Board gender diversity and corporate social responsibility

International Journal of Corporate Social Responsibility

Table 4 Regression Result of the Effects of Board Gender Diversity on CSR Performance (current CSR performance: csrdummy)

Explanatory Variable	Explained Variables (current CSR performance: csrdummy)
Explanatory Variable	(1)	(2)	(3)	(4)
fdd	0.00496**
fdd	(2.06)
fdn		0.00332**
fdn		(2.55)
fdr			0.000110
fdr			(1.17)
fidd				0.00974***
fidd				(2.98)
asset	0.0355***	0.0355***	0.0356***	0.0356***
asset	(36.25)	(36.21)	(36.28)	(36.38)
debt	-0.000418***	-0.000419***	-0.000419***	-0.000420***
debt	(-5.93)	(-5.94)	(-5.95)	(-5.96)
roa	0.000274**	0.000274**	0.000273**	0.000262**
roa	(2.19)	(2.19)	(2.18)	(2.09)
insthold	0.000595***	0.000592***	0.000598***	0.000589***
insthold	(10.25)	(10.20)	(10.30)	(10.14)
family	-0.0247***	-0.0247***	-0.0246***	-0.0241***
family	(-10.01)	(-10.01)	(-9.93)	(-9.80)
constant	-0.501***	-0.500***	-0.501***	-0.502***
constant	(-36.23)	(-36.24)	(-36.09)	(-36.30)
Num. of obs.	19,875	19,875	19,875	19,875
Adj. R-square	0.101	0.102	0.101	0.102
Prob. of F-stat.	0.000	0.000	0.000	0.000

This table reports the regression estimates of the effects of corporate board gender diversity on CSR performance (current CSR performance: csrdummy). The main explanatory variables in models (1) to (4) adopt different board gender diversity variables, namely, the dummy of whether a firm has female director (fdd), the number of female director (fdn), the ratio of female director (fdr), and the dummy of whether a firm has female independent director (fidd). Control variables include firm size (asset), debt ratio (debt), returns on assets (roa), institutional investors shareholdings (insthold), and the dummy of whether a firm is a family-controlled firm (family). The data period is from 2007 to 2020. The t-values of the estimated coefficients are shown in parentheses, and *, **, and *** indicate statistical significance at the 10%, 5%, and 1% levels, respectively.