**7.2 Policy implications**

Our findings have several policy implications. First, we reveal that board elements, such as board size and independence, are instrumental to CSR spending, suggesting that policymakers should pay more attention to these factors to improve board members' attitudes toward CSR spending. Second, policymakers should evaluate the role of female directors on the board as they are likely to deter CSR spending by banks. Third, bank size is critical to CSR spending, suggesting that policymakers should direct large banks to incorporate CSR in their lending portfolios. Finally, Bangladesh Bank should formulate clear-cut strategies for the scheduled banks to ensure the allocation of CSR funds to the priority sectors and invigorate ethical and social justice. Apart from this, policymakers should not overlook the quality, quantity, and level of CSR disclosures.
