BOARD DIVERSITY AND CSR SPENDING PATTERNS: EVIDENCE FROM INDIAN POWER GENERATION COMPANIES

This study examines the impact of board diversity on Corporate Social Responsibility (CSR) spending among selected public and private power generation companies in India during 2020–2024. Using secondary data from annual reports of nine companies, the study applies descriptive statistics, correlation analysis, and panel regression techniques. Board characteristics such as board size, gender diversity, age, education, multiple directorships, and independent directors are considered as explanatory variables, while ROE, NPM, and leverage serve as control variables. The results indicate significant variation in CSR spending and governance attributes across firms. Correlation findings show positive associations between CSR spending, board size, and gender diversity. Diagnostic tests confirm no serious multicollinearity, though heteroscedasticity is present. Model selection tests support the Fixed Effects Model as the most appropriate specification. Regression results reveal that board size, board age, and leverage significantly and positively influence CSR spending. The study concludes that board structure and firm-specific characteristics play an important role in determining CSR engagement in the Indian power sector.