The Impact Of Female Executives On Corporate Social Responsibilit

Will womens participation in corporate governance have a positive impact on corporate social responsibility? For the role of corporate governance,we select the senior management(i.e.directors,senior managers and supervisors)of the enterprise.According to the authors statistics,there is a great difference in the representation of women in different positions in enterprises.In all A-share samples from 2014 to 2018,women hold an average of 17.8% of the total senior management positions,but the representation of women in each position varies greatly: female supervisors are the most common,with an average of 28.45%.The levels of board and management roles were similar,at 13.82% and 13.86%,respectively.The number of female independent directors is also relatively high,accounting for about 17.01%.However,women are significantly underrepresented at 5.05% of board directors and 6.42% of CEO positions.Because different positions have different status and responsibilities,and womans tenure also varies greatly.Therefore,the author wants to explore whether female executives in different positions can have a significant positive impact on the fulfillment of corporate social responsibility.In addition,what is the magnitude of this effect?Therefore,this paper selected a part of comprehensive data information of A-share listed companies from 2014 to 2018 as the sample,and used CSR index to describe the performance of corporate social responsibility.The womans employment was compiled from the CSMAR database and collated by the authors.The author classifies women in different positions: internal directors(directors other than independent directors),independent directors,senior managers and supervisors,and examines whether there are women in a certain position of the company in that year,and how many women are in a certain position.Then the author regression these explanatory variables and explained variables to observe whether women in different positions have an impact on the performance of corporate social responsibility and the size of the impact.The results show that women in many senior management positions have a significant positive impact on the implementation of corporate social responsibility,although there is no significant positive impact in some positions,there is no negative impact in any position.To be more detailed,women serving as internal directors(directors other than independent directors),senior management and supervisors can all have a significant and positive impact on CSR fulfillment,while serving as independent directors has no significant impact on CSR fulfillment.From the perspective of influence size,female senior managers are more than female internal directors,and female internal independent directors are more than female supervisors.In this paper,corporate social responsibility expenditure is used to replace corporate social responsibility index to observe whether the above conclusions are still valid.The research finds that female internal directors and female senior managers still have a significant positive impact on corporate social responsibility expenditure,and the impact of female senior managers is greater than that of female internal directors.The paper further verified these conclusions by replacing the dummy variable of whether there were women in a position with the number of female executives in a position.The results showed that these conclusions were validated.Then we regression the internal components of CSR respectively,and the results show that female internal directors have a significantly positive impact on charitable activities,corporate governance,and environment,female managers have a significantly positive impact on products,charitable activities,corporate governance,and environment,and female supervisors have a significantly positive impact on employee relations and environment.We also conducted a heterogeneity test,and found that in state-owned enterprises,the influence of female senior managers,internal directors and supervisors on CSR is significantly positive.In private enterprises,the appointment of women as independent directors and senior managers has a significant positive impact on CSR fulfillment,but the appointment of women as internal directors and supervisors has no significant impact on CSR fulfillment.Finally,we return to the two most important decision makers in the enterprise: the chairman and the CEO respectively.The results show that female CEO of state-owned enterprises have a significant positive impact on CSR,but female chairmen of state-owned enterprises have no significant impact on CSR.The chairman and CEO of private enterprises have no significant influence on CSR fulfillment.Combining the above results,we can summarize the following findings: 1.The participation of women in senior management can significantly improve the performance of corporate social responsibility.2.But not all women in senior management positions have a significant positive effect.3.In general,female directors and senior managers have a greater impact on corporate social responsibility.However,through verification,it is found that at the present stage in China,the role of female senior managers is greater than that of female directors.Moreover,no matter what the nature of the enterprise,female senior managers can play a stable and significant influence,is the backbone of womens participation in corporate governance and improvement of corporate social responsibility.4.Due to the differences in property rights and external regulatory environment,there are great differences between female executives in state-owned enterprises and private enterprises.For example,in the private sector,female internal directors,chairs and CEOs of private enterprises do not have a significant positive effect on corporate social responsibility,but female independent directors of private enterprises can have a significant positive effect.