Sustainable development and the limits of gender policies on corporate boards in Europea comparative analysis between developed and emerging markets

  1. María del Carmen Valls Martínez 1
  2. Pedro Antonio Martín-Cervantes 1
  3. María del Mar Miralles-Quirós 2
  1. 1 Universidad de Almería
    info

    Universidad de Almería

    Almería, España

    ROR https://ror.org/003d3xx08

  2. 2 University of Extremadura,
Journal:
European Research on Management and Business Economics

ISSN: 2444-8834

Year of publication: 2022

Volume: 28

Issue: 1

Pages: 41-55

Type: Article

DOI: 10.1016/J.IEDEEN.2021.100168 DIALNET GOOGLE SCHOLAR

More publications in: European Research on Management and Business Economics

Sustainable development goals

Abstract

Sustainable development is a priority to the United Nations. Moreover, investment managers consider envi- ronmental, social and governance score as an important variable in portfolios selection. The fifth goal in the 2030 Agenda is gender equality. Besides, European countries have established gender quotas on corporate boards to reduce the gender gap. Empirical studies about the influence of women directors on the company's corporate social responsibility (CSR) presented mixed results, especially in developing countries. This article compares the influence of gender diversity on corporate boards on CSR performance in developed and emerging European markets. We apply a panel data methodology with fixed effects to examine the compa- nies listed in the MSCI Europe and MSCI EM Europe indices from 2010 to 2019. The results show that gender diversity on the board of directors influences CSR performance positively, and this influence is greater in developed countries. Consequently, legislation should promote gender policies

Bibliographic References

  • Adams, R. B., & Ferreira, D. (2009). Women in the Boardroom and Their Impact on Governance and Performance. Journal of Fiancial Economics, 94(2), 291–309. doi:10.1016/j.jfineco.2008.10.007.
  • Al-Qahtani, M., & Elgharbawy, A. (2020). The effect of board diversity on disclosure and management of greenhouse gas information: Evidence from the United Kingdom. Journal of Enterprise Information Management, 33(6), 1557–1579. doi:10.1108/JEIM-08-2019-0247.
  • Ali, M., Ng, Y. L., & Kulik, C. T. (2014). Board age and gender diversity: A test of competing linear and curvilinear predictions. Journal of Business Ethics, 125(3), 497–512. doi:10.1007/s10551-013-1930-9.
  • Amorelli, M. F., & García-Sanchez, I. M. (2020). Critical mass of female directors, human capital, and stakeholder engagement by corporate social reporting. Corporate Social Responsibility and Environmental Management, 27(1), 204–221. doi:10.1002/csr.1793.
  • Amorelli, M. F., & García-Sanchez, I. M. (2021). Trends in the dynamic evolution of board gender diversity and corporate social responsibility. Corporate Social Responsibility and Environmental Management, 28(2), 537–554. doi:10.1002/csr.2079.
  • Andrikopoulos, A., & Kriklani, N. (2013). Environmental disclosure and financial characteristics of the firm: The case of Denmark. Corporate Social Responsibility and Environmental Management, 20(1), 55–64. doi:10.1002/csr.1281.
  • Aslam, S., Abdul, M., Makki, M., Mahmood, S., & Amin, S. (2018). Gender diversity and managerial ownership response to corporate social responsibility initiatives: Empirical evidence from Australia. Journal of Managerial Sciences, 12(2), 131–151.
  • Atif, M., Hossain, M., Alam, M. S., & Goergen, M. (2020). Does board gender diversity affect renewable energy consumption? Journal of Corporate Finance doi:10.1016/j.jcorpfin.2020.101665.
  • Barrientos Baez, A., Baez-García, A. J., Flores-Mu~noz, F., & Gutierrez-Barroso, J. (2018). Gender diversity, corporate governance and firm behavior: The challenge of emo- tional management. European Research on Management and Business Economics, 24 (3), 121–129. doi:10.1016/j.iedeen.2018.07.001.
  • Bassett-Jones, N. (2005). The paradox of diversity management, creativity and innovation. Creativity and Innovation Management, 14(2), 169–175. doi:10.1111/j.1467-8691.00337.x.
  • Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of BusinessEthics, 97(2), 207–221. doi:10.1007/s10551-010-0505-2.
  • Beji, R., Yousfi, O., Loukil, N., & Omri, A. (2020). Board diversity and corporate social responsibility: Empirical evidence from France. Journal of Business Ethics. doi:10.1007/s10551-020-04522-4.
  • Ben-Amar, W., Chang, M., & McIlkenny, P. (2017). Board gender diversity and corporate response to sustainability initiatives: Evidence from the carbon disclosure project. Journal of Business Ethics, 142(2), 369–383. doi:10.1007/s10551-015-2759-1.
  • Bernardi, R., & Threadgill, V. (2010). Women Directors and Corporate Social Responsibility. EJBO : Electronic Journal of Business Ethics and Organizational Studies, 15(2), 15–21.
  • Birindelli, G., Dell’Atti, S., Iannuzzi, A. P., & Savioli, M. (2018). Composition and activity of the board of directors: Impact on ESG performance in the banking system. Sus- tainability, 10(12), 1–20. doi:10.3390/su10124699.
  • Birindelli, G., Iannuzzi, A. P., & Savioli, M. (2019). The impact of women leaders on environmental performance: Evidence on gender diversity in banks. Corporate Social Responsibility and Environmental Management, 26(6), 1485–1499. doi:10.1002/csr.1762.
  • Boulouta, I. (2013). Hidden connections: The link between board gender diversity and corporate social performance. Journal of Business Ethics, 113, 185–197. doi:10.1007/s10551-012-1293-7.
  • Brammer, S., & Pavelin, S. (2008). Factors influencing the quality of corporate environmental disclosure. Business Strategy and the Environment, 17(2), 120–136. doi:10.1002/bse.506.
  • Breusch, T. S., & Pagan, A. R. (1980). The lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239. doi:10.2307/2297111.
  • Brown, J. A., & Forster, W. R. (2013). CSR and stakeholder theory: A tale of Adam smith. Journal of Business Ethics, 112, 301–312. doi:10.1007/s10551-012-1251-4.
  • Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451. doi:10.1007/s10551-007-9630-y.
  • Campopiano, G., Rinaldi, F. R., Sciascia, S., & De Massis, A. (2019). Family and non-family women on the board of directors: Effects on corporate citizenship behavior in family controlled fashion firms. Journal of Cleaner Production, 214, 41–51. doi:10.1016/j.jclepro.2018.12.319.
  • Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of Economic Behavior and Organization, 83(1), 50–58. doi:10.1016/j.jebo.2011.06.007.
  • Charumathi, B., & Rahman, H. (2019). Do women on boards influence climate change disclosures to CDP? - Evidence from large indian companies. Australasian Accounting, Business and Finance Journal, 13(2), 5–31. doi:10.14453/aabfj.v13i2.2.
  • Colakoglu, N., Eryilmaz, M., & Martínez-Ferrero, J. (2020). Is board diversity an antecedent of corporate social responsibility performance in firms? A research on the 500 biggest Turkish companies. Social Responsibility Journal. doi:10.1108/SRJ-07-2019-0251 February.
  • Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. doi:10.1257/jel.47.2.448.
  • Cruz, C., Justo, R., Larraza-Kintana, M., & Garces-Galdeano, L. (2019). When do women make a better table? Examining the influence of women directors on family firm’s corporate social performance. Entrepreneurship: Theory and Practice, 43(2 Special Issue), 282–301. doi:10.1177/1042258718796080.
  • Cuadrado Ballesteros, B., García Rubio, R., & Martínez Ferrero, J. (2015). Effect of the composition of the board of directors on corporate social responsibility. Spanish Accounting Review, 18(1), 20–31. doi:10.1016/j.rcsar.2014.02.003.
  • Darus, F., Isa, N., Yusoff, H., & Arshad, R. (2015). Corporate governance and business capabilities: Strategic factors for corporate social responsibility reporting. Journal of Accounting and Auditing: Research & Practice, 2015, 1–9. doi:10.5171/2015.315629.
  • Dawar, G., & Singh, S. (2016). Corporate social responsibility and gender diversity : A literature review. Journal of IMS Group, 13(1), 61–71.
  • Delmas, M., & Blass, V. D. (2010). Measuring corporate environmental performance: The trade-offs of sustainability ratings. Business Strategy and the Environment, 19 (4), 245–260. doi:10.1002/bse.676.
  • Dienes, D., & Velte, P. (2016). The impact of supervisory board composition on CSR reporting. Evidence from the German two-tier system. Sustainability, 8(1), 1–20. doi:10.3390/su8010063.
  • Dragomir, V. D. (2010). Environmentally sensitive disclosures and financial performance in a European setting. Journal of Accounting & Organizational Change, 6(3), 359–388. doi:10.1108/18325911011075222.
  • Gallego-Álvarez et al., 2010 Reguera Alvarado et al., 2017 Gennari, 2018 Furlotti et al., 2019 R. J. Williams, 2003 Eagly, A. H. (2009). The his and hers of prosocial behavior: An examination of the social psychology of gender. American Psychologist, 64(8), 644–658. doi:10.1037/0003-066X.64.8.644.
  • Eagly, A. H., Johannesen-Schmidt, M. C., & Van Engen, M. L. (2003). Transformational, transactional, and laissez-faire leadership styles: A meta-analysis comparing women and men. Psychological Bulletin, 129(4), 569–591. doi:10.1037/0033-2909.129.4.569.
  • ElAlfy, A., Darwish, K. M., & Weber, O. (2020). Corporations and sustainable development goals communication on social media: Corporate social responsibility or just another buzzword? Sustainable Development1–13. doi:10.1002/sd.2095 May.
  • Fauzi, F., & Locke, S. (2012). Board structure, ownership structure and firm performance: A study of New Zealand listed-firms. Asian Academy of Management Journal of Accounting and Finance, 8(2), 43–67.
  • Fernández-Feijoo, B., Romero, S., & Ruiz-Blanco, S. (2014). Women on boards: Do they affect sustainability reporting? Corporate Social Responsibility and Environmental Management, 21(6), 351–364. doi:10.1002/csr.1329.
  • Fernandez-Gago, R., Cabeza-García, L., & Nieto, M. (2018). Independent directors’ background and CSR disclosure. Corporate Social Responsibility and Environmental Management, 25(5), 991–1001. doi:10.1002/csr.1515.
  • Fernandez, W. D., Burnett, M. F., & Gomez, C. B. (2019). Women in the boardroom and corporate social performance: Negotiating the double bind. Management Decision, 57(9), 2201–2222. doi:10.1108/MD-08-2017-0738.
  • Francoeur, C., Labelle, R., Balti, S., & El Bouzaidi, S. (2019). To what extent do gender diverse boards enhance corporate social performance? Journal of Business Ethics, 155, 343–357. doi:10.1007/s10551-017-3529-z.
  • Francoeur, C., Labelle, R., & Sinclair-Desgagne, B. (2008). Gender diversity in corporate governance and top management. Journal of Business Ethics, 81(1), 83–95. doi:10.1007/s10551-007-9482-5.
  • Freedman, M., & Jaggi, B. (2011). Global warming disclosures: Impact of Kyoto protocol across countries. Journal of International Financial Management and Accounting, 22 (1), 46–90. doi:10.1111/j.1467-646X.2010.01045.x.
  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.
  • Furlotti, K., Mazza, T., Tibiletti, V., & Triani, S. (2019). Women in top positions on boards of directors: Gender policies disclosed in Italian sustainability reporting. Corporate Social Responsibility and Environmental Management, 26(1), 57–70. doi:10.1002/csr.1657.
  • Galani, D., Gravas, E., & Stavropoulos, A. (2012). Company characteristics and environmental policy. Business Strategy and the Environment, 21(4), 236–247. doi:10.1002/bse.731.
  • Gallego-Alvarez, I., García-Sanchez, I. M., & Rodríguez-Dominguez, L. (2010). The influence of gender diversity on corporate performance. Revista de Contabilidad-Spanish Accounting Review, 13(1), 53–88. doi:10.1016/S1138-4891(10)70012-1.
  • García-Sanchez, I. M., Oliveira, M. C., & Martínez-Ferrero, J. (2020). Female directors and gender issues reporting: The impact of stakeholder engagement at country level. Corporate Social Responsibility and Environmental Management, 27(1), 369–382. doi:10.1002/csr.1811.
  • García-Sanchez, I. M., Suarez-Fernandez, O., & Martínez-Ferrero, J. (2019). Female directors and impression management in sustainability reporting. International Business Review, 28(2), 359–374. doi:10.1016/j.ibusrev.2018.10.007.
  • Gennari, F. (2018). Gender balance on boards and corporate sustainability for the 2030 Agenda. African Journal of Business Management, 12(11), 343–356. doi:10.5897/ajbm2018.8553.
  • Gentry, R. J., & Shen, W. (2010). The relationship between accounting and market measures of firm financial performance: How Strong Is It? Journal of Managerial Issues, 22(4), 514–530.
  • Giannarakis, G. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10 (4), 569–590. doi:10.1108/SRJ-02-2013-0008.
  • Giannarakis, G., Konteos, G., & Sariannidis, N. (2014). Financial, governance and environmental determinants of corporate social responsible disclosure. Management Decision, 52(10), 1928–1951. doi:10.1108/MD-05-2014-0296.
  • Giannarakis, Grigoris. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569–590. doi:10.1108/SRJ-02-2013-0008.
  • Giannarakis, Grigoris, Konteos, G., & Sariannidis, N. (2014). Financial, governance and environmental determinants of corporate social responsible disclosure. Management Decision, 52(10), 1928–1951. doi:10.1108/MD-05-2014-0296.
  • Giannarakis, Grigoris, & Litinas, N. (2011). Corporate Social Responsibility Performance in the Greek Telecommunication Sector. Strategic Change, 20, 73–84. doi:10.1002/jsc.886.
  • Glass, C., Cook, A., & Ingersoll, A. R. (2016). Do Women Leaders Promote Sustainability? Analyzing the Effect of Corporate Governance Composition on Environmental Performance. Business Strategy and the Environment, 25(7), 495–511. doi:10.1002/bse.1879.
  • Gonzalez-Gonzalez, J. M., & Zamora Ramírez, C. (2016). Voluntary carbon disclosure by Spanish companies: An empirical analysis. International Journal of Climate Change Strategies and Management, 8(1), 57–79. doi:10.1108/IJCCSM-09-2014-0114.
  • Gulzar, M. A., Cherian, J., Hwang, J., Jiang, Y., & Sial, M. S. (2019). The impact of board gender diversity and foreign institutional investors on the corporate social responsibility (CSR) engagement of Chinese listed companies. Sustainability (Switzerland), 11(2), 1–19. doi:10.3390/su11020307.
  • Gutek, B. A., & Morasch, B. (1982). Sex-ratios, sex-role spillover, and sexual harassment of women at work. Journal of Social Issues, 38(4), 55–74. doi:10.1111/j.1540-4560.1982.tb01910.x.
  • Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. doi:10.5465/amr.2007.24345254.
  • Hambrick, D. C., & Mason, P. A. (1984). UpperEchelons: TheOrganization as a reflection of its top managers. The Acadamy of Management Review, 9(2), 193–206. doi:10.5465/amr.1984.4277628 Issue.
  • Harjoto, M. A., & Rossi, F. (2019). Religiosity, female directors, and corporate social responsibility for Italian listed companies. Journal of Business Research, 95(October 2017), 338–346. doi:10.1016/j.jbusres.2018.08.013.
  • Haslam, S. A., Ryan, M. K., Kulich, C., Trojanowski, G., & Atkins, C. (2010). Investing with prejudice: The relationship between women’s presence on company boards and objective and subjective measures of company performance. British Journal of Management, 21(2), 484–497. doi:10.1111/j.1467-8551.2009.00670.x.
  • Hill, C. W. L., & Jones, T. M. (1992). Stakeholder-Agency Theory. Journal of Management Studies, 29(2), 131–154. doi:10.1111/j.1467-6486.1992.tb00657.x.
  • Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 37(2), 235–256. doi:10.1111/1467-6486.00179.
  • Hollindale, J., Kent, P., Routledge, J., & Chapple, L. (2019). Women on boards and greenhouse gas emission disclosures. Accounting and Finance, 59(1), 277–308. doi:10.1111/acfi.12258.
  • Hossain, M., Al Farooque, O., Momin, M. A., & Almotairy, O. (2017). Women in the boardroom and their impact on climate change related disclosure. Social Responsibility Journal, 13(4), 828–855. doi:10.1108/SRJ-11-2016-0208.
  • Hou, T. C. T. (2019). The relationship between corporate social responsibility and sustainable financial performance: Firm-level evidence from Taiwan. Corporate Social Responsibility and Environmental Management, 26(1), 19–28. doi:10.1002/csr.1647.
  • Huselid, M. A. (1995). The impact of human resource management practices on turn over, productivity, and corporate financial performance. Academy of Management Journal, 38(3), 635–672. doi:10.5465/256741.
  • Ibrahim, N. A., & Angelidis, J. P. (1994). Effect of board members gender on corporate social responsiveness orientation. Journal of Applied Business Research, 10(1), 35–40. doi:10.19030/jabr.v10i1.5961.
  • Isidro, H., & Sobral, M. (2015). The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of Business Ethics, 132(1), 1–19. doi:10.1007/s10551-014-2302-9.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360. doi:10.1016/0304-405X(76)90026-X.
  • Jhunjhunwala, S., & Mishra, R. K. (2012). Board diversity and corporate performance: The Indian evidence. The IUP Journal of Corporate Governance, 11(3), 71–79.
  • Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse? Economic Inquiry, 36(4), 620–630. doi:10.1111/j.1465-7295.1998.tb01740.x.
  • Khan, I., Khan, I., & Saeed, B.bin. (2019). Does board diversity affect quality of corporate social responsibility disclosure? Evidence from Pakistan. Corporate Social Responsibility and Environmental Management, 26(6), 1371–1381. doi:10.1002/csr.1753.
  • Kılıc, M., & Kuzey, C. (2019). The effect of corporate governance on carbon emission disclosures: Evidence from Turkey. International Journal of Climate Change Strategies and Management, 11(1), 35–53. doi:10.1108/IJCCSM-07-2017-0144.
  • Konrad, A. M., Ritchie, J. E., Lieb, P., & Corrigall, E. (2000). Sex differences and similarities in job attribute preferences: A meta-analysis. Psychological Bulletin, 126(4), 593–641. doi:10.1037/0033-2909.126.4.593.
  • Kyaw, K., Olugbode, M., & Petracci, B. (2017). Can board gender diversity promote corporate social performance? Corporate Governance International Journal of Business in Society, 17(5), 789–802. doi:10.1108/CG-09-2016-0183.
  • Liao, L., Lin, T. P., & Zhang, Y. (2018). Corporate board and corporate social responsibility assurance: Evidence from China. Journal of Business Ethics, 150(1), 211–225. doi:10.1007/s10551-016-3176-9.
  • Liao, Z., Zhang, M., & Wang, X. (2019). Do female directors influence firms’ environmental innovation? The moderating role of ownership type. Corporate Social Responsibility and Environmental Management, 26(1), 257–263. doi:10.1002/csr.1677.
  • Lofgren, K., Persson, T., & Weibull, J. W. (2002). Markets with asymmetric information: The contributions of george Akerlof, Michael Spence and Joseph Stiglitz. The Scan- dinavian Journal of Economics, 104(2), 195–211. doi:10.1111/1467-9442.00280.
  • Lu, J., & Herremans, I. M. (2019). Board gender diversity and environmental perfor- mance: An industries perspective. Business Strategy and the Environment, 28(7), 1449–1464. doi:10.1002/bse.2326.
  • Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224. doi:10.1108/JAAR-01-2017-0024.
  • Martínez-Ferrero, J., Vaquero-Cacho, L. A., Cuadrado-Ballesteros, B., & García-Sanchez, I. M. (2015). Corporate governance and corporate social responsibility in banking: The role of the board of directors. Investigaciones Europeas de Direccion y Economía de La Empresa, 21(3), 129–138. doi:10.1016/j.iedee.2015.01.001.
  • Mason, C., & Simmons, J. (2014). Embedding corporate social responsibility in corporate governance: A stakeholder systems approach. Journal of Business Ethics, 119 (1), 77–86. doi:10.1007/s10551-012-1615-9.
  • Mateos del Cabo, R., Gimeno, R., & Escot, L. (2010). Disentangling discrimination on Spanish boards of directors. Corporate Governance: An International Review, 19(1), 77–95. doi:10.1111/j.1467-8683.2010.00837.x.
  • Miralles-Quiros, M. M., Miralles-Quiros, J. L., & Guia Arraiano, I. (2017). Are firms that contribute to sustainable development valued by investors? Corporate Social Responsibility and Environmental Management, 24(1), 71–84. doi:10.1002/csr.1392.
  • Miralles-Quiros, M. M., Miralles-Quiros, J. L., & Guia Arraiano, I. (2017b). Sustainable development, sustainability leadership and firm valuation: Differences across Europe. Business Strategy and the Environment, 26(7), 1014–1028. doi:10.1002/bse.1964.
  • Miralles-Quiros, M. M., Miralles-Quiros, J. L., & Redondo-Hernandez, J. (2019). The impact of environmental, social, and governance performance on stock prices: Evi- dence from the banking industry. Corporate Social Responsibility and Environmental Management, 26(6), 1446–1456. doi:10.1002/csr.1759.
  • Montgomery, C. A., & Wernerfelt, B. (1988). Tobin’s Q and the importance of focus in firm. Performance, 78(1), 246–250.
  • Naseem, M. A., Riaz, S., Rehman, R. U., Ikram, A., & Malik, F. (2017). Impact of board characteristics on corporate social responsibility disclosure. The Journal of Applied Business Research, 33(4), 801–810.
  • Nicholson, G. J., & Kiel, G. C. (2007). Can directors impact performance? A case-based test of three theories of corporate governance. Corporate Governance: An Interna- tional Review, 15(4), 585–608. doi:10.1111/j.1467-8683.2007.00590.x.
  • Nitzl, C., Roldan, J. L., & Cepeda, G. (2016). Mediation analysis in partial least squares path modelling, helping researchers discuss more sophisticated models. Industrial Management and Data Systems, 116(9), 1849–1864. doi:10.1108/IMDS-07-2015-0302.
  • Orazalin, N., & Baydauletov, M. (2020). Corporate social responsibility strategy and corporate environmental and social performance: the moderating role of board gender diversity. Corporate Social Responsibility and Environmental Management, 27(4),1664–1676. doi:10.1002/csr.1915.
  • Pfeffer, J. (1972). Size and composition of corporate boards of directors : the organization and its environment author (s): Jeffrey Pfeffer published by : sage publications, Inc . on behalf of the Johnson Graduate School of Stable URL : http://www.jstor.org/stable/239395. Administrative Science Quarterly, 17(2), 218–228. doi:10.2307/2393956.
  • Pletzer, J. L., Nikolova, R., Kedzior, K. K., & Voelpel, S. C. (2015). Does gender matter? female representation on corporate boards and firm financial performance - a metaanalysis. PLoS ONE, 10(6), 1–20. doi:10.1371/journal.pone.0130005.
  • Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A metaanalysis. Academy of Management Journal, 58(5), 1546–1571. doi:10.5465/amj.2013.0319.
  • Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. In Business and Society, 50(1). doi:10.1177/0007650310394642 Issue.
  • Prado-Lorenzo, J. M., García-Sanchez, I. M., & Gallego-Alvarez, I. (2012). Effects of activist shareholding on corporate social responsibility reporting practices: An empiri- cal study in Spain. Journal of Economics, Finance and Administrative Science, 17(32),7–16.
  • Pucheta-Martínez, M. C., Bel-Oms, I., & Nekhili, M. (2019). The contribution of financial entities to the sustainable development through the reporting of corporate social responsibility information. Sustainable Development, 27(3), 388–400. doi:10.1002/sd.1911.
  • Pucheta-Martínez, M. C., Bel-Oms, I., & Olcina-Sempere, G. (2019). Commitment of independent and institutional women directors to corporate social responsibility reporting. Business Ethics, 28(3), 290–304. doi:10.1111/beer.12218.
  • Pucheta-Martínez, M. C., & Gallego-Alvarez, I. (2019). An international approach of the relationship between board attributes and the disclosure of corporate social responsibility issues. Corporate Social Responsibility and Environmental Management, 26(3), 612–627. doi:10.1002/csr.1707.
  • Pucheta-Martínez, M. C., Olcina-Sempere, G., & Lopez-Zamora, B. (2020). Female directorship on boards and corporate sustainability policies: Their effect on sustainable development. Sustainable Development, 28(1), 56–72. doi:10.1002/sd.1965.
  • Qu, W., & Leung, P. (2006). Cultural impact on Chinese corporate disclosure a corporate governance perspective. Managerial Auditing Journal, 21(3), 241–264. doi:10.1108/02686900610652991.
  • Ramon-Llorens, M. C., Garcia-Meca, E., & Pucheta-Martínez, M. C. (2021). Female directors on boards. The impact of faultlines on CSR reporting. Sustainability Accounting, Management and Policy Journal, 12(1), 156–183. doi:10.1108/SAMPJ-07-2019-0273.
  • Rao, K., & Tilt, C. (2016). Board composition and corporate social responsibility: The role of diversity, gender, strategy and decision making. Journal of Business Ethics, 138(2), 327–347. doi:10.1007/s10551-015-2613-5.
  • Reguera-Alvarado, N., de Fuentes, P., & Laffarga, J. (2017). Does board gender diversity influence financial performance? Evidence from Spain. Journal of Business Ethics, 141(2), 337–350. doi:10.1007/s10551-015-2735-9.
  • Reverte, C. (2009). Determinants of corporate social responsibility disclosure ratings by Spanish listed firms. Journal of Business Ethics, 88(2), 351–366. doi:10.1007/s10551-008-9968-9.
  • Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15(2), 404–413. doi:10.1111/j.1467-8683.2007.00570.x.
  • Scherer, A. G., & Palazzo, G. (2007). Towards a political conception of corporate resposibility. Academy of Management Review, 32(4), 1096–1120. doi:10.5465/amr.2007.26585837.
  • Seto-Pamies, D. (2015). The relationship between women directors and corporate social responsibility. Corporate Social Responsibility and Environmental Management, 22(6), 334–345. doi:10.1002/csr.1349.
  • Shankman, N. A. (1999). Reframing the debate between agency and stakeholder theories of the firm. Journal of Business Ethics, 19(4), 319–334. doi:10.1023/A:1005880031427.
  • Sial, M. S., Zheng, C., Cherian, J., Gulzar, M. A., Thu, P. A., Khan, T., & Khuong, N. V. (2018). Does corporate social responsibility mediate the relation between boardroom gender diversity and firm performance of Chinese listed companies? Sustainability, 10(10), 1–18. doi:10.3390/su10103591.
  • Stanwick, P. A., & Stanwick, S. D. (1998). The determinants of corporate social performance: an empirical examination. American Business Review, 16(1), 86–93.
  • Sundarasen, S. D., Je-Yen, T., & Rajangam, N. (2016). Board composition and corporate social responsibility in an emerging market. Corporate Governance, 16(1), 35–53. doi:10.1108/CG-05-2015-0059.
  • Terjesen, S., Barbosa Couto, E., & Morais Francisco, P. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management and Governance, 20(3), 447–483. doi:10.1007/s10997-014-9307-8.
  • Tingbani, I., Chithambo, L., Tauringana, V., & Papanikolaou, N. (2020). Board genderm diversity, environmental committee and greenhouse gas voluntary disclosures. Business Strategy and the Environment, 29(6), 2194–2210. doi:10.1002/bse.2495.
  • Tsalis, T. A., Malamateniou, K. E., Koulouriotis, D., & Nikolaou, I. E. (2020). New challenges for corporate sustainability reporting: United Nations’ 2030 Agenda for sustainable development and the sustainable development goals. Corporate Social Responsibility and Environmental Management, 27(4), 1617–1629. doi:10.1002/csr.1910.
  • Uyar, A., Kilic, M., Koseoglu, M. A., Kuzey, C., & Karaman, A. S. (2020). The link among board characteristics, corporate social responsibility performance, and financial performance: Evidence from the hospitality and tourism industry. Tourism Management Perspectives, 35, 100714. doi:10.1016/j.tmp.2020.100714.
  • Valls Martínez, M. C. (2019). Profitability, corporate social responsibility and gender in private healthcare in Spain. Revista Espa~nola de Investigaciones Sociológicas, 168 (December), 111–128. doi:10.5477/cis/reis.168.111.
  • Valls Martínez, M. C., & Cruz Rambaud, S. (2019). Women on corporate boards and firm’s financial performance. Women’s Studies International Forum, 76(102251), 1–11. doi:10.1016/j.wsif.2019.102251.
  • Valls Martínez, M. C., Cruz Rambaud, S., & Parra Oller, I. M. (2019). Gender policies on board of directors and sustainable development. Corporate Social Responsibility and Environmental Management, 26(6), 1539–1553. doi:10.1002/csr.1825.
  • Valls Martínez, M. C., Martín Cervantes, P. A., & Cruz Rambaud, S. (2020). Women on corporate boards and sustainable development in the American and European markets: Is there a limit to gender policies? Corporate Social Responsibility and Environmental Management, 27(6), 2642–2656. doi:10.1002/csr.1989.
  • Velte, P. (2017a). Do women on board of directors have an impact on corporate governance quality and firm performance? A literature review. International Journal of Sustainable Strategic Management, 5(4), 302. doi:10.1504/ijssm.2017.10010121.
  • Velte, P. (2017b). Does board composition have an impact on CSR reporting? Problems and Perspectives in Management, 15(2), 19–35. doi:10.21511/ppm.15(2).2017.02.
  • Walls, J. L., Berrone, P., & Phan, P. H. (2012). Corporate governance and environmental performance: Is there really a link? Strategic Management Journal, 33, 885–913. doi:10.1002/smj.1952.
  • Watson, W. E., Kumar, K., & Michaelsen, L. K. (1993). Cultural diversity’s impact on interaction process and performance: Comparing. Academy of Management Journal, 36(3), 590–602. doi:10.2307/256593.
  • Wichaisri, S., & Sopadang, A. (2018). Trends and future directions in sustainable development. Sustainable Development, 26(1), 1–17. doi:10.1002/sd.1687.
  • Wiggins, R. R., & Ruefli, T. W. (2002). Sustained competitive advantage: Temporal dynamics and the incidence and persistence of superior economic performance. Organization Science, 13(1), 82–105. doi:10.1287/orsc.13.1.81.542.
  • Williams, A., Whiteman, G., & Parker, J. N. (2019). Backstage interorganizational collaboration: Corporate endorsement of the sustainable development goals. Academy of Management Discoveries, 5(4), 367–395. doi:10.5465/amd.2018.0154.
  • Williams, R. J. (2003). Women on corporate boards of directors and their influence on corporate philanthropy. Journal of Business Ethics, 42, 1–10. doi:10.1023/A:1021626024014.
  • World Economic Forum. (2019). Global Gender Gap Report 2020: Insight Report. . doi:10.1002/9781119085621.wbefs350.
  • Yaseen, H., Iskandrani, M., Ajina, A., & Hamad, A. (2019). Investigating the relationship between board diversity & corporate social responsibility (CSR) performance: Evidence from France. Academy of Accounting and Financial Studies Journal, 23(4), 1–11.
  • Zahid, M., Rahman, H. U., Ali, W., Khan, M., Alharthi, M., Imran Qureshi, M., & Jan, A. (2020). Boardroom gender diversity: Implications for corporate sustainability disclosures in Malaysia. Journal of Cleaner Production, 244, 118683. doi:10.1016/j.jclepro.2019.118683.
  • Zhang, J. Q., Zhu, H., & Ding, H.-B. (2013). Board Composition and Corporate Social Responsibility: An Empirical Investigation in the Post Sarbanes-Oxley Era. Journal of Business Ethics, 114(3), 381–392. doi:10.1007/s10551-012-1352-0.15
  • Majeed, S., Aziz, T., & Saleem, S. (2015). The effect of corporate governance elements on corporate social responsibility (CSR) disclosure: An empirical evidence from listed companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530–556. doi:10.3390/ijfs3040530.
  • M.d.C. Valls Martínez, P.A. Martín-Cervantes and M.d.M. Miralles-Quiros European research on management and business economics 28 (2022) 100168
Data source: Dialnet