to 2011, the study finds that board diversity is positively associated with CSR performance. Board diversity is associated with a greater number of areas in which CSR is strong and a fewer number of areas in which CSR is a concern. These findings support the stakeholder theory and are consistent with the view that (...) board diversity enhances firms’ ability to satisfy the needs of their broader groups of stakeholders. We find that gender, tenure, and expertise diversities seem to be the driving factors of firms’ CSR activities. Furthermore, we find that board diversity significantly increases CSR performance by increasing CSR strengths and reducing CSR concerns for firms producing consumer-oriented products and firms operating in more competitive industries. Our results remain robust using different measures of CSR performance, different estimation methods, and different samples. (shrink)

We hypothesize that CSR serves as a control mechanism to reduce deviations from optimal risk taking, and therefore, CSR curbs excessive risk taking and reduces excessive risk avoidance. Based on the stakeholder theory, firms with CSR focus must balance the interests of multiple stakeholders, and therefore, managers must allocate resources to satisfy both investing and non-investing stakeholders’ interests. Using five measures of corporate risk taking and a sample of 1718 US firms during 1998 to 2011, we find that stronger CSR (...) performance is associated with smaller deviations from optimal risk taking levels. We examine the mechanism through which CSR has an impact on firm value and find a positive indirect impact of CSR on firm value through the impact of CSR on risk taking. CSR performance is positively associated with firm value because CSR reduces excessive risk taking and risk avoidance. (shrink)

The Mughal court was the main sponsor of Persian works on Vedānta, broadly conceived, from the late sixteenth until the mid-seventeenth century. Thereafter, the audience for such works shifted outside the court. Several Hindus literate in Persian composed or circulated Vedāntic writings. This article surveys three hitherto neglected Persian texts treating Vedānta that appear to have been composed independently from court sponsorship. All three are attributed to Banwālīdās Walī (d. 1674). They comprise the Gulzār-i ḥāl [Rose-garden of ecstatic states], which (...) is itself a translation of the Prabodhacandrodaya; a translation of the Rāma Gītā, which is a dialogue between Rāma and Lakṣmaṇa from the Adhyātma Rāmāyaṇa; and the Om-nāma [Book of Oṃ], a poem loosely based on the Yogavāsiṣṭha that incorporates Vedāntic themes. In general, Indo-Persian authors such as Walī associated Vedānta with a non-dualist doctrine, even when they did not specifically refer to Advaita Vedānta. The article discusses the approaches to translation that these texts take. It also reflects on the functions of these Persian translations in a context where conveying the meaning of the source texts was not the only motive. (shrink)

The Mughal court was the main sponsor of Persian works on Vedānta, broadly conceived, from the late sixteenth until the mid-seventeenth century. Thereafter, the audience for such works shifted outside the court. Several Hindus literate in Persian composed or circulated Vedāntic writings. This article surveys three hitherto neglected Persian texts treating Vedānta that appear to have been composed independently from court sponsorship. All three are attributed to Banwālīdās Walī. They comprise the Gulzār-i ḥāl [Rose-garden of ecstatic states], which is itself (...) a translation of the Prabodhacandrodaya; a translation of the Rāma Gītā, which is a dialogue between Rāma and Lakṣmaṇa from the Adhyātma Rāmāyaṇa; and the Om-nāma [Book of Oṃ], a poem loosely based on the Yogavāsiṣṭha that incorporates Vedāntic themes. In general, Indo-Persian authors such as Walī associated Vedānta with a non-dualist doctrine, even when they did not specifically refer to Advaita Vedānta. The article discusses the approaches to translation that these texts take. It also reflects on the functions of these Persian translations in a context where conveying the meaning of the source texts was not the only motive. (shrink)

The Mughal court was the main sponsor of Persian works on Vedānta, broadly conceived, from the late sixteenth until the mid-seventeenth century. Thereafter, the audience for such works shifted outside the court. Several Hindus literate in Persian composed or circulated Vedāntic writings. This article surveys three hitherto neglected Persian texts treating Vedānta that appear to have been composed independently from court sponsorship. All three are attributed to Banwālīdās Walī. They comprise the Gulzār-i ḥāl [Rose-garden of ecstatic states], which is itself (...) a translation of the Prabodhacandrodaya; a translation of the Rāma Gītā, which is a dialogue between Rāma and Lakṣmaṇa from the Adhyātma Rāmāyaṇa; and the Om-nāma [Book of Oṃ], a poem loosely based on the Yogavāsiṣṭha that incorporates Vedāntic themes. In general, Indo-Persian authors such as Walī associated Vedānta with a non-dualist doctrine, even when they did not specifically refer to Advaita Vedānta. The article discusses the approaches to translation that these texts take. It also reflects on the functions of these Persian translations in a context where conveying the meaning of the source texts was not the only motive. (shrink)

The Mughal court was the main sponsor of Persian works on Vedānta, broadly conceived, from the late sixteenth until the mid-seventeenth century. Thereafter, the audience for such works shifted outside the court. Several Hindus literate in Persian composed or circulated Vedāntic writings. This article surveys three hitherto neglected Persian texts treating Vedānta that appear to have been composed independently from court sponsorship. All three are attributed to Banwālīdās Walī. They comprise the Gulzār-i ḥāl [Rose-garden of ecstatic states], which is itself (...) a translation of the Prabodhacandrodaya; a translation of the Rāma Gītā, which is a dialogue between Rāma and Lakṣmaṇa from the Adhyātma Rāmāyaṇa; and the Om-nāma [Book of Oṃ], a poem loosely based on the Yogavāsiṣṭha that incorporates Vedāntic themes. In general, Indo-Persian authors such as Walī associated Vedānta with a non-dualist doctrine, even when they did not specifically refer to Advaita Vedānta. The article discusses the approaches to translation that these texts take. It also reflects on the functions of these Persian translations in a context where conveying the meaning of the source texts was not the only motive. (shrink)