Do women on corporate boards influence corporate social performance? A control function approach

Rey Dang (), Hocine Houanti (), Jean-Michel Sahut and Michel Simioni ()
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Rey Dang: ISTEC - Institut supérieur des Sciences, Techniques et Economie Commerciales - ISTEC
Hocine Houanti: Excelia Group | La Rochelle Business School
Jean-Michel Sahut: IDRAC Business school Lyon - Institut pour le Développement et la Recherche d'Action Commerciale - Université de Lyon
Michel Simioni: UMR MoISA - Montpellier Interdisciplinary center on Sustainable Agri-food systems (Social and nutritional sciences) - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - IRD - Institut de Recherche pour le Développement - CIHEAM-IAMM - Centre International de Hautes Etudes Agronomiques Méditerranéennes - Institut Agronomique Méditerranéen de Montpellier - CIHEAM - Centre International de Hautes Études Agronomiques Méditerranéennes - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - Institut Agro - Montpellier SupAgro - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement

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Abstract: We examine if women on corporate boards (WOCB) influence a firm's corporate social performance (CSP). To do this, we utilize stakeholder theory. From an empirical standpoint, we use the control function (CF) approach suggested by Wooldridge (2015), which takes into account the issue of endogeneity raised in the literature (namely, omitted variables, reverse causality, and dynamic endogeneity). Using a sample of firms from the S&P 500 between 2004 and 2015, we find that WOCB have a positive and significant effect (at the 5% level) on CSP. We compare our results to more traditional approaches (pooled OLS, the fixed-effects model, and system GMM). We shed light on an issue that is still considered controversial (Byron and Post, 2016).

Keywords: Control function; Stakeholder theory; Corporate social performance; Corporate social responsibility; Women on corporate boards (search for similar items in EconPapers)
Date: 2021-03
New Economics Papers: this item is included in nep-bec
Note: View the original document on HAL open archive server: https://hal.inrae.fr/hal-02891765v1
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Citations: View citations in EconPapers (10)

Published in Finance Research Letters, 2021, 39, 101645 [8 p.]. ⟨10.1016/j.frl.2020.101645⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02891765

DOI: 10.1016/j.frl.2020.101645

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