To What Extent Do Gender Diverse Boards Enhance Corporate Social Performance?

The inconclusiveness of previous research on the association between gender diverse boards (GDB) and corporate social performance (CSP) has led us to revisit the question in light of stakeholder management and institutional theories. Given that corporate social responsibility (CSR) is a multidimensional concept, we test the influence of GDB on various groups of stakeholders. By considering the interaction between stakeholders' power and directors' personal motivations toward the prioritization of stakeholders' claims, we find that GDB are positively related to CSR dimensions that are related to less powerful stakeholders such as the environment, contractors, and the community. However, GDB do not appear to have a significant impact on CSR dimensions that are associated with stakeholders who benefit from more institutionalized power, such as employees and customers.