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Open AccessArticle

Female Directors and Corporate Social Responsibility: Evidence from the Environmental Investment of Chinese Listed Companies

by Feng Wei 1,*, Binyan Ding 1 and Yu Kong 2
1
School of Economics and Business Administration, Chongqing University, Chongqing 400-044, China
2
School of Public Affairs, Chongqing University, Chongqing 400-044, China
*
Author to whom correspondence should be addressed.
Sustainability 2017, 9(12), 2292; https://doi.org/10.3390/su9122292
Received: 16 November 2017 / Revised: 29 November 2017 / Accepted: 6 December 2017 / Published: 13 December 2017
Taking Chinese listed companies in 2008–2015 as the sample, in this paper we test in detail the impact of female directors on corporate environmental investments. Furthermore, we study the impact of female directors on environmental investment in enterprises with different types of ownership and industry attributes. Empirical studies show that when there are only 1 or 2 female directors on the board, no significant impact on the scale of corporate environmental investment can be seen. However, when the number reaches at least 3, female directors have a significantly positive impact on the scale of corporate environmental investment. This confirms critical-mass theory; meanwhile, we find that the empirical results do not indicate any significant correlation when the variable of female directors is measured by the proportion of female directors and the Blau index of gender balance. Further analysis suggests that in state-owned enterprises and enterprises from heavily-polluting industries, the above findings remain true, while in non-state-owned enterprises and enterprises from non-heavily-polluting industries, the above findings prove false, i.e., that the impact of female directors on corporate environmental investment is not significant. The conclusion demonstrates that the impact of female directors on environmental investment varies in enterprises with different types of ownership and industry attributes. View Full-Text
Keywords: female directors; environmental investment; critical-mass female directors; environmental investment; critical-mass
MDPI and ACS Style

Wei, F.; Ding, B.; Kong, Y. Female Directors and Corporate Social Responsibility: Evidence from the Environmental Investment of Chinese Listed Companies. Sustainability 2017, 9, 2292.

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