Effect of Diversity in the Board of Directors and Top Management Team on Corporate Social Responsibility

This study analyzes the effect of corporate governance, with an emphasis on gender and age diversity in the board and Top Management Team, on Corporate Social Responsibility in Brazil. The sample was composed of Brazilian firms with corporate governance published in the CVM reference form, financial information in the Economatica® database, and CSR assessed by the CSRHub database, in the 2016-2017 biennium, with a total of 194 firm-year observations. Diversity is measured by the presence of women, age heterogeneity, and average age in the board of directors and top management team. The results indicate that gender diversity in the board of directors and the higher average age of the top management team have a favorable effect on the CSR practices of Brazilian firms. Additionally, it was observed that age heterogeneity among board members has a negative influence on CSR practices. The research contributes to a better understanding of the behavior of more diverse boards of directors and top management teams regarding CSR strategies.

[1]  A. Silveira,et al.  A importância da diversidade de gênero nos conselhos de administração para a promoção da responsabilidade social corporativa , 2020 .

[2]  Victor Souza Sant'anna,et al.  GOVERNANÇA CORPORATIVA, TMT E BOOK-TAX DIFFERENCES (BTD) ANORMAIS EM EMPRESAS DE CAPITAL ABERTO LISTADAS NO BRASIL , 2019, Advances in Scientific and Applied Accounting.

[3]  Jaime Dagostim Picolo,et al.  Gender influence, social responsibility and governance in performance , 2019, RAUSP Management Journal.

[4]  K. Hussainey,et al.  The Impact of Board Characteristics on the Financial Performance of Tanzanian Firms. , 2018 .

[5]  E. Flores,et al.  Diversidade De Gênero Nos Conselhos Administrativos E Sua Relação Com Desempenho E Risco Financeiro Nas Empresas Familiares (Gender Diversity on Administrative Boards and Their Relationship With Performance and Financial Risk in Family Businesses) , 2018, Revista de Administração Contemporânea.

[6]  K. Puumalainen,et al.  Corporate social performance: Inter-industry and international differences , 2018 .

[7]  Alessandra Carvalho de Vasconcelos,et al.  GOVERNANÇA CORPORATIVA E DESEMPENHO EMPRESARIAL: UMA ANÁLISE NAS EMPRESAS BRASILEIRAS DE CONSTRUÇÃO E ENGENHARIA , 2018 .

[8]  Gaston Fornes,et al.  Where are they going? Case of British and Japanese Human Resource Management , 2017 .

[9]  Patrícia Maria Bortolon,et al.  RELATÓRIO DE SUSTENTABILIDADE OU RELATO INTEGRADO DAS EMPRESAS LISTADAS NA BM&FBOVESPA: FATORES DETERMINANTES DE DIVULGAÇÃO , 2017 .

[10]  O. Martins,et al.  Mulheres no Conselho Afetam o Desempenho Financeiro? Uma Análise da Representação Feminina nas Empresas Listadas na BM&FBOVESPA , 2017 .

[11]  Isabel-María García-Sánchez,et al.  The role of the board of directors in the adoption of GRI guidelines for the disclosure of CSR information , 2017 .

[12]  A. Tommasetti,et al.  Investigating the Relationship between the Social and Economic-Financial Performance , 2017 .

[13]  M. Zaman,et al.  Board gender diversity and sustainability reporting quality , 2016 .

[14]  A. Cook,et al.  Do Women Leaders Promote Sustainability? Analyzing the Effect of Corporate Governance Composition on Environmental Performance , 2016 .

[15]  C. Tilt,et al.  Board Composition and Corporate Social Responsibility: The Role of Diversity, Gender, Strategy and Decision Making , 2015, Journal of Business Ethics.

[16]  M. Hanefah,et al.  Board diversity and corporate social responsibility in Jordan , 2016 .

[17]  Kris Byron,et al.  Women on Boards of Directors and Corporate Social Performance: A Meta‐Analysis , 2016 .

[18]  C. Tilt,et al.  Board diversity and CSR reporting: an Australian study , 2016 .

[19]  Claudia Arena,et al.  Environmental reporting: transparency to stakeholders or stakeholders’ manipulation? An analysis of disclosure tone and the role of board of directors , 2015 .

[20]  M. Muñoz-Torres,et al.  Integrating Sustainability into Corporate Governance: An Empirical Study on Board Diversity , 2015 .

[21]  Alessandra Carvalho de Vasconcelos,et al.  Relação entre Disclosure Socioambiental, Práticas de Governança Corporativa e Desempenho Empresarial , 2015 .

[22]  Carlos Olavo Quandt,et al.  Governança Corporativa e Evidenciação de Capital Intelectual em Empresas Brasileiras , 2015 .

[23]  Grigoris Giannarakis.  The determinants influencing the extent of CSR disclosure , 2014 .

[24]  Alessandra Carvalho de Vasconcelos,et al.  Conselho de Administração e Desempenho nas maiores Companhias listadas na BM&FBOVESPA , 2014 .

[25]  Marcelo Cabus Klotzle,et al.  COMPOSIÇÃO DO CONSELHO DE ADMINISTRAÇÃO NO SETOR DE ENERGIA ELÉTRICA DO BRASIL , 2013 .

[26]  T. Hafsi,et al.  Boardroom Diversity and its Effect on Social Performance: Conceptualization and Empirical Evidence , 2013 .

[27]  V. Crisóstomo,et al.  Corporate social responsibility, firm value and financial performance in Brazil , 2011 .

[28]  W. Moore,et al.  Time horizons matter: the hazard rate of coalition governments and the size of government , 2011 .

[29]  C. Post,et al.  Green Governance: Boards of Directors’ Composition and Environmental Corporate Social Responsibility , 2011 .

[30]  Richard A. Bernardi,et al.  Women Directors and Corporate Social Responsibility , 2010 .

[31]  Noushi Rahman,et al.  The Impact of Board Diversity and Gender Composition on Corporate Social Responsibility and Firm Reputation , 2010 .

[32]  Keith M. Howe,et al.  CEO Overconfidence and Dividend Policy , 2010 .

[33]  Hasnah Haron,et al.  The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies , 2009 .

[34]  Konstantinos Evangelinos,et al.  Development of an Evaluation Methodology for Triple Bottom Line Reports Using International Standards on Reporting , 2009, Environmental management.

[35]  Kevin Campbell,et al.  Gender Diversity in the Boardroom and Firm Financial Performance , 2008 .

[36]  C. Ingley,et al.  Board Dynamics and the Influence of Professional Background, Gender and Ethnic Diversity of Directors , 2003 .

[37]  George I. Kassinis,et al.  Corporate boards and outside stakeholders as determinants of environmental litigation , 2002 .

[38]  Wafaa Salah,et al.  Investigating Corporate Social Responsibility Disclosure by Banks from Institutional Theory Perspective , 2020 .

[39]  Mohammad Jizi.  The Influence of Board Composition on Sustainable Development Disclosure , 2017 .

[40]  A. Silva,et al.  Mulheres em Cargos de Alta Administração Afetam o Valor e Desempenho das Empresas Brasileiras , 2015 .

[41]  Priyanka Aggarwal.  Impact of Corporate Governance on Corporate Financial Performance , 2013 .

[42]  J. Galbreath.  ARE THERE GENDER-RELATED INFLUENCEs ON CORPORATE SUSTAINABILITY? A STUDY OF WOMEN ON BOARDS OF DIRECTORS , 2011 .

[43]  Maryam Taghizadeh,et al.  Board of Directors and Firms Performance : Evidence from Malaysian Public Listed Firm , 2022 .