Board Gender Diversity and Financial Performance: Does CSR Disclosure Matter? Empirical Evidence from Kenya
Main Article Content
Keywords
Board diversity, gender diversity, corporate social responsibility disclosure, financial performance
Abstract
The objective of this study was to examine the moderating effect of corporate social responsibility disclosure on the relationship between board gender diversity and financial performance of listed firms in Kenya. The study adopted a positivist philosophy supported by an explanatory design targeting 43 listed firms in the NSE being firms which had shown consistency in the market during the period 2011-2017 giving a total of 301 firm - year observations. The data was collected from published financial reports and analysed descriptively and inferential through the use of panel regression models. The study established that board’s gender diversity has a statistically significant positive effect on firm performance of listed firms in Kenya (β1 = 0.1868, p < 0.05). The study further established that CSR disclosure has no significant moderating effect on the relationship between board’s gender diversity and firm performance of listed firms in Kenya (β1 = 0.0877, p > 0.05). There is need for boards to have a representation of female individuals on the board so as to enhance performance. Precisely, comprising women on the board will enhance the firm’s corporate social responsibility actions such as donation and charity activities. As well, a large ratio of women directors on the board will have a positive effect on employee’s welfare actions which is key if firm performance is to be improved. This study contributes to the existing body of literature by providing further insights on the unresolved relationship between corporate social responsibility (CSR) disclosure, the diversity of board members in terms of gender, and financial performance.
References
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Ahmed, E. R., Alabdullah, T. T. Y., Shaharudin, M. S., & Putri, E. (2020). Further Evidence on The Link Between Firm'S Control Mechanisms and Firm Financial Performance: Sultanate of Oman. Journal of Governance and Integrity, 4(1), 6-11.
Al‐Shaer, H., & Zaman, M. (2018). Credibility of sustainability reports: The contribution of audit committees. Business strategy and the environment, 27(7), 973-986.
Assenga, M. P., Aly, D., & Hussainey, K. (2018). The impact of board characteristics on the financial performance of Tanzanian firms. Corporate Governance: The International Journal of Business in Society, 18(6), 1089-1106.
Bagh, T., Khan, M. A., Azad, T., Saddique, S., & Khan, M. A. (2017). The corporate social responsibility and firms’ financial performance: evidence from financial sector of Pakistan. International Journal of Economics and Financial Issues, 7(2), 301-308.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173.
Beck, C., Frost, G., & Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of management, 43(4), 517-537.
Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704-5719.
Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704-5719.
Brown-Kruse, J., & Hummels, D. (1993). Gender effects in laboratory public goods contribution: Do individuals put their money where their mouth is? Journal of Economic Behavior & Organization, 22(3), 255-267.
Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of business ethics, 83, 435-451.
Carter, D. A., D'Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396-414.
Charlo, M. J., Moya, I., & Muñoz, A. M. (2017). Financial performance of socially responsible firms: The short-and long-term impact. Sustainability, 9(9), 1622.
Cheung, Y. L., Tan, W., Ahn, H.-J., & Zhang, Z. (2010). Does corporate social responsibility matter in Asian emerging markets? Journal of business ethics, 92, 401-413.
Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343.
Cook, A., & Glass, C. (2018). Women on corporate boards: Do they advance corporate social responsibility? Human relations, 71(7), 897-924.
Cox, T. H., & Blake, S. (1991). Managing cultural diversity: Implications for organizational competitiveness. Academy of Management Perspectives, 5(3), 45-56.
Daily, C. M., & Dalton, D. R. (2003). Women in the boardroom: A business imperative. Journal of Business strategy, 24(5).
Darmadi, S. (2011). Does board size matter? New evidence from two-tier board system. New Evidence from Two-Tier Board System (March 23, 2011).
Darmadi, S., & Gunawan, R. (2013). Underpricing, board structure, and ownership: An empirical examination of Indonesian IPO firms. Managerial Finance, 39(2), 181-200.
Darmadi, S., & Sodikin, A. (2013). Information disclosure by family-controlled firms: The role of board independence and institutional ownership. Asian review of Accounting, 21(3), 223-240.
Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic management journal, 33(9), 1072-1089.
Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64.
Duppati, G., Rao, N. V., Matlani, N., Scrimgeour, F., & Patnaik, D. (2020). Gender diversity and firm performance: evidence from India and Singapore. Applied Economics, 52(14), 1553-1565.
Egbunike, C. F., & Odum, A. N. (2018). Board leadership structure and earnings quality: Evidence from quoted manufacturing firms in Nigeria. Asian Journal of Accounting Research, 3(1), 82-111.
Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of accounting and public policy, 22(4), 325-345.
Fairchild, A. J., & MacKinnon, D. P. (2009). A general model for testing mediation and moderation effects. Prevention science, 10, 87-99.
Fernández-Temprano, M. A., & Tejerina-Gaite, F. (2020). Types of director, board diversity and firm performance. Corporate Governance: The International Journal of Business in Society, 20(2), 324-342.
Francoeur, C., Labelle, R., Balti, S., & EL Bouzaidi, S. (2019). To what extent do gender diverse boards enhance corporate social performance? Journal of business ethics, 155, 343-357.
García‐Sánchez, I. M., Martínez‐Ferrero, J., & García‐Meca, E. (2018). Board of directors and CSR in banking: The moderating role of bank regulation and investor protection strength. Australian Accounting Review, 28(3), 428-445.
Gatsi, J. G., Anipa, C. A. A., Gadzo, S. G., & Ameyibor, J. (2016). Corporate social responsibility, risk factor and financial performance of listed firms in Ghana. Journal of Applied Finance and Banking, 6(2), 21.
Gujarati, D. N. (2021). Essentials of econometrics: Sage Publications.
Hambrick, D. C., Cho, T. S., & Chen, M.-J. (1996). The influence of top management team heterogeneity on firms'
competitive moves. Administrative science quarterly, 659-684.
Haniffa, R., & Hudaib, M. (2007). Exploring the ethical identity of Islamic banks via communication in annual reports. Journal of business ethics, 76, 97-116.
Hillman, A. J., Shropshire, C., & Cannella Jr, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management journal, 50(4), 941-952.
Hoang, T. C., Abeysekera, I., & Ma, S. (2017). The effect of board diversity on earnings quality: An empirical study of listed firms in Vietnam. Australian Accounting Review, 27(2), 146-163.
Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of financial Economics, 93(1), 15-36.
Horváth, R., & Spirollari, P. (2012). Do the board of directors’ characteristics influence firm’s performance? The US evidence. Prague economic papers, 4(2), 470-486.
Hossain, M., & Hammami, H. (2009). Voluntary disclosure in the annual reports of an emerging country: The case of Qatar. Advances in Accounting, 25(2), 255-265.
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of financial Economics, 108(3), 822-839.
Ibrahim, A. H., & Hanefah, M. M. (2016). Board diversity and corporate social responsibility in Jordan. Journal of Financial Reporting and Accounting, 14(2), 279-298.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate Governance (pp. 77-132): Gower.
Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse? Economic inquiry, 36(4), 620-630.
Kagzi, M., & Guha, M. (2018). Does board demographic diversity influence firm performance? Evidence from Indian-knowledge intensive firms. Benchmarking: An International Journal, 25(3), 1028-1058.
Khan, I., Khan, I., & Senturk, I. (2019). Board diversity and quality of CSR disclosure: evidence from Pakistan. Corporate Governance: The International Journal of Business in Society, 19(6), 1187-1203.
Kılıç, M., & Kuzey, C. (2016). The effect of board gender diversity on firm performance: evidence from Turkey. Gender in Management: An International Journal, 31(7), 434-455.
Kusnadi, Y., Leong, K. S., Suwardy, T., & Wang, J. (2016). Audit committees and financial reporting quality in Singapore. Journal of business ethics, 139, 197-214.
Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871-1885.
Le Doan Minh Duc, H. T., Thuy, X., Yen, N. T. H., & Tien, N. H. (2018). Corporate Social Responsibility and Corporate Financial Performance Case of Listed Vietnamese Companies. Zarzadzanie, 32, 251-265.
Lee-Kuen, I. Y., Sok-Gee, C., & Zainudin, R. (2017). Gender diversity and firms’ financial performance in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 13(1), 41-62.
Lee-Kuen, I. Y., Sok-Gee, C., & Zainudin, R. (2017). Gender diversity and firms’ financial performance in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 13(1), 41-62.
Li, J., & Hambrick, D. C. (2005). Factional groups: A new vantage on demographic faultlines, conflict, and disintegration in work teams. Academy of Management journal, 48(5), 794-813.
Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management & Governance, 17, 491-509.
Marinova, J., Plantenga, J., & Remery, C. (2016). Gender diversity and firm performance: Evidence from Dutch and Danish boardrooms. The International Journal of Human Resource Management, 27(15), 1777-1790.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99.
Milosevic, D., Andrei, S., & Vishny, R. W. (2015). A survey of corporate governance. The journal of finance, 52(3), 737-783.
Ming, C., & Hock Eam, L. (2016). Estimating the nonlinear effects of female directors on financial performance: The case of Malaysian initial public offering companies. Gender in Management: An International Journal, 31(2), 97-113.
Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management: An International Journal, 33(2), 104-122.
Nakagawa, Y. (2015). The Gender DiversityFirm Performance Relationship by Industry Type, Working Hours, And Inclusiveness: An Empirical Study of Japanese Firms. Journal of Diversity Management (JDM), 10(1), 61-78.
Nyeadi, J. D., Ibrahim, M., & Sare, Y. A. (2018). Corporate social responsibility and financial performance nexus: Empirical evidence from South African listed firms. Journal of Global Responsibility, 9(3), 301-328.
Othmani, H. (2021). Does board gender diversity matter in the banking sector? Evidence from Tunisia. African Development Review, 33(1), 14-24.
Peters, G. F., & Romi, A. M. (2015). The association between sustainability governance characteristics and the assurance of corporate sustainability reports. Auditing: A Journal of Practice & Theory, 34(1), 163-198.
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of business ethics, 151, 451-471.
Provasi, R., & Harasheh, M. (2021). Gender diversity and corporate performance: Emphasis on sustainability performance. Corporate Social Responsibility and Environmental Management, 28(1), 127-137.
Rodriguez-Gomez, S., Arco-Castro, M. L., Lopez-Perez, M. V., & Rodríguez-Ariza, L. (2020). Where does CSR come from and where does it go? A review of the state of the art. Administrative Sciences, 10(3), 60.
Ross, S. A. (1973). The economic theory of agency: The principal's problem. The American economic review, 63(2), 134-139.
Schwizer, P., Soana, M.-G., & Cucinelli, D. (2012). The relationship between board diversity and firm performance: The Italian evidence. Retrieved September, 10, 2013.
Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: evidence from the UK SMEs. Applied Economics, 49(48), 4817-4832.
Singh, P. J., Sethuraman, K., & Lam, J. Y. (2017). Impact of corporate social responsibility dimensions on firm value: Some evidence from Hong Kong and China. Sustainability, 9(9), 1532.
Siueia, T. T., Wang, J., & Deladem, T. G. (2019). Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. Journal of Cleaner Production, 226, 658-668.
Van Diepen, N. (2015). The Effect of Gender. Age and Nationality Diversity on Company Performance—Evidence from the Netherlands.
Van Slyke, D. M. (2007). Agents or stewards: Using theory to understand the government-nonprofit social service contracting relationship. Journal of public administration research and theory, 17(2), 157-187.
Wiley, C., & Monllor-Tormos, M. (2018). Board gender diversity in the STEM&F sectors: the critical mass required to drive firm performance. Journal of Leadership & Organizational Studies, 25(3), 290-308.
Yasser, Q. R., & Mamun, A. A. (2015). The impact of CEO duality attributes on earnings management in the East. Corporate Governance, 15(5), 706-718.
Yasser, Q. R., & Mamun, A. A. (2016). The relationship between board leadership structure and earnings management in Asia-Pacific. Accounting Research Journal, 29(4), 413-428.
Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607.
Ahmed, E. R., Alabdullah, T. T. Y., Shaharudin, M. S., & Putri, E. (2020). Further Evidence on The Link Between Firm'S Control Mechanisms and Firm Financial Performance: Sultanate of Oman. Journal of Governance and Integrity, 4(1), 6-11.
Al‐Shaer, H., & Zaman, M. (2018). Credibility of sustainability reports: The contribution of audit committees. Business strategy and the environment, 27(7), 973-986.
Assenga, M. P., Aly, D., & Hussainey, K. (2018). The impact of board characteristics on the financial performance of Tanzanian firms. Corporate Governance: The International Journal of Business in Society, 18(6), 1089-1106.
Bagh, T., Khan, M. A., Azad, T., Saddique, S., & Khan, M. A. (2017). The corporate social responsibility and firms’ financial performance: evidence from financial sector of Pakistan. International Journal of Economics and Financial Issues, 7(2), 301-308.
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173.
Beck, C., Frost, G., & Jones, S. (2018). CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of management, 43(4), 517-537.
Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704-5719.
Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704-5719.
Brown-Kruse, J., & Hummels, D. (1993). Gender effects in laboratory public goods contribution: Do individuals put their money where their mouth is? Journal of Economic Behavior & Organization, 22(3), 255-267.
Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of business ethics, 83, 435-451.
Carter, D. A., D'Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396-414.
Charlo, M. J., Moya, I., & Muñoz, A. M. (2017). Financial performance of socially responsible firms: The short-and long-term impact. Sustainability, 9(9), 1622.
Cheung, Y. L., Tan, W., Ahn, H.-J., & Zhang, Z. (2010). Does corporate social responsibility matter in Asian emerging markets? Journal of business ethics, 92, 401-413.
Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343.
Cook, A., & Glass, C. (2018). Women on corporate boards: Do they advance corporate social responsibility? Human relations, 71(7), 897-924.
Cox, T. H., & Blake, S. (1991). Managing cultural diversity: Implications for organizational competitiveness. Academy of Management Perspectives, 5(3), 45-56.
Daily, C. M., & Dalton, D. R. (2003). Women in the boardroom: A business imperative. Journal of Business strategy, 24(5).
Darmadi, S. (2011). Does board size matter? New evidence from two-tier board system. New Evidence from Two-Tier Board System (March 23, 2011).
Darmadi, S., & Gunawan, R. (2013). Underpricing, board structure, and ownership: An empirical examination of Indonesian IPO firms. Managerial Finance, 39(2), 181-200.
Darmadi, S., & Sodikin, A. (2013). Information disclosure by family-controlled firms: The role of board independence and institutional ownership. Asian review of Accounting, 21(3), 223-240.
Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic management journal, 33(9), 1072-1089.
Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of management, 16(1), 49-64.
Duppati, G., Rao, N. V., Matlani, N., Scrimgeour, F., & Patnaik, D. (2020). Gender diversity and firm performance: evidence from India and Singapore. Applied Economics, 52(14), 1553-1565.
Egbunike, C. F., & Odum, A. N. (2018). Board leadership structure and earnings quality: Evidence from quoted manufacturing firms in Nigeria. Asian Journal of Accounting Research, 3(1), 82-111.
Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of accounting and public policy, 22(4), 325-345.
Fairchild, A. J., & MacKinnon, D. P. (2009). A general model for testing mediation and moderation effects. Prevention science, 10, 87-99.
Fernández-Temprano, M. A., & Tejerina-Gaite, F. (2020). Types of director, board diversity and firm performance. Corporate Governance: The International Journal of Business in Society, 20(2), 324-342.
Francoeur, C., Labelle, R., Balti, S., & EL Bouzaidi, S. (2019). To what extent do gender diverse boards enhance corporate social performance? Journal of business ethics, 155, 343-357.
García‐Sánchez, I. M., Martínez‐Ferrero, J., & García‐Meca, E. (2018). Board of directors and CSR in banking: The moderating role of bank regulation and investor protection strength. Australian Accounting Review, 28(3), 428-445.
Gatsi, J. G., Anipa, C. A. A., Gadzo, S. G., & Ameyibor, J. (2016). Corporate social responsibility, risk factor and financial performance of listed firms in Ghana. Journal of Applied Finance and Banking, 6(2), 21.
Gujarati, D. N. (2021). Essentials of econometrics: Sage Publications.
Hambrick, D. C., Cho, T. S., & Chen, M.-J. (1996). The influence of top management team heterogeneity on firms'
competitive moves. Administrative science quarterly, 659-684.
Haniffa, R., & Hudaib, M. (2007). Exploring the ethical identity of Islamic banks via communication in annual reports. Journal of business ethics, 76, 97-116.
Hillman, A. J., Shropshire, C., & Cannella Jr, A. A. (2007). Organizational predictors of women on corporate boards. Academy of Management journal, 50(4), 941-952.
Hoang, T. C., Abeysekera, I., & Ma, S. (2017). The effect of board diversity on earnings quality: An empirical study of listed firms in Vietnam. Australian Accounting Review, 27(2), 146-163.
Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of financial Economics, 93(1), 15-36.
Horváth, R., & Spirollari, P. (2012). Do the board of directors’ characteristics influence firm’s performance? The US evidence. Prague economic papers, 4(2), 470-486.
Hossain, M., & Hammami, H. (2009). Voluntary disclosure in the annual reports of an emerging country: The case of Qatar. Advances in Accounting, 25(2), 255-265.
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of financial Economics, 108(3), 822-839.
Ibrahim, A. H., & Hanefah, M. M. (2016). Board diversity and corporate social responsibility in Jordan. Journal of Financial Reporting and Accounting, 14(2), 279-298.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate Governance (pp. 77-132): Gower.
Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse? Economic inquiry, 36(4), 620-630.
Kagzi, M., & Guha, M. (2018). Does board demographic diversity influence firm performance? Evidence from Indian-knowledge intensive firms. Benchmarking: An International Journal, 25(3), 1028-1058.
Khan, I., Khan, I., & Senturk, I. (2019). Board diversity and quality of CSR disclosure: evidence from Pakistan. Corporate Governance: The International Journal of Business in Society, 19(6), 1187-1203.
Kılıç, M., & Kuzey, C. (2016). The effect of board gender diversity on firm performance: evidence from Turkey. Gender in Management: An International Journal, 31(7), 434-455.
Kusnadi, Y., Leong, K. S., Suwardy, T., & Wang, J. (2016). Audit committees and financial reporting quality in Singapore. Journal of business ethics, 139, 197-214.
Kyere, M., & Ausloos, M. (2021). Corporate governance and firms financial performance in the United Kingdom. International Journal of Finance & Economics, 26(2), 1871-1885.
Le Doan Minh Duc, H. T., Thuy, X., Yen, N. T. H., & Tien, N. H. (2018). Corporate Social Responsibility and Corporate Financial Performance Case of Listed Vietnamese Companies. Zarzadzanie, 32, 251-265.
Lee-Kuen, I. Y., Sok-Gee, C., & Zainudin, R. (2017). Gender diversity and firms’ financial performance in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 13(1), 41-62.
Lee-Kuen, I. Y., Sok-Gee, C., & Zainudin, R. (2017). Gender diversity and firms’ financial performance in Malaysia. Asian Academy of Management Journal of Accounting and Finance, 13(1), 41-62.
Li, J., & Hambrick, D. C. (2005). Factional groups: A new vantage on demographic faultlines, conflict, and disintegration in work teams. Academy of Management journal, 48(5), 794-813.
Lückerath-Rovers, M. (2013). Women on boards and firm performance. Journal of Management & Governance, 17, 491-509.
Marinova, J., Plantenga, J., & Remery, C. (2016). Gender diversity and firm performance: Evidence from Dutch and Danish boardrooms. The International Journal of Human Resource Management, 27(15), 1777-1790.
McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99.
Milosevic, D., Andrei, S., & Vishny, R. W. (2015). A survey of corporate governance. The journal of finance, 52(3), 737-783.
Ming, C., & Hock Eam, L. (2016). Estimating the nonlinear effects of female directors on financial performance: The case of Malaysian initial public offering companies. Gender in Management: An International Journal, 31(2), 97-113.
Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management: An International Journal, 33(2), 104-122.
Nakagawa, Y. (2015). The Gender DiversityFirm Performance Relationship by Industry Type, Working Hours, And Inclusiveness: An Empirical Study of Japanese Firms. Journal of Diversity Management (JDM), 10(1), 61-78.
Nyeadi, J. D., Ibrahim, M., & Sare, Y. A. (2018). Corporate social responsibility and financial performance nexus: Empirical evidence from South African listed firms. Journal of Global Responsibility, 9(3), 301-328.
Othmani, H. (2021). Does board gender diversity matter in the banking sector? Evidence from Tunisia. African Development Review, 33(1), 14-24.
Peters, G. F., & Romi, A. M. (2015). The association between sustainability governance characteristics and the assurance of corporate sustainability reports. Auditing: A Journal of Practice & Theory, 34(1), 163-198.
Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. (2018). The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of business ethics, 151, 451-471.
Provasi, R., & Harasheh, M. (2021). Gender diversity and corporate performance: Emphasis on sustainability performance. Corporate Social Responsibility and Environmental Management, 28(1), 127-137.
Rodriguez-Gomez, S., Arco-Castro, M. L., Lopez-Perez, M. V., & Rodríguez-Ariza, L. (2020). Where does CSR come from and where does it go? A review of the state of the art. Administrative Sciences, 10(3), 60.
Ross, S. A. (1973). The economic theory of agency: The principal's problem. The American economic review, 63(2), 134-139.
Schwizer, P., Soana, M.-G., & Cucinelli, D. (2012). The relationship between board diversity and firm performance: The Italian evidence. Retrieved September, 10, 2013.
Shehata, N., Salhin, A., & El-Helaly, M. (2017). Board diversity and firm performance: evidence from the UK SMEs. Applied Economics, 49(48), 4817-4832.
Singh, P. J., Sethuraman, K., & Lam, J. Y. (2017). Impact of corporate social responsibility dimensions on firm value: Some evidence from Hong Kong and China. Sustainability, 9(9), 1532.
Siueia, T. T., Wang, J., & Deladem, T. G. (2019). Corporate Social Responsibility and financial performance: A comparative study in the Sub-Saharan Africa banking sector. Journal of Cleaner Production, 226, 658-668.
Van Diepen, N. (2015). The Effect of Gender. Age and Nationality Diversity on Company Performance—Evidence from the Netherlands.
Van Slyke, D. M. (2007). Agents or stewards: Using theory to understand the government-nonprofit social service contracting relationship. Journal of public administration research and theory, 17(2), 157-187.
Wiley, C., & Monllor-Tormos, M. (2018). Board gender diversity in the STEM&F sectors: the critical mass required to drive firm performance. Journal of Leadership & Organizational Studies, 25(3), 290-308.
Yasser, Q. R., & Mamun, A. A. (2015). The impact of CEO duality attributes on earnings management in the East. Corporate Governance, 15(5), 706-718.
Yasser, Q. R., & Mamun, A. A. (2016). The relationship between board leadership structure and earnings management in Asia-Pacific. Accounting Research Journal, 29(4), 413-428.
Zhao, C., Guo, Y., Yuan, J., Wu, M., Li, D., Zhou, Y., & Kang, J. (2018). ESG and corporate financial performance: Empirical evidence from China’s listed power generation companies. Sustainability, 10(8), 2607.
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Sep 25, 2023
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Lemaiyan, K., & Chelogoi, S. (2023). Board Gender Diversity and Financial Performance: Does CSR Disclosure Matter? Empirical Evidence from Kenya. Journal of Business, Economics and Management Research Studies, 1(2), 46–62. https://doi.org/10.69897/jobemrs.v1i2.67
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Section
Original Articles
Author Biographies
Kashorda Lemaiyan, Department of Accounting and Finance, School of Business and Economics, Moi University, P. O. Box 3900 - 30100, Kesses, Eldoret, Kenya
Department of Accounting and Finance, School of Business and Economics, Moi University, Eldoret, Kenya
Stephen Chelogoi, Department of Accounting and Finance, School of Business and Economics, Moi University, P. O. Box 3900 - 30100, Kesses, Eldoret, Kenya
Department of Accounting and Finance, School of Business and Economics, Moi University, Eldoret, Kenya