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The moderating effect of board gender diversity on the relation between corporate social responsibility and firm value

Author

Listed:
  • Yunyi Li

    (The University of Auckland)

  • Charl de Villiers

    (The University of Auckland
    University of Pretoria)

  • Lina Zixuan Li

    (The University of Auckland)

  • Leye Li

    (University of New South Wales (UNSW Sydney))

Abstract

We examine whether female board representation moderates the effect of corporate social responsibility (CSR) performance on firm value. Using a two-stage dynamic panel generalized method of moments method, we find that the effect of CSR strengths (CSR concerns) on the market assessed firm value, measured by Tobin’s Q and annual stock return, is incrementally more positive (more negative) for firms with greater female representation on the board. Further analysis suggests that female board representation positively moderates the effect of CSR strengths on firm financial performance measured by return on assets (ROA); however, female board representation does not significantly moderate the impact of CSR concerns on ROA. Our findings suggest that board gender diversity enhances the effect of positive CSR performance on firm value, but exacerbates the negative market reactions to CSR concerns. Overall, our evidence suggests that board gender diversity may enhance or destroy firm value depending on a firm’s social and environmental performance in dimensions other than diversity.

Suggested Citation

  • Yunyi Li & Charl de Villiers & Lina Zixuan Li & Leye Li, 2022. "The moderating effect of board gender diversity on the relation between corporate social responsibility and firm value," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 33(1), pages 109-143, March.
    • Handle: RePEc:spr:jmgtco:v:33:y:2022:i:1:d:10.1007_s00187-022-00334-x
    DOI: 10.1007/s00187-022-00334-x
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    More about this item

    Keywords

    CSR; CSR concerns; CSR strengths; Board gender diversity; Firm value;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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