Purpose

The authors investigate the role of gender in the way firms evaluate and resolve the ethical dilemma founded on the corporate social responsibility–corporate financial performance (CSR–CFP) nexus. This study is premised on Gilligan's “two voices” theory and the social role theory that there is a gender-based difference in moral thinking.

Design/methodology/approach

The authors adopt the two-stage least squares (2SLS) and generalized method of moments (GMM) approach to control for simultaneity between female representation on boards, CSR and financial performance. The sample consists of 9,569 firm-year observations from 1,527 US firms for the period 1996–2014.

Findings

The authors find that CSR initiatives and activities undertaken by US firms are profit maximizing. However, the return on investment in CSR decreases with the proportion of female directors on the board. This study underscores the importance of considering gender in furthering the understanding of how firms address the CSR–CFP nexus.

Research limitations/implications

This research is not without limitations, which includes the way the authors operationalize CSR. The CSR scores from the MSCI ESG database have been criticized for being relatively weak predictors of actual CSR outcomes. Since the CSR–CFP nexus is likely to be far more complex than that portrayed by the KLD scores, the authors encourage future research to explore metrics of other social rating agencies which perhaps better capture the quality of a firm's CSR.

Practical implications

In the face of the long and unresolved debate on the effect of gender diversity on the board's monitoring efficacy and decision- making process (Adams and Ferrera, 2009), the authors’ finding that female directors' moral orientation and investment in CSR affect firms' bottom-line figures has important implications for shareholders and regulators, helping them to see how gender may play an important role in addressing this relationship.

Originality/value

Although prior studies provide useful insights into the nexus between CSR and CFP, little is known whether gender affects this relation. This research provides empirical support for Gilligan's “two voices” theory that there is a gender-based difference in moral thinking.

中文翻译：

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性别多元化：企业社会责任与财务绩效的关系

目的

作者调查了性别在企业评估和解决基于企业社会责任-企业财务绩效 (CSR-CFP) 关系的道德困境的方式中的作用。本研究以吉利根的“两种声音”理论和社会角色理论为前提，认为道德思维存在性别差异。

设计/方法/方法

作者采用两阶段最小二乘法 (2SLS) 和广义矩法 (GMM) 方法来控制董事会中女性代表、企业社会责任和财务业绩之间的同时性。样本包括 1,527 家美国公司在 1996 年至 2014 年期间的 9,569 家公司年度观察结果。

发现

作者发现美国公司的企业社会责任倡议和活动是利润最大化的。然而，企业社会责任的投资回报随着董事会中女性董事比例的增加而下降。本研究强调了在进一步了解公司如何解决 CSR-CFP 关系方面考虑性别的重要性。

研究限制/影响

这项研究并非没有限制，其中包括作者实施 CSR 的方式。MSCI ESG 数据库中的 CSR 分数被批评为对实际 CSR 结果的预测相对较弱。由于 CSR-CFP 关系可能比 KLD 分数所描绘的复杂得多，作者鼓励未来的研究探索其他社会评级机构的指标，这些指标可能更好地捕捉公司 CSR 的质量。

实际影响

面对关于性别多样性对董事会监督效力和决策过程的影响的长期未解决的争论（亚当斯和费雷拉，2009 年），作者发现女性董事的道德取向和对企业社会责任的投资会影响公司的底线数字对股东和监管机构具有重要意义，有助于他们了解性别如何在解决这种关系中发挥重要作用。

原创性/价值

尽管先前的研究为 CSR 和 CFP 之间的关系提供了有用的见解，但人们对性别是否会影响这种关系知之甚少。本研究为吉利根的“两种声音”理论提供了实证支持，即道德思维存在性别差异。