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Table 6 regression result of the effects of board gender diversity on CSR performance (proxied by scv, sroa, scvps)

From: Board gender diversity and corporate social responsibility

Panel A.

Explanatory Variable

Explained Variables (social contribution value: scv)

(1)

(2)

(3)

(4)

fdd

0.190**

   

(2.28)

   

fdn

 

0.147***

  
 

(3.26)

  

fdr

  

0.00702**

 
  

(2.14)

 

fidd

   

-0.167

   

(-1.49)

Controls

included

included

included

included

constant

included

included

included

included

Panel B.

Explanatory Variable

Explained Variables (social returns on assets: sroa)

(1)

(2)

(3)

(4)

fdd

0.142*

   

(1.76)

   

fdn

 

0.0673

  
 

(1.54)

  

fdr

  

-0.000421

 
  

(-0.13)

 

fidd

   

0.711***

   

(6.57)

Controls

included

included

included

included

constant

included

included

included

included

Panel C.

Explanatory Variable

Explained Variables (social contribution value per share: scvps)

(1)

(2)

(3)

(4)

fdd

0.261***

   

(4.77)

   

fdn

 

0.107***

  
 

(3.65)

  

fdr

  

0.00817***

 
  

(3.81)

 

fidd

   

1.044***

   

(14.19)

Controls

included

included

included

included

constant

included

included

included

included

  1. This table reports the regression estimates of the effects of corporate board gender diversity on CSR performance, which is proxied by social contribution value (scv) (Panel A), social returns on assets (sroa) (Panel B), and social contribution value per share (scvps) (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