The influence of independent women directors on the integration of CSR criteria into executive compensation: the moderating role of ownership structure

La influencia de las consejeras independientes en la inclusión de criterios de RSE en la remuneración de los ejecutivos: el papel moderador de la estructura de propiedad

Mohamed Khenissi (), Nadia Ben Farhat Toumi () and Amal Hamrouni
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Mohamed Khenissi: MAGELLAN - Laboratoire de Recherche Magellan - UJML - Université Jean Moulin - Lyon 3 - Université de Lyon - Institut d'Administration des Entreprises (IAE) - Lyon
Nadia Ben Farhat Toumi: LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]
Amal Hamrouni: Excelia Group | La Rochelle Business School

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Abstract: The aim of this article is to explore the impact of the presence of independent women on boards of directors on the integration of CSR criteria into executive pay. It also considers the potential moderating effect of different types of shareholding (family, institutional or state) on this relationship. Empirical analyses of a sample of French listed companies belonging to the SBF120 index over the period 2014-2019 showed that the proportion of independent female directors positively influences the share of CSR criteria in determining annual bonuses. They also revealed that institutional shareholding and public shareholding positively affect this relationship. This study extends and enriches the existing literature on CSR, CEO pay and gender diversity by examining the relationships between these variables, while taking into account the nature of the ownership structure.

Keywords: Gender diversity; Independent women director; CSR; Executive compensation; Ownership structure; Diversidad de género; Mujer consejera independiente; RSE; Retribución de los ejecutivos; Estructura de propiedad; Rémunération des dirigeants; Structure de propriété; Diversité du genre; Administratrice indépendante (search for similar items in EconPapers)
Date: 2024
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Published in Recherches en sciences de gestion, 2024, 164, pp.323-353. ⟨10.3917/resg.164.0323⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04998237

DOI: 10.3917/resg.164.0323

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