Gender diversity as a CSR tool and financial performance in China

Chibuzo Amadi, Inalegwu Ode-Ichakpa*, Weitong Guo, Robert Thomas, Carol Dimopoulus

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

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We utilize stakeholder, critical mass, and upper-echelon theories to investigate the effect of female representation on boards as corporate social responsibility (CSR) practices and firm performance of A-share listed companies in China. The indicators used were the proportion of female board members, the average age of female board members, the educational background of female directors, TOBIN Q, asset size, and leverage. We used fixed effects estimates and stationarity, stability, cointegration, and Hausman tests to analyze the data. We find that the proportion of female directors, the average age of female directors, and average educational level of female directors have a significant impact on CSR performance and financial performance, while CSR performance has a significant impact on financial performance. Given that emerging societies and their environments are usually the most susceptible to unethical corporate practices, our findings that female directors have a strategic role in enabling firms to manage their social responsibilities ethically and sustainable practices have important policy implications for regulators and stakeholders.
Original languageEnglish
Article number2207695
Number of pages19
JournalCogent Business and Management
Issue number2
Publication statusPublished - 4 May 2023


  • Board diversity
  • CSR
  • stakeholder
  • upper-echelon theory
  • critical mass theory
  • gender socialisation theory


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