The influence of women directors on tying CSR criteria to executive compensation: the case of SBF 120 companies[L’influence de la présence des femmes au sein du conseil d’administration sur l’intégration des critères RSE dans la rémunération des dirigeants : cas des sociétés de SBF 120]

This article examines the influence of the presence of women on the board of directors on the integration of corporate social responsibility (CSR) criteria in the annual variable CEO compensation.To study this relationship, we rely on the upper echelon and critical mass theories. From a methodological point of view, we use logistic regression and the generalized least squares method on panel data. Based on a sample of 102 companies belonging to the SBF 120 stock market index over the period from 2014 to 2019, the empirical findings show a positive effect of the presence of women in the decision to integrate CSR criteria in the annual bonus of executives. Furthermore, boards with at least 40% of women have a more significant impact on the integration of CSR criteria into executive compensation. This result confirms the critical mass theory and is in line with the Copé-Zimmermann law.