variables. The adjusted R Squared is 0.315 indicating that 31.5% of the variation in total CSR disclosure in the annual reports of investigated companies can be explained by the proposed model in the current study. Table 7: Multiple regression using CSR index as the dependent variable Variables Coefficients t Sig. Intercept -2.242 .027 Firm Size .322***3.789 .000 Firm Profitability -.010 -.118 .907 Bank Age -.011 -.145 .885 Ownership Structure .287***3.563 .001 Independent Director .224***2.761 .007 Role Duality .092 1.235 .219 Board Size .221***2.633 .009 Adjusted R Square- 0.315; F- 10.110; Sig. 0.000 *** is significant at the 1%, The results of the panel regression analysis agree with the firm characteristics research hypotheses concerning the existence of a positive significant relationship between CSR disclosure and firm size (hypothesis H1: consistent in line with- Hossain et al. 1994;
Das, Dixon & Michael144 Hossain and Adams 1995; Meek et al.1995; Ahmed and Courtis 1999; Abd-Elsalam 1999 Choon et al. 2000; Gruning2007; Tagesson et al, 2009), and company's ownership(hypothesis H4: consistent in line with- Chau and Gray 2002; Barako et al.2006; Hossain and Arifur 2006; Hongxia and Ainian 2008). Moreover, the results of the panel regression analysis agree with corporate governance research hypotheses concerning the existence of significant relationship between CSR disclosure and Independent director of the board (hypothesis H.5 consistent in line with- Cheng and Courtenay 2006; Chen and Jaggi 2000) and board size (hypothesis H7 consistent in line with- Beasley and Salterio 2001; Klein 2002; Laksmana 2008, Abdel- Fatah 2008, Hasan 2010). However, the results of the panel regression analysis does not accept firm characteristics hypothesis, Firm's Profitability, and found an insignificant negative relationship with CSR disclosure (hypothesis 1.2 consistent in line with- Reverte 2009; Bujaki and McConomy 2002; Wallace et al. 1994) .The results also does not accept and found an insignificant relationship between CSR disclosure and corporate governance hypothesis- Role Duality(hypothesis 1.6 consistent in line with- Cheng and Courtenay 2006; Ghazali and Weetman 2006; Barako et al 2006 and Abdel-Fatah 2008).Moreover, it does not accept firm characteristics hypothesis, company age and found an insignificant negative relationship with CSR disclosure(hypothesis 1.3 supported by Al shammari et al. 2007 ). 6. Conclusion This study has examined whether the extent of CSR in the annual reports of Bangladeshi listed banking companies changes over time and whether there is any association with two groups of variables: firm characteristics and corporate governance. Consistent with previous studies, content analysis is adopted to achieve the objectives. Descriptive analysis of the longitudinal study and the results of non-parametric test indicate significant differences in the extent of CSR disclosures over the period of study. Some of the reasons identified choosing to engage in CSR includes central bank guidance (June 2008; June 2009; July 2010 December 2010 and December 2011), enhancing corporate image, and receiving government support. Regression analysis is used to explain
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