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The moderating role of CSR in board gender diversity and firm financial performance: empirical evidence from an emerging economy

Author

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  • Lisha Jiang
  • Jacob Cherian
  • Muhammad Safdar Sial
  • Peng Wan
  • José António Filipe
  • Mário Nuno Mata
  • Xiangyu Chen

Abstract

The current study aims to investigate the moderating role of corporate social responsibility (CSR) in board gender diversity and firm financial performance. We used the panel data regression (fixed effect) in our analysis to check the moderating role of CSR in the board gender diversity and the firm financial performance. We collected the data of Chinese listed companies from the Shenzhen and Shanghai stock exchanges from the China stock market and accounting research (CSMAR) database. We used a two-stage least square (TSLS) regression model to control the possible problem of endogeneity. Our results show that higher representation of female directors in the board is positively related to firm financial performance and that CSR has a significantly positive effect when moderating the relation between board gender diversity and firm financial performance. Besides, three control variables (board size, board member average age, and Big4) have a positive impact on the firm performance, having the leverage variable a negative impact on the firm performance. Our findings hold for a set of robustness tests. This study has important implications, namely by enriching the existing literature on CSR and by highlighting the importance of board gender diversity, and emphasizing the importance of the reporting of more CSR activities and its impact on the decision-making process.

Suggested Citation

  • Lisha Jiang & Jacob Cherian & Muhammad Safdar Sial & Peng Wan & José António Filipe & Mário Nuno Mata & Xiangyu Chen, 2021. "The moderating role of CSR in board gender diversity and firm financial performance: empirical evidence from an emerging economy," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 34(1), pages 2354-2373, January.
    • Handle: RePEc:taf:reroxx:v:34:y:2021:i:1:p:2354-2373
    DOI: 10.1080/1331677X.2020.1863829
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    Citations

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    Cited by:

    1. Mustafa K. Yilmaz & Umit Hacioglu & Ekrem Tatoglu & Mine Aksoy & Selman Duran, 2023. "Measuring the impact of board gender and cultural diversity on corporate governance and social performance: evidence from emerging markets," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(2), pages 2106503-210, December.
    2. Um‐E‐Roman Fayyaz & Raja Nabeel‐Ud‐Din Jalal & Michelina Venditti & Antonio Minguez‐Vera, 2023. "Diverse boards and firm performance: The role of environmental, social and governance disclosure," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(3), pages 1457-1472, May.
    3. Marashdeh, Hazem & Dhiaf, Mohamed M. & Atayah, Osama F. & Nasrallah, Nohade & Frederico, Guilherme F. & Najaf, Khakan, 2023. "Sensitivity of market performance to social risk index: Evidence from global listed companies in logistics and transportation industry," Socio-Economic Planning Sciences, Elsevier, vol. 87(PA).

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