The effect of board gender diversity on corporate social performance: An instrumental variable quantile regression approach

Maria Giuseppina Bruna (), Rey Đặng, Aymen Ammari and L'Hocine Houanti ()
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Maria Giuseppina Bruna: IPAG Business School
Rey Đặng: ISTEC - Institut supérieur des Sciences, Techniques et Economie Commerciales - ISTEC
Aymen Ammari: EM Strasbourg - École de Management de Strasbourg = EM Strasbourg Business School
L'Hocine Houanti: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School

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Abstract: Investigating a sample of firms from the S&P 500 Index (between 2004 and 2015), the paper addresses the relationship between the representation of Women on Corporate Boards (WOCB) and the Corporate Social Performance (CSP). It adopts the instrumental variable quantile regression panel data (IV-QRPD) model, suggested by Powell (2016), to solve endogeneity and heterogeneity issues. The article shows a strong "threshold effect": the impact of board feminization on CSP is nonlinear and changes along the quantiles of the performance distribution. Highlighting a contextual and multilevel phenomenon, the paper contributes to the CG literature offering main achievements on board's dynamics and inclusiveness.

Keywords: Board of directors; Quantile regression; Women on corporate boards (WOCB) (search for similar items in EconPapers)
Date: 2021
Note: View the original document on HAL open archive server: https://normandie-univ.hal.science/hal-04455603v1
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Citations: View citations in EconPapers (5)

Published in Finance Research Letters, 2021, 40, pp.101734. ⟨10.1016/j.frl.2020.101734⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04455603

DOI: 10.1016/j.frl.2020.101734

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