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

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.

Citation

Ren, X., Li, J., Wang, X., & Lei, X. (2024). Female directors and CSR: Does the presence of female directors affect CSR focus?. International Review of Financial Analysis, 92, Article 103101. https://doi.org/10.1016/j.irfa.2024.103101

• Journal Article Type: Article
• Acceptance Date: Jan 17, 2024
• Online Publication Date: Jan 21, 2024
• Publication Date: 2024-03
• Deposit Date: Apr 4, 2024
• Publicly Available Date: Apr 4, 2024
• Journal: International Review of Financial Analysis
• Print ISSN: 1057-5219
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 92
• Article Number: 103101
• DOI: https://doi.org/10.1016/j.irfa.2024.103101
• Public URL: https://durham-repository.worktribe.com/output/2377935
• Related Public URLs: https://centaur.reading.ac.uk/114818/