Research On The Impact Of Female Directors On Corporate Social Responsibility ——Evidences From Chinese Manufacturing Listed Companies

At present,with the disclosure of environmental damage,product safety and sudden death of employees and other scandals,the public focus more on corporate social responsibility.Under the pressure of external groups and the need for long-term development,enterprises have to assume social responsibilities.As an important part of an enterprise,the board of directors’ decision-making is closely related to the fulfillment of corporate social responsibility.As more talented women enter the workforce and the number of female directors continues to grow,the gender structure of boards has changed significantly.As women and men have different moral and value concepts,there will be huge differences in strategic decisions and behaviors in company operations.Therefore,in-depth discussion on the relationship between the gender structure of the board of directors and corporate social responsibility has profound theoretical value and practical significance for corporate governance.Based on the theories of Feminist Care Ethics,Stakeholder,Group Dynamics and Upper Echelons,this paper adopts the corporate social responsibility data of China’s listed manufacturing companies from 2015 to 2018,uses data processing and analysis tools such as Stata15.0 and Excel 2010,and comprehensively uses normative analysis and empirical analysis.The following two issues are studied:（1）whether and how female directors affect the fulfillment of corporate social responsibility;（2）Whether the institutional environment of the region where the enterprise is located has an effect on the relationship between female directors and corporate social responsibility and its direction.The empirical results show that:（1）female directors play an important role in promoting corporate social responsibility,and this promoting effect is significantly positively correlated with the number and proportion of female board members;（2）After further dividing female directors into different types,female non-independent directors improve the performance of corporate social responsibility,but female independent directors have a negative impact on the performance of corporate social responsibility;（3）In regions with favorable institutional environment,female directors have a stronger driving force to fulfill corporate social responsibility,that is,favorable institutional environment has a positive moderating effect on the relationship between the two.Based on the above conclusions,this paper puts forward relevant suggestions to enterprises and governments from some aspects,such as increasing the number and proportion of female directors,formulating social responsibility development strategy and strengthening legislative supervision,deepening institutional reform,strengthening female human resources investment and public opinion publicity.The main contributions of this paper are as follows: First,in terms of research content,this paper takes the gender structure of the board of directors as an important factor affecting corporate governance,and explores the actual effect of female executives’ participation in board decision-making on the fulfillment of corporate social responsibility.And this article selects the listed on the Shanghai and Shenzhen markets and active disclosure of corporate social responsibility report of manufacturing companies as the research sample,and combined with the current situation of domestic corporate governance mechanism,the influence factors of the empirical analysis of the corporate social responsibility and women directors have effect on the intrinsic motivation.The conclusion is more pertinent and applicable to China’s development.Second,from the perspective of research,this paper takes corporate social responsibility as the entry point to study the important value of female directors in corporate governance,and distinguishes the impact of different types of female directors on corporate social responsibility.In addition,this paper puts female directors in institutional environments of different levels of development,discusses their specific impact on corporate social responsibility,and innovates the situational conditions under which female directors play a role in corporate social responsibility.