IDEAS home Printed from https://ideas.repec.org/a/eee/finana/v92y2024ics1057521924000334.html
   My bibliography  Save this article

Female directors and CSR: Does the presence of female directors affect CSR focus?

Author

Listed:
  • Ren, Xingzi
  • Li, Jiarong
  • Wang, Xing
  • Lei, Xingfan

Abstract

This study examines the impact of female directors on CSR by drawing on social role theory and literature about female leadership style. Using a sample of Chinese firms from 2007 to 2021, we show a strong correlation between female directors and an enhancement in aggregate and particularly, internal CSR engagement. The relationship between female director and external CSR is negative but not significant. Further analysis reveals that in regions with stronger societal expectations towards females, the contributions of female directors to CSR activities become more pronounced. Our findings further demonstrate that a critical mass of female directors on the board is necessary to exert substantial influence on internal CSR initiatives. Notably, we find that female directors in independent and monitoring roles particularly effective in advancing internal CSR initiatives.

Suggested Citation

  • Ren, Xingzi & Li, Jiarong & Wang, Xing & Lei, Xingfan, 2024. "Female directors and CSR: Does the presence of female directors affect CSR focus?," International Review of Financial Analysis, Elsevier, vol. 92(C).
    • Handle: RePEc:eee:finana:v:92:y:2024:i:c:s1057521924000334
    DOI: 10.1016/j.irfa.2024.103101
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1057521924000334
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.irfa.2024.103101?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Sandra A. Waddock & Samuel B. Graves, 1997. "The Corporate Social Performance–Financial Performance Link," Strategic Management Journal, Wiley Blackwell, vol. 18(4), pages 303-319, April.
    2. Hoje Jo & Maretno Harjoto, 2011. "Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 103(3), pages 351-383, October.
    3. Haniffa, R.M. & Cooke, T.E., 2005. "The impact of culture and governance on corporate social reporting," Journal of Accounting and Public Policy, Elsevier, vol. 24(5), pages 391-430.
    4. Atif, Muhammad & Hossain, Mohammed & Alam, Md Samsul & Goergen, Marc, 2021. "Does board gender diversity affect renewable energy consumption?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    5. Kevin Campbell & Antonio Mínguez-Vera, 2008. "Gender Diversity in the Boardroom and Firm Financial Performance," Journal of Business Ethics, Springer, vol. 83(3), pages 435-451, December.
    6. Levi, Maurice & Li, Kai & Zhang, Feng, 2014. "Director gender and mergers and acquisitions," Journal of Corporate Finance, Elsevier, vol. 28(C), pages 185-200.
    7. Lin Liao & Teng (Philip) Lin & Yuyu Zhang, 2018. "Corporate Board and Corporate Social Responsibility Assurance: Evidence from China," Journal of Business Ethics, Springer, vol. 150(1), pages 211-225, June.
    8. Walid Ben-Amar & Millicent Chang & Philip McIlkenny, 2017. "Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project," Journal of Business Ethics, Springer, vol. 142(2), pages 369-383, May.
    9. Renée B. Adams & Patricia Funk, 2012. "Beyond the Glass Ceiling: Does Gender Matter?," Management Science, INFORMS, vol. 58(2), pages 219-235, February.
    10. Oleg V. Petrenko & Federico Aime & Jason Ridge & Aaron Hill, 2016. "Corporate social responsibility or CEO narcissism? CSR motivations and organizational performance," Strategic Management Journal, Wiley Blackwell, vol. 37(2), pages 262-279, February.
    11. Alkhawaja, Abdallah & Hu, Fang & Johl, Shireenjit & Nadarajah, Sivathaasan, 2023. "Board gender diversity, quotas, and ESG disclosure: Global evidence," International Review of Financial Analysis, Elsevier, vol. 90(C).
    12. Ioanna Boulouta, 2013. "Hidden Connections: The Link Between Board Gender Diversity and Corporate Social Performance," Journal of Business Ethics, Springer, vol. 113(2), pages 185-197, March.
    13. Rey Dang & Maria Giuseppina Bruna & L'Hocine Houanti & Riadh Manita, 2018. "Board gender diversity and ESG disclosure: Evidence from the US," Post-Print hal-01847924, HAL.
    14. He, Feng & Guo, Xinyao & Yue, Pengpeng, 2024. "Media coverage and corporate ESG performance: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 91(C).
    15. Gull, Ammar Ali & Atif, Muhammad & Hussain, Nazim, 2023. "Board gender composition and waste management: Cross-country evidence," The British Accounting Review, Elsevier, vol. 55(1).
    16. Min Zhang & Lu Xie & Haoran Xu, 2016. "Corporate Philanthropy and Stock Price Crash Risk: Evidence from China," Journal of Business Ethics, Springer, vol. 139(3), pages 595-617, December.
    17. Isabelle Le Breton-Miller & Danny Miller, 2009. "Agency vs. Stewardship in Public Family Firms: A Social Embeddedness Reconciliation," Entrepreneurship Theory and Practice, , vol. 33(6), pages 1169-1191, November.
    18. Chun Keung Hoi & Qiang Wu & Hao Zhang, 2018. "Community Social Capital and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 152(3), pages 647-665, October.
    19. Liu, Yu & Wei, Zuobao & Xie, Feixue, 2014. "Do women directors improve firm performance in China?," Journal of Corporate Finance, Elsevier, vol. 28(C), pages 169-184.
    20. He, Feng & Liu, Guanchun & Hao, Jing & Li, Youwei, 2023. "CSR performance and firm idiosyncratic risk in a data-rich environment: The role of retail investor attention," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    21. Adams, Renée B. & Ferreira, Daniel, 2009. "Women in the boardroom and their impact on governance and performance," Journal of Financial Economics, Elsevier, vol. 94(2), pages 291-309, November.
    22. Riadh Manita & Maria Giuseppina Bruna & Rey Dang & L’Hocine Houanti, 2018. "Board gender diversity and ESG disclosure: evidence from the USA," Journal of Applied Accounting Research, Emerald Group Publishing Limited, vol. 19(2), pages 206-224, May.
    23. repec:eme:jaar00:jaar-01-2017-0024 is not listed on IDEAS
    24. Helena Isidro & Márcia Sobral, 2015. "The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance," Journal of Business Ethics, Springer, vol. 132(1), pages 1-19, November.
    25. Huasheng Gao & Yaheng Lin & Yujing Ma, 2016. "Sex Discrimination and Female Top Managers: Evidence from China," Journal of Business Ethics, Springer, vol. 138(4), pages 683-702, November.
    26. McGuinness, Paul B. & Vieito, João Paulo & Wang, Mingzhu, 2017. "The role of board gender and foreign ownership in the CSR performance of Chinese listed firms," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 75-99.
    27. Xingqiang Du & Wei Jian & Yingjie Du & Wentao Feng & Quan Zeng, 2014. "Religion, the Nature of Ultimate Owner, and Corporate Philanthropic Giving: Evidence from China," Journal of Business Ethics, Springer, vol. 123(2), pages 235-256, August.
    28. Soonchul Hyun & Jong Min Kim & Jeongsoo Han & Mark Anderson, 2022. "Female executive leadership and corporate social responsibility," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3475-3511, September.
    29. Stephen Bear & Noushi Rahman & Corinne Post, 2010. "The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation," Journal of Business Ethics, Springer, vol. 97(2), pages 207-221, December.
    30. Al-Shammari, Marwan & Rasheed, Abdul & Al-Shammari, Hussam A., 2019. "CEO narcissism and corporate social responsibility: Does CEO narcissism affect CSR focus?," Journal of Business Research, Elsevier, vol. 104(C), pages 106-117.
    31. Liu, Yonghong & Lei, Lijun & Buttner, E. Holly, 2020. "Establishing the boundary conditions for female board directors’ influence on firm performance through CSR," Journal of Business Research, Elsevier, vol. 121(C), pages 112-120.
    32. Liu, Chelsea, 2018. "Are women greener? Corporate gender diversity and environmental violations," Journal of Corporate Finance, Elsevier, vol. 52(C), pages 118-142.
    33. He, Feng & Feng, Yaqian & Hao, Jing, 2023. "Corporate ESG rating and stock market liquidity: Evidence from China," Economic Modelling, Elsevier, vol. 129(C).
    34. Zheng, Zhigang & Li, Jiarong & Ren, Xingzi & Guo, Jie Michael, 2023. "Does corporate ESG create value? New evidence from M&As in China," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    35. Arnaboldi, F. & Casu, B. & Gallo, A. & Kalotychou, E. & Sarkisyan, A., 2021. "Gender diversity and bank misconduct," Journal of Corporate Finance, Elsevier, vol. 71(C).
    36. He, Feng & Chen, Longxuan & Hao, Jing & Wu, Ji, 2024. "Financial market development and corporate risk management: Evidence from Shanghai crude oil futures launched in China," Energy Economics, Elsevier, vol. 129(C).
    37. Faleye, Olubunmi & Hoitash, Rani & Hoitash, Udi, 2011. "The costs of intense board monitoring," Journal of Financial Economics, Elsevier, vol. 101(1), pages 160-181, July.
    38. Yu Wang & Jie Ma & Tienan Wang, 2023. "Do all female directors have the same impact on corporate social responsibility? The role of their political connection," Asia Pacific Journal of Management, Springer, vol. 40(3), pages 1047-1074, September.
    39. M. Camino Ramon-Llorens & Emma Garcia-Meca & María Consuelo Pucheta-Martínez, 2020. "Female directors on boards. The impact of faultlines on CSR reporting," Sustainability Accounting, Management and Policy Journal, Emerald Group Publishing Limited, vol. 12(1), pages 156-183, July.
    40. Faccio, Mara & Marchica, Maria-Teresa & Mura, Roberto, 2016. "CEO gender, corporate risk-taking, and the efficiency of capital allocation," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 193-209.
    41. Cliff, Jennifer E., 1998. "Does one size fit all? exploring the relationship between attitudes towards growth, gender, and business size," Journal of Business Venturing, Elsevier, vol. 13(6), pages 523-542, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nguyen, Thi Hong Hanh & Ntim, Collins G. & Malagila, John K., 2020. "Women on corporate boards and corporate financial and non-financial performance: A systematic literature review and future research agenda," International Review of Financial Analysis, Elsevier, vol. 71(C).
    2. Paul B. McGuinness & João Paulo Vieito & Mingzhu Wang, 2020. "Proactive government intervention, board gender balance, and stakeholder engagement in China and Europe," Asia Pacific Journal of Management, Springer, vol. 37(3), pages 719-762, September.
    3. Kara, Alper & Nanteza, Aziidah & Ozkan, Aydin & Yildiz, Yilmaz, 2022. "Board gender diversity and responsible banking during the COVID-19 pandemic," Journal of Corporate Finance, Elsevier, vol. 74(C).
    4. Atif, Muhammad & Hossain, Mohammed & Alam, Md Samsul & Goergen, Marc, 2021. "Does board gender diversity affect renewable energy consumption?," Journal of Corporate Finance, Elsevier, vol. 66(C).
    5. Alkhawaja, Abdallah & Hu, Fang & Johl, Shireenjit & Nadarajah, Sivathaasan, 2023. "Board gender diversity, quotas, and ESG disclosure: Global evidence," International Review of Financial Analysis, Elsevier, vol. 90(C).
    6. 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.
    7. Liu, Chelsea, 2021. "CEO gender and employee relations: Evidence from labor lawsuits," Journal of Banking & Finance, Elsevier, vol. 128(C).
    8. Gull, Ammar Ali & Atif, Muhammad & Hussain, Nazim, 2023. "Board gender composition and waste management: Cross-country evidence," The British Accounting Review, Elsevier, vol. 55(1).
    9. Saeed, Abubakr & Riaz, Hammad & Liedong, Tahiru Azaaviele & Rajwani, Tazeeb, 2022. "The impact of TMT gender diversity on corporate environmental strategy in emerging economies," Journal of Business Research, Elsevier, vol. 141(C), pages 536-551.
    10. Lucrezia Songini & Anna Pistoni & Patrizia Tettamanzi & Fabrizio Fratini & Valentina Minutiello, 2022. "Integrated reporting quality and BoD characteristics: an empirical analysis," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(2), pages 579-620, June.
    11. Barroso, Raúl & Duan, Tinghua & Guo, Siyue (Sarina) & Kowalewski, Oskar, 2024. "Board gender diversity reform and corporate carbon emissions," Journal of Corporate Finance, Elsevier, vol. 87(C).
    12. María del Carmen Valls Martínez & Pedro Antonio Martín Cervantes & Salvador Cruz Rambaud, 2020. "Women on corporate boards and sustainable development in the American and European markets: Is there a limit to gender policies?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(6), pages 2642-2656, November.
    13. Ruijie Jin & Xu Jiang & Helen Wei Hu, 2023. "Internal and external CSR in China: How do women independent directors matter?," Asia Pacific Journal of Management, Springer, vol. 40(1), pages 169-204, March.
    14. Aguir, Iness & Boubakri, Narjess & Marra, Miriam & Zhu, Lu, 2023. "Gender diversity in leadership: Empirical evidence on firm credit risk," Journal of Financial Stability, Elsevier, vol. 69(C).
    15. Gambacorta, Leonardo & Pancotto, Livia & Reghezza, Alessio & Spaggiari, Martina, 2022. "Gender diversity in bank boardrooms and green lending: Evidence from euro area credit register data," CEPR Discussion Papers 17650, C.E.P.R. Discussion Papers.
    16. Opoku, Eric Evans Osei & Kufuor, Nana Kwabena & Manu, Sylvester Adasi, 2021. "Gender, electricity access, renewable energy consumption and energy efficiency," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    17. Giuliana Birindelli & Stefano Dell’Atti & Antonia Patrizia Iannuzzi & Marco Savioli, 2018. "Composition and Activity of the Board of Directors: Impact on ESG Performance in the Banking System," Sustainability, MDPI, vol. 10(12), pages 1-20, December.
    18. Al Mamun, Md & Boubaker, Sabri & Hossain, Md Zakir & Manita, Riadh, 2024. "Female political empowerment and green finance," Energy Economics, Elsevier, vol. 131(C).
    19. Chu, Shaner, 2024. "Are women greener? Board gender diversity and corporate green technology innovation in China," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1001-1020.
    20. Altunbas, Yener & Gambacorta, Leonardo & Reghezza, Alessio & Velliscig, Giulio, 2022. "Does gender diversity in the workplace mitigate climate change?," Journal of Corporate Finance, Elsevier, vol. 77(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finana:v:92:y:2024:i:c:s1057521924000334. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620166 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.