and Johnson 1990), while to maintain the agency theory logic, it is recommended to raise board size (Hermalin and Weisbach 2003) and opposite argument is that a greater number of directors on the board may reduce the likelihood of information asymmetry (Chen and Jaggi 2000). At the same time, big board‘swould be more diversified that would help the companies to secure critical resources and reduce environmental uncertainties (Pearce and Zahra 1992; Goodstein et al.1994). Other studies mentioned that board size does matter on the corporate performance and corporate disclosures (Monks and Minow1995). Variable Measurement As per Bangladesh corporate governance code of 2006, listed company's board size should be minimum 5 to maximum 20. That's why, this study treated board size by the number of members of the board. H7: There is a significant positive relationship between board size and CSR disclosure. 4.6 CSR Disclosure Model Specification The following multiple linear regression model is used to investigate the association between determinants and extent of CSR disclosure in Bangladesh:
Das, Dixon & Michael140 CSRD = β0+ β1 LASST + β2ROE + β3 AGE + β4 OWNERSHIP + β5IND_DIR +β6 CEO_DUALITY+ β7 B_SIZE + Є .................................................................(1) Where, β0= interceptЄ = error termDependent Variables: CSRD = Corporate Social Responsibility Disclosure Index Control variables: Control variables and their expected sign of the study are given below in table 2: Table 2: Control Variables and Their Expected Sign Determinants Variable Measurement Techniques Expected Sign Firm Size LASST Natural log of Total Assets + Firm Profitability ROE Return of Equity + Bank Age AGE Number of years passed since listing + Ownership Structure OWNERSHIP Dummy variable: Sponsorship 1, otherwise 0. + Independent Director IND_DIR Percentage of Board Member + Role Duality CEO_DUALITY Dummy Variable: If exist 1, otherwise 0. + Board Size B_SIZE Number of members in the Board. + 5. Analysis and Findings To test whether there is a significant difference in the extent of CSR disclosure over selected periods, non-parametric test were conducted. The study also used regression analysis to test the interrelationship between the various independent variables and the overall CSR disclosure index. The assumptions underlying the regression model were tested for multicollinearity based on the correlation matrix as well as the variance inflation factor (VIF). In addition, an analysis of Normality tests based on skewness and kurtosis were also conducted. Table 3 shows the descriptive statistics of the CSR disclosure level of the Listed Banking Companies in Bangladesh from 2007 to 2011.The CSR disclosure's level gradually increases from 2007 and reaches it peaks at 2011 of the examined checklist items which variant between 59.02% and 76.87% for the least and the highest average disclosures respectively. This fulfills the research objectives to find out the extent of CSR reporting and over the years whether CSR is improving or not.
Das, Dixon & Michael141 Table 3:Descriptive Statistics for CSR DisclosureYear Minimum Maximum Mean Std. Deviation Year 2011 .6000 .9000 .768750 .0731643