이사회의 여성 멤버가 기업의 사회적 책임에 미치는 영향: 제도적 vs. 기술적 강점 측면

This study examines the effects of the female board representation on corporate social responsibility (CSR). The results of analyzing a sample of 2180 US firms in 1999 - 2013 provide several findings. First, as individuals tend to behave consistently with their values (i.e., normative reasons), the presence of female directors, who are in general more benevolent and universally concerned, will increase CSR commitment of the firm. Particularly, the positive impact of female directors is greater on the socially responsible behavior for institutional stakeholders (i.e., community, minority) than on that for technical stakeholders (i.e., customers, shareholders, employees). Second, as individuals also tend to pursue their interests such as reputation (i.e., instrumental reasons), female directors with multiple directorships in external organizations will increase the CSR involvement even more. Furthermore, this positive moderating effect of multiple directorships on the relationship between female directors and CSR involvement is greater in CSR activities for institutional, rather than technical, stakeholders, because satisfying institutional stakeholders is more effective to enhance their reputation.