Does Gender Diversity Influence Business Efficiency? An Analysis from the Social Perspective of CSR
Milagros Gutiérrez-Fernández () and
Yakira Fernández-Torres ()
Additional contact information
Milagros Gutiérrez-Fernández: Department of Financial Economics and Accounting, Faculty of Business, Finance and Tourism, University of Extremadura, Avda. de la Universidad s/n, 10071 Cáceres, Spain
Yakira Fernández-Torres: Department of Financial Economics and Accounting, Faculty of Business, Finance and Tourism, University of Extremadura, Avda. de la Universidad s/n, 10071 Cáceres, Spain
Sustainability, 2020, vol. 12, issue 9, 1-18
Gender-related corporate social responsibility (CSR) practices are receiving increasing attention from all stakeholders, as the commitment to achieving equal opportunities for women has become a top priority. However, the reality is that women remain under-represented at the most senior corporate level, and there is a lack of knowledge about many of the implications this situation entails. This study aimed to provide the first analysis of the direct effect and the indirect effect (through leverage) of board gender diversity on business efficiency. The stochastic frontier approach was used to estimate efficiency. Possible determinants were studied using a fixed effects model with instrumental variables to correct for endogeneity problems. A sample of 91 Spanish listed companies was selected. Data were gathered for the period 2004 to 2015. This period is of great interest because it spans two different contexts in terms of gender legislation. The key findings are that promoting gender diversity is important to boost efficiency and that it is vital to consider possible indirect effects such as the role of leverage.
Keywords: gender diversity; corporate social responsibility; board of directors; stochastic frontier; technical efficiency; business performance (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:12:y:2020:i:9:p:3865-:d:355860
Access Statistics for this article
Sustainability is currently edited by Prof. Dr. Marc A. Rosen
More articles in Sustainability from MDPI, Open Access Journal
Bibliographic data for series maintained by XML Conversion Team ().