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Female Directors and Corporate Social Responsibility: Evidence from the Environmental Investment of Chinese Listed Companies

Author

Listed:
  • Feng Wei

    () (School of Economics and Business Administration, Chongqing University, Chongqing 400-044, China)

  • Binyan Ding

    () (School of Economics and Business Administration, Chongqing University, Chongqing 400-044, China)

  • Yu Kong

    () (School of Public Affairs, Chongqing University, Chongqing 400-044, China)

Abstract

Taking Chinese listed companies in 2008–2015 as the sample, in this paper we test in detail the impact of female directors on corporate environmental investments. Furthermore, we study the impact of female directors on environmental investment in enterprises with different types of ownership and industry attributes. Empirical studies show that when there are only 1 or 2 female directors on the board, no significant impact on the scale of corporate environmental investment can be seen. However, when the number reaches at least 3, female directors have a significantly positive impact on the scale of corporate environmental investment. This confirms critical-mass theory; meanwhile, we find that the empirical results do not indicate any significant correlation when the variable of female directors is measured by the proportion of female directors and the Blau index of gender balance. Further analysis suggests that in state-owned enterprises and enterprises from heavily-polluting industries, the above findings remain true, while in non-state-owned enterprises and enterprises from non-heavily-polluting industries, the above findings prove false, i.e., that the impact of female directors on corporate environmental investment is not significant. The conclusion demonstrates that the impact of female directors on environmental investment varies in enterprises with different types of ownership and industry attributes.

Suggested Citation

  • Feng Wei & Binyan Ding & Yu Kong, 2017. "Female Directors and Corporate Social Responsibility: Evidence from the Environmental Investment of Chinese Listed Companies," Sustainability, MDPI, Open Access Journal, vol. 9(12), pages 1-19, December.
  • Handle: RePEc:gam:jsusta:v:9:y:2017:i:12:p:2292-:d:122693
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    References listed on IDEAS

    as
    1. Arouri, Mohamed El Hedi & Caporale, Guglielmo Maria & Rault, Christophe & Sova, Robert & Sova, Anamaria, 2012. "Environmental Regulation and Competitiveness: Evidence from Romania," Ecological Economics, Elsevier, vol. 81(C), pages 130-139.
    2. Jason Zhang & Hong Zhu & Hung-bin Ding, 2013. "Board Composition and Corporate Social Responsibility: An Empirical Investigation in the Post Sarbanes-Oxley Era," Journal of Business Ethics, Springer, vol. 114(3), pages 381-392, May.
    3. 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.
    4. Eunjung Hyun & Daegyu Yang & Hojin Jung & Kihoon Hong, 2016. "Women on Boards and Corporate Social Responsibility," Sustainability, MDPI, Open Access Journal, vol. 8(4), pages 1-26, March.
    5. repec:gam:jsusta:v:9:y:2017:i:11:p:1967-:d:116832 is not listed on IDEAS
    6. 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.
    7. repec:gam:jsusta:v:8:y:2016:i:4:p:300:d:66430 is not listed on IDEAS
    8. Mariateresa Torchia & Andrea Calabrò & Morten Huse, 2011. "Women Directors on Corporate Boards: From Tokenism to Critical Mass," Journal of Business Ethics, Springer, vol. 102(2), pages 299-317, August.
    9. 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.
    10. Nguyen, Tuan & Locke, Stuart & Reddy, Krishna, 2015. "Does boardroom gender diversity matter? Evidence from a transitional economy," International Review of Economics & Finance, Elsevier, vol. 37(C), pages 184-202.
    11. Kathyayini Rao & Carol Tilt, 2016. "Board Composition and Corporate Social Responsibility: The Role of Diversity, Gender, Strategy and Decision Making," Journal of Business Ethics, Springer, vol. 138(2), pages 327-347, October.
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    Citations

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    Cited by:

    1. Alexandre Di Miceli & Angela Donaggio, 2018. "Women in Business Leadership Boost ESG Performance," World Bank Other Operational Studies 31057, The World Bank.
    2. repec:gam:jsusta:v:10:y:2018:i:12:p:4750-:d:190159 is not listed on IDEAS

    More about this item

    Keywords

    female directors; environmental investment; critical-mass;

    JEL classification:

    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
    • Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
    • Q2 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation
    • Q3 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products

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