||In order to balance the interests of shareholders and stakeholders, companies must strengthen the implementation of strategic CSR (corporate social responsibility) so as to improve the social interest while seeking profit for shareholders. Therefore, CSR governance structure as a support of company strategy is particularly substantial. To realize the impact of CSR governance on the relationship between CSR and financial performance, this study develops whether company set up with a CSR committee, director from the board concurrently a chairman of CSR committee, and directors’ ESG (environmental, social and governance) expertise as CSR governance variables, exploring the moderate effect of CSR governance on the two variables. This study is based on a sample of 1,084 enterprises from 2014 to 2017 that disclosed CSR reports due to mandatory requirements from Financial Supervisory Committee. Using Social Returns on Assets (SROA) and Social Returns on Equity (SROE) as agents for CSR activities; return on assets (ROA), and return on equity (ROE) as accounting based financial performance indicators; Tobin′s Q, and economic value added (EVA) as market based financial performance indicators. The result of the study shows that the establishment of the CSR committee, director concurrently a chairman of CSR committee, and directors’ ESG professionalism have a negative impact on the relationship between CSR and financial performance. This article could provide management with some new thought about corporate governance structures.|
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