Gender-Diverse Boards and Corporate Social Responsibility in the Thai Context

Information from the abstract

The study investigated the relationship between female board representation and corporate social responsibility (CSR) in Thai firms in the period between 2015 and 2021. We examined whether a higher proportion of female directors would enhance CSR and sustainable corporate development. The findings provide no empirical evidence of a relationship, suggesting that female board representation may not influence CSR in Thailand. The role and impact of female directors appear to be indirect and complex, making it difficult to assess and quantify their contribution to CSR. We also examined whether female chief executive officers (CEOs) and/or chief financial officers (CFOs) moderate the relationship between female board representation and improved CSR. The findings do not support this hypothesis, suggesting that female CEOs and/or CFOs do not moderate the relationship between the presence of female directors and CSR. The presence of a female CEO or a member of a minority group in a firm may not be enough to influence the company’s charitable giving decisions. This study contributes to the corporate governance and CSR literature by examining how female board representation and female executive leadership jointly shape ESG performance and disclosure in an emerging market context, and by distinguishing between performance-based and disclosure-based ESG outcomes using two major global databases.

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Related topics: Corporate Social Responsibility Reporting · Gender Diversity and Inequality · Corporate Finance and Governance