Family Ownership and CSR Overspending: Evidence from India on the Mediating Role of CSR Committee Composition

Abstract Why do some firms voluntarily exceed legally mandated requirements for corporate social responsibility (CSR)? We examine this question in the context of India, an emerging economy where the Companies Act of 2013 mandates eligible firms to spend 2% of profits on CSR. This institutional setting provides a clear benchmark for identifying firms’ CSR overspending, voluntary spending beyond the mandated threshold, as a substantive form of CSR engagement rather than compliance. Drawing on agen