Board gender diversity and corporate social responsibility

International Journal of Corporate Social Responsibility

Table 5 Regression result of the effects of board gender diversity on CSR performance (proxied by csrcumu, csrcont, csrovlp)

Panel A.
Explanatory Variable	Explained Variables (cumulative CSR performance: csrcumu)
Explanatory Variable	(1)	(2)	(3)	(4)
fdd	0.0426***
	(2.81)
fdn		0.0307***
		(3.74)
fdr			0.000734
			(1.23)
fidd				0.118***
				(5.72)
Controls	included	included	included	included
constant	included	included	included	included
Panel B.
Explanatory Variable	Explained Variables (continuous CSR performance: csrcont)
Explanatory Variable	(1)	(2)	(3)	(4)
fdd	0.00228***
fdd	(2.70)
fdn		0.000681
fdn		(1.49)
fdr			0.0000807**
fdr			(2.45)
fidd				0.0000642
fidd				(0.06)
Controls	included	included	included	included
constant	included	included	included	included
Panel C.
Explanatory Variable	Explained Variables (overlap CSR performance: csrovlp)
Explanatory Variable	(1)	(2)	(3)	(4)
fdd	0.00172*
fdd	(1.66)
fdn		-0.0000260
fdn		(-0.05)
fdr			-0.00000612
fdr			(-0.15)
fidd				0.00184
fidd				(1.30)
Controls	included	included	included	included
constant	included	included	included	included

This table reports the regression estimates of the effects of corporate board gender diversity on CSR performance, which is proxied by cumulative CSR performance (csrcumu) (Panel A), continuous CSR performance (csrcont) (Panel B), and overlap CSR performance (csrovlp) (Panel C). In each panel, 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 estimation result of control variables are omitted with notation of "included". 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