Board gender diversity and corporate social responsibility

Chang, Yuan; Wu, Kun-Tsung; Lin, Shu-Hui; Lin, Chia-Jung

doi:10.1186/s40991-024-00095-x

International Journal of Corporate Social Responsibility

Table 7 The effects of corporate board gender diversity (fdd) on four dimensions (SCV Sub-variables) in CSR performance

From: Board gender diversity and corporate social responsibility

	Panel A. Four SCV Sub-Variables				Panel B. (Four SCV Sub-Variables / Total Assets)				Panel C. (Four SCV Sub-Variables / Shares Outstanding)
	salary	divid	tax	interest	salaryta	dividta	taxta	interestta	salaryq	dividq	taxq	interestq
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
fdd	-0.00673	0.0100	-0.00232	-0.260***	0.160***	0.0147	0.0177	-0.0109***	0.0658***	0.00459	0.00290	-0.00244**
fdd	(-0.59)	(0.16)	(-0.04)	(-5.67)	(2.69)	(0.44)	(1.62)	(-3.37)	(3.28)	(0.31)	(0.60)	(-2.08)
asset	0.551***	1.220***	1.182***	1.120***	-1.343***	0.0274**	-0.0716***	0.0104***	-0.155***	0.0763***	0.00326	0.0115***
asset	(104.07)	(42.62)	(50.41)	(52.63)	(-54.07)	(2.03)	(-16.00)	(7.76)	(-18.18)	(12.26)	(1.58)	(22.51)
debt	0.00134***	-0.0315***	-0.00982***	0.0933***	0.0113***	-0.0246***	-0.00257***	0.00682***	0.0106***	-0.00145***	0.00141***	0.00258***
debt	(3.89)	(-17.03)	(-6.21)	(65.07)	(6.39)	(-25.53)	(-7.91)	(66.01)	(17.62)	(-3.38)	(9.73)	(67.84)
roa	0.0205***	0.324***	0.254***	0.000412	0.107***	0.207***	0.0680***	-0.000716***	0.0565***	0.0760***	0.0238***	0.000174**
roa	(33.74)	(98.81)	(86.09)	(0.14)	(33.51)	(111.21)	(108.07)	(-3.54)	(51.14)	(92.89)	(84.79)	(2.31)
insthold	-0.00136***	0.000699	-0.00560***	-0.0104***	0.00720***	0.00581***	-0.0000117	-0.000708***	0.00227***	0.00572***	0.00109***	-0.000176***
insthold	(-4.90)	(0.46)	(-4.51)	(-9.37)	(4.98)	(7.21)	(-0.04)	(-8.98)	(4.50)	(15.60)	(9.02)	(-5.96)
family	-0.210***	-0.228***	-0.0146	0.459***	-1.033***	-0.159***	-0.0305***	0.0389***	-0.358***	-0.119***	-0.0301***	0.0105***
family	(-17.91)	(-3.49)	(-0.27)	(9.75)	(-17.00)	(-4.65)	(-2.73)	(11.75)	(-17.35)	(-7.88)	(-6.04)	(8.70)
constant	3.792***	-11.39***	-10.73***	-12.48***	26.07***	1.803***	1.591***	-0.159***	3.531***	-0.717***	0.0177	-0.191***
constant	(50.14)	(-28.02)	(-32.09)	(-40.81)	(73.95)	(9.44)	(25.24)	(-8.32)	(29.51)	(-8.22)	(0.62)	(-26.25)
Num. of obs.	15,436	17,440	13,980	14,162	15,546	17,506	14,918	14,459	14,399	16,302	13,776	13,366
Adj. R-square	0.486	0.454	0.447	0.390	0.206	0.468	0.460	0.269	0.177	0.416	0.376	0.322
Prob. of F-stat.	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000

This table reports the regression estimates of the effects of corporate board gender diversity (the dummy of whether a firm has female director: fdd) on four dimensions (SCV sub-variables) in CSR Performance. SCV sub-variables include the total amount of salaries/benefits paid to employees (taking the natural logarithm) (salary), the total amount of cash dividend paid to stockholders (divid), the total amount of taxes paid to governments (tax), the total amount of interests paid to creditors (interest), the total amount of salaries/benefits divided by assets (salaryta), the total amount of cash dividend divided by assets (dividta), the total amount of taxes divided by assets (taxta), the total amount of interests divided by assets (interestta), the total amount of salaries/benefits divided by shares outstanding (salaryq), the total amount of cash dividend divided by shares outstanding (dividq), the total amount of taxes paid to governments divided by shares outstanding (taxq), the total amount of interests divided by shares outstanding (interestq). 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

Back to article page