Next Article in Journal
Quantifying Ecosystem Services of High Mountain Lakes across Different Socio-Ecological Contexts
Next Article in Special Issue
Employee Satisfaction, Corporate Social Responsibility and Financial Performance
Previous Article in Journal
Risk Management in the Import/Export Process of an Automobile Company: A Contribution for Supply Chain Sustainability
Previous Article in Special Issue
The Relationship of Corporate Social Responsibility on Digital Platforms, Electronic Word-of-Mouth, and Consumer-Company Identification: An Application of Social Identity Theory
Article

Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy

1
School of Management, Jinan University, Guangzhou 510632, China
2
School of Economics and Management, Guizhou Normal University, Guizhou 550001, China
3
Department of Business Administration, Faculty of Economics and Business, University of Oviedo, 33003 Oviedo, Spain
4
Department of Management Sciences, COMSATS University Islamabad (CUI), Islamabad 44000, Pakistan
5
Department of Business Sciences, University Giustino Fortunato, 82100 Benevento, Italy
6
College of Business, Abu Dhabi University, Abu Dhabi P.O. Box 59911, United Arab Emirates
7
Department of Management, Faculty of Applied Sciences, WSB University, 41-300 Dabrowa Górnicza, Poland
*
Author to whom correspondence should be addressed.
Academic Editors: Wen-Hsien Tsai and Cheng-Tsu Huang
Sustainability 2021, 13(11), 6053; https://0-doi-org.brum.beds.ac.uk/10.3390/su13116053
Received: 26 April 2021 / Revised: 24 May 2021 / Accepted: 24 May 2021 / Published: 27 May 2021
(This article belongs to the Special Issue Corporate Social Responsibility (CSR) and CSR Implementation)
The purpose of our study is to investigate the impact of women and independent directors on corporate social responsibility and financial performance. We use the fixed effect regression model as a baseline methodology. The data set includes information from 2010 to 2019 regarding Chinese non-financial companies, from which we use yearly information. The RSK rating is used for the assessment of corporate social responsibility reporting, ranging from 0 to 100, and other data are taken from the China stock market and accounting research (CSMAR) database. We use a two-stage least square (TSLS) regression model to control the possible problem of endogeneity. The empirical results show that gender diversity in boards significantly and positively affects CSR reporting. We do not find an effect due to non-executive directors on CSR reporting. The presence of non-executive directors on a board is mostly trivial in the case of China, as they do not have much influence with regard to decision making, especially related to CSR reporting. The control variables, such as board size, board member meeting frequency and leverage, are also found to have a significant effect on CSR reporting. Therefore, our results add a new aspect to the emerging literature on CSR reporting, especially in China. Furthermore, our results are robust with regard to the alternative variables under consideration. Our study has important implications. Our research enriches the existing literature on CSR and highlights the importance of female and independent directors having an impact on decisions related to the increased reporting of CSR activities. Our study contributes to the existing literature by presenting a pioneering investigation of the effect of female and independent directors on CSR reporting, as well as shedding light on the relationship in the context of an emerging economy. View Full-Text
Keywords: female directors; independent directors; CSR reporting; corporate governance; China female directors; independent directors; CSR reporting; corporate governance; China
MDPI and ACS Style

Wang, C.; Deng, X.; Álvarez-Otero, S.; Sial, M.S.; Comite, U.; Cherian, J.; Oláh, J. Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy. Sustainability 2021, 13, 6053. https://0-doi-org.brum.beds.ac.uk/10.3390/su13116053

AMA Style

Wang C, Deng X, Álvarez-Otero S, Sial MS, Comite U, Cherian J, Oláh J. Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy. Sustainability. 2021; 13(11):6053. https://0-doi-org.brum.beds.ac.uk/10.3390/su13116053

Chicago/Turabian Style

Wang, Chenxi, Xincai Deng, Susana Álvarez-Otero, Muhammad S. Sial, Ubaldo Comite, Jacob Cherian, and Judit Oláh. 2021. "Impact of Women and Independent Directors on Corporate Social Responsibility and Financial Performance: Empirical Evidence from an Emerging Economy" Sustainability 13, no. 11: 6053. https://0-doi-org.brum.beds.ac.uk/10.3390/su13116053

Find Other Styles
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Access Map by Country/Region

1
Back to TopTop