Gender Influence, Social Responsibility and Governance in Performance Outros Idiomas

ID:
53265
Resumo:
PURPOSE - This paper aims to analyze the influence of gender diversity on the relationship between corporate social responsibility (CSR), corporate governance (CG) and economic and financial performance of Brazilian publicly traded companies. DESIGN/METHODOLOGY/APPROACH - The sample comprises 68 non-financial public companies comprising the IBX100 index of BM&FBOVESPA. For that, it was used panel data modeling, correlation and ranking by TOPSIS method. FINDINGS - The results suggest a significant relationship between CG and economic–financial performance when mediated by gender diversity. This relationship was not observed between CSR and economic–financial performance. Thus, it can be concluded that in a diversified board of directors, in terms of gender, better monitoring of managers can occur because of the increase in their independence in decisions, as well as performance increase. These results diverge from the literature on the influence of women’s participation in corporate boards in CSR. It is assumed that this result is because of the fact that the participation of women is recent in Brazil. RESEARCH LIMITATIONS/IMPLICATIONS - The main limitations are the number of companies analyzed, the choice of ISE index to verify the CSR variable and the metric used to verify the CG mechanisms. ORIGINALITY/VALUE - In general, this research contributes to the literature of the area, especially in Brazil, in confirming that the mediating variable gender diversity makes the relationship between CG and performance more significant.
Citação ABNT:
DANI, A. C.; PICOLO, J. D.; KLANN, R. C. Gender Influence, Social Responsibility and Governance in Performance. RAUSP Management Journal, v. 54, n. 2, p. 154-177, 2019.
Citação APA:
Dani, A. C., Picolo, J. D., & Klann, R. C. (2019). Gender Influence, Social Responsibility and Governance in Performance. RAUSP Management Journal, 54(2), 154-177.
DOI:
https://doi.org/10.1108/RAUSP-07-2018-0041
Link Permanente:
http://www.spell.org.br/documentos/ver/53265/gender-influence--social-responsibility-and-governance-in-performance/i/pt-br
Tipo de documento:
Artigo
Idioma:
Inglês
Referências:
Adams, R.B.; Ferreira, D. (2009). Women in the boardroom and their impact on govemance and perlormance. Journal of FinancialEconomics, v. 94, n. 2, pp. 291-309.

Aguinis, H.; Glavas, A (2012). What we know and don't know about corpora te social responsibility a review and research agenda. Journal of Management, v. 38, n. 4, pp. 932-968.

Al Farooque, O.; Van Zijl, T.; Dunstan, K.; Karim, A.W. (2007). Corporate govemance in Bangladesh: Link between ownership and financial performance. Corporate gouemance: An International Review, v. 15, n. 6, pp.1453-1468.

Almeida-Santos, P.S.; Dani, A.C.; Krespi, N.T.; Lavarda, C.E.F. (2013). Desempenho econômico e a responsabilidade social corporativa: uma contribuição para a análise da relação destas variáveis no caso das maiores companhias abertas Brasileiras. Enfoque: Reflexão Contábi1, v. 32, n. 1, pp.15-27.

Alves, C.; Mendes, V. (2004). Corporate govemance policy and company perlormance: the portuguese case. Corporate Governance: An International Review, v. 12, n. 3, pp. 290-301.

Aras, G.; Crowther, D. (2008). Govemance and sustainability: an investigation into the relationship between corporate govemance and corporate sustainability. Management Decision, v. 46, n. 3, pp. 433-448.

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, v. 51, n. 6, p. 1173.

Basu, S.; Hwang, L.S.; Mitsudome, T.; Weintrop, J. (2007). Corpora te governance, top executive compensation and firm performance in Japan. Pacific-Basin Finance Journal, v. 15, n. 1, pp. 56-79.

Bear, S.; Rahman, N.; Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, v. 97, n. 2, pp. 207-221.

Beckman, C.M.; Haunschild, P.R. (2002). Network leaming: the effects of partners' heterogeneity of experience on corpora te acquisitions. Administrative Science Quarterly, v. 47, n. 1, pp. 92-124.

Beiner, S.; Drobetz, W.; Schmid, M.M.; Zimmermann, H. (2006). An integrated framework of corporate govemance and firm valuation. European Financial Management, v. 12, n. 2, pp. 249-283.

Bhagat, S.; Bolton, B. (2008). Corporate governance and firm perlormance. Journal of Corporate Finance, v. 14, n. 3, pp. 257-273.

Bokpin, G. A.; Arko, A.C. (2009). Ownership structure, corporate govemance and capital structure decisions of firms, empirical evidence from Chana. Economics and Finance, v. 26, n. 4, pp. 246-256.

Bokpin, G.A. (2011). Ownership structure, corporate govemance and dividend performance on the Ghana Stock Exchange. Journal of Applied Accounting Research, v. 12, n. 1, pp. 61- 73.

Bowen, H.R. (1953). Social Responsibilities o f the Businessman. Harper and Row, New York, NY.

Bozec, R.; Dia, M.; Bozec, Y. (2010). Govemance performance relationship: a re-examination using technical efficiency measures. British Journal of Management, v. 21, n. 3, pp. 684-700.

Brenes, E.R.; Madrigal, K.; Requena, B. (2011). Corporate govemance and family business perlormance. Journal of Business Research, v. 64, n. 3, pp. 280-285.

Campbell, K.; Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal o f Business Ethics, v. 83, n. 3, pp. 435-451.

Campbell, R.D.; Ghosh, C.; Petrova, M.; Sirmans, C.F. (2011). Corporate govemance and performance in the market for corpora te control: the case of REITs. The Journal of Real Estate Finance and Economics, v. 42, n. 4, pp. 451480.

Carrol!, A.E. (1979). A three-dimensional conceptual model of corporate performance. Academy of Management Review, v. 4, n. 4, pp. 497-505.

Carter, D.A, Simkins, B, J.; Simpson, W.G. (2003). Corporate govemance, board diversity, and firm value. The Financial Review, v. 38, n. 1, pp. 33-53.

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, v. 18, n. 5, pp. 396-414.

Celis, K. (2013). Representativity in times of diversity: the political representation of women. Women's Studies Iniemational Forum, Pergamon, v. 41, pp. 179-186.

Chen, L.; Li, S.; Lin, W. (2007). Corporate govemance and corporate performance: some evidence from newly listed firms on Chinese stock markets. International Journal of Accounting, Auditing and Performance Evaluation, v. 4, n. 2, pp. 183-197.

Chen, T, J.; Li, S.H. (2010). Directors' & officers' insurance, corporate govemance and firm performance. International Journal of Disclosure and Governance, v. 7, n. 3, pp. 244-261.

Choi, J.S.; Kwak, Y.M.; Choe, C. (2010). Corporate social responsibility and corporate financial performance: evidence from Korea. Australian Journal of Management, v. 35, n. 3, pp. 291-311.

Cill, A. (2008). Corporate govemance as social responsibility: a research Agenda. Berkeley Journal of Intemational Law, v. 26, p. 452.

Correia, L.F.; Amaral, H.F.; Louvet, P. (2011). Um índice de avaliação da qualidade da govemança corporativa no brasil. Revista Contabilidade and Finanças, v. 22, n. 55, pp. 45-63.

Crisóstomo, V. L.; Freire, F.S.; Vasconcellos, F.C. (2011). Corporate social responsibility, firm value and financial performance in Brazil. Social Responsibility Journal, v. 7, n. 2, pp. 295-300.

Darus, F.; Mohamad, A. (2011). Corporate govemance and corporate failure in the context of agency theory. The Journal o f American Academy of Business, v. 17, n. 1, pp. 125-132.

De Carvalho, A.G. (2002). Governança corporativa no brasil em perspectiva. RAUSP-Revista de Administração da Universidade de São Paulo, v. 37, n. 3.

Economática. (2016). Base de dados econômico-financeiros. (2016). Dados disponíveis nas demonstrações econômico-financeiras das companhias abertas registradas na comissão de valores mobiliários (CVM).

Ehikioya, B.I. (2009). Corpora te govemance structure and firm performance in developing economies: evidence from Nigeria. Corporate Govemance, v. 9, n. 3, pp. 231-243.

Erhardt, N.L.; Werbe1, J.D.; Shrader, C.B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An lnternational Review, v. 11, n. 2, pp. 102-111.

Fan, J.P.; Wong, T, J.; Zhang, T. (2007). Politically connected CEOs, corporate govemance, and PostIPO performance of China's newly partially privatized firms. Journal of Financial Economics, v. 84, n. 2, pp. 330-357.

Ferreira, R.N. (2004). Responsabilidade social, govemança corporativa e valor das empresas. Organizações Rurais and Agroindustriais, v. 6, n. 1.

Filatotchev, I.; Lien, Y.C.; Piesse,J. (2005). Corpora te govemance and performance in publicly listed, family-controlled finns: evidence from Taiwan. Asia Pacific Journal of Management, v. 22, n. 3, pp. 257-283.

Fombrun, C. J. (2006). Corporate governance. Corporate Reputation Review, v. 8, n. 4, pp. 267-271.

Francoeur, C.; Labelle, R.; Sinclair-Desgagne, B. (2008). Gender diversity in corporate govemance and top management. Journal of Business Ethics, v. 81, n. 1, pp. 83-95.

Freguete, L.M.; Nossa, V.; Funcha1, B. (2015). Responsabilidade social corporativa e desempenho financeiro das empresas Brasileiras na crise de 2008. Revista de Administração Contemporânea, v. 19, n. 2, pp. 232-248.

Frooman,J. (1997). Socially irresponsible and illegal behavior and shareholder wealth a Meta-analysis of event studies. Business and Society, v. 36, n. 3, pp. 221-249.

Gonzalez, R.S. (2002). Tendência mundial: govemança e responsabilidade social corporativa. Relações Com Investidores, São Paulo, n. 53, pp. 15-16.

Harrison, J.S.; Coombs, J.E. (2012). The moderating effects from corporate govemance characteristics on the relationship between available slack and community-based firm perlormance. Journal of Business Ethics, v. 107, n. 4, pp. 409-422.

Hillman, A, J. , Cannella, A.A.; Harris, I.C. (2002). Women and racial minorities in the boardroom: Howdo directors differ? Journal of Management, v. 28, n. 6, pp. 747-763.

Hillman, A, J. , Cannella, A.A.; Paetzold, R.L. (2000). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, v. 37, n. 2, pp. 235-256.

Hillman, A.J.; Dalziel, T. (2003). Boards of directors and firm performance: integrating agency and resource dependence perspectives. Academy of Management Review, v. 28, n. 3, pp. 383-396.

Hsu, L.C. (2013). Investment decision making using a combined factor analysis and entropy-based topsis mode!. Journal of Business Economics and Management, v. 14, n. 3, pp. 448-466.

Hsu, W.Y.; Petchsakulwong, P. (2010). The impact of corporate govemance on the efficiency performance of the Thai non-life insurance industry. The Geneva Papers on Risk and InsuranceIssues and Practice, v. 35, n. 1, pp. S28-S49.

Hussein, K.; Kiwia, B.M. (2009). Examining the relationship between female board members and firm performance-a pane! study of US firms.

Hyland, M.; Marcellino, P. (2002). Examining gender on the corporate boards: a regional study. Corporate Govemance, v. 2, n. 4, p. 24.

Iatridis, G.E. (2013). Environmental disclosure quality: evidence on environmental performance, corpora te govemance and value relevance. Emerging Markets Review, v. 14, pp. 55-75.

Instituto Brasileiro de Govemança Corporativa (IBGC). (2009). Código Das Melhores Práticas de Governança Corporativa, 4. ed.; IBGC São Paulo.

Instituto brasileiro de Govemança Corporativa (IBGC). (2011). Relatório de mulheres na administração das empresas brasileiras listadas - 2010 e 2011. httpp//hotsite.mma.gov.br/redemulheres/wpcontent/uploads/Pesquisa_Mulheres_no_Conselho.pdf.

Jamali, D.; Safieddine, A.; Daouk, M. (2007). Corporate govemance and women: an empirical study of top and middle women managers in the Lebanese banking sector. Corporate Governance: The International Journal of Business in Society, v. 7, n. 5, pp. 574-585.

Jizi, M.; Salama, A.; Dixon, R.; Stratling, R. (2014). Corporate govemance and corporate social responsibility disclosure: evidence from the US banking sector. Journal of Business Ethics, v. 125, n. 4, pp. 601-615.

Jm, K.G.; Drozdenko, R.G. (2010). Relationships among perceived organizational core values, corporate social responsibility, ethics, and organizational performance outcomes: an empirical study of information technology professionals. Journal of Business Ethics, v. 92, n. 3, pp. 341-359.

Jones, T.M.; Wicks, A.C. (1999). Convergent stakeholder theory. Academy of Management Review, v. 24, n. 2, pp. 206-221.

Judge, W.Q.; Naoumova, I.; Koutzevo1, N. (2003). Corporate govemance and firm performance in russia: an empirical study. Journal of World Business, v. 38, n. 4, pp. 385-396.

Kang, K.H.; Lee, S.; Huh, C. (2010). Impacts of positive and negative corpora te social responsibility activities on company performance in the hospitality industry. International Journal of Hospitality Management, v. 29, n. 1, pp. 72-82.

Klapper, L.F.; Love, I. (2004). Corporate govemance, investor protection, and performance in emerging markets. Journal of Corporate Finance, v. 10, n. 5, pp. 703-728.

Kolk, A. (2008). Sustainability, accountability and corporate govemance: exploring multinationals' reporting practices. Business Strategy and the Environment, v. 17, n. 1, pp. 1-15.

Larcker, D.F.; Richardson, S.A.; Tuna, I. (2007). Corporate govemance, accounting outcomes, and organizational performance. The Accounting Review, v. 82, n. 4, pp. 963-1008.

Lee, M.P. (2008). A review of the theories of corporate social responsibility: its evolutionary path and the road ahead. International Journal of Management Reviews, v. 10, n. 1, pp. 53-73.

Love, I. (2010). Corpora te govemance and performance around the world: what we know and what we don't. The World Bank Research Observer, v. 26, n. 1, pp.42-70.

Madalozzo, R. (2011). CEOs e composição do conselho de administração: a falta de identificação pode ser motivo Para existência de teto de vidro para mulheres no Brasil?/CEOs and board composition: can the lack of identification be a reason for glass ceilings in Brazil?. Revista de Administração Contemporânea, v. 15, n. 1, p. 1-26.

Madrakhimova, F.S. (2013). Evolution of the concept and definition of corporate social responsibility. Global Conference on Business and Finance Proceedings. pp. 113-118.

Makni, R.; Francoeur, C.; Bellavance, F. (2009). Causality between corporate social performance and financial performance: evidence from Canadian firms. Journal of Business Ethics, v. 89, n. 3, pp. 409-422.

Margem, H.E. (2013). Participação das mulheres no conselho de administração e diretoria, valor e desempenho das companhias brasileiras de Capital aberto. Dissertação (Mestrado em Economia). Programa de Pós-Graduação em Economia da FGV, Fundação Getúlio Vargas, Rio de Janeiro.

Margolis, J.D. Elfenbein, H.A.; Walsh, J.P. (2009). Does it pay to be good and does it matter?A meta-analysis of the relationship between corporate social and financial performance. Does it Matter.

Maróco, J. (2011). Análise estatística com o SPSS statistics. Report Number, Ltda.

Mcwilliams, A.; Siege1, D.S.; Wright, P.M. (2006). Corporate social responsibility: strategic implications. Journal of Management Studies, v. 43, n. 1, pp. 1-18.

Nheri, O. (2014). Economic reforms, corporate govemance and privatization method as determinants in performance changes of new privatized firms: the case of MENA countries. Journal of Management & Governance, v. 18, n. 1, pp. 95-127.

Oba, V.C.; Fodio, M.I. (2013). Boards' gender mix as a predictor of financial performance in Nigeria: an empirical study. InternationalJournal of Economics and Finance, v. 5, n. 2, p. 170.

Orlitzky, M.; Schmidt, F.L.; Rynes, S.L. (2003). Corporate social and financial performance: a metaanalysis. Organization Studies, v. 24, n. 3, pp. 403-441.

Parente, T.C.; Machado Filho, CAP. (2013). Govemança e responsabilidade corporativa: Proposição de uma agenda de pesquisa. Encontro da Anpad. Anais ... VI Encontro de Estudos em Estratégia- 3Es, Anpad, Bento Gonçalves.

Politelo, L. (2013). Mecanismos de govemança corporativa e desempenho de empresas familiares listadas na BM&FBOVESPA. Dissertação (Mestrado em Ciências Contábeis). Programa de PósGraduação em Ciências Contábeis da Universidade Regional de Blumenau, Blumenau.

Post, C.; Rahman, N.; Rubow, E. (2011). Diversity in the composition of board of directors and environmental corporate social responsibility (ECSR). Business and Society, v. 49.

Rao, K.K.; Tilt, C.A. (2013). Corporate govemance and corporate social responsibility: a critica! review. Proceedings of the 7th Asia Pacific Interdisciplinary Research in Accounting Conference.

Renders, A.; Gaeremynck, A.; Sercu, P. (2010). Corporate-governance ratings and company performance: a cross-European study. Corporate Governance: An International Review, v. 18, n. 2, pp. 87-106.

Rezende, I.D. Á. L.I.A, Nunes, J.G.; Portela, S.S. (2008). Um estudo sobre o desempenho financeiro do Índice BOVESPA de Sustentabilidade Empresarial. Revista de Educação e Pesquisa em Contabilidade, v. 2, n. 1.

Rose, C. (2007). Does female board representation infiuence firm performance?The Danish evidence. Corporate Govemance: An International Review, v. 15, n. 2, pp. 404-413.

San Martin-Reyna, J.M.; Duran-Encalada, J.A. (2012). The relationship among family business, corporate govemance and firm performance: evidence from the Mexican stock exchange. Journal of Family Business Sirategy, v. 3, n. 2, pp.106-117.

Shan, Y.G.; Mciver, R.P. (2011). Corporate govemance mechanisms and financial performance in China: Pane! data evidence on listed non financial companies. Asia Pacific Business Review, v.17, n. 3, pp. 301-324.

Shrader, C.B.; Blackbum, V.E.; Iles, P. (1997). Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, v. 9, n. 3, pp. 355-372.

Silva Júnior, C.P.D.; Martins, O.S. (2017). Mulheres no conselho afetam o desempenho financeiro?Uma análise da representação feminina nas empresas listadas na BM&FBOVESPA. Sociedade, Contabilidade e Gestão, v. 12, n. 1.

Silveira, A.D.M. (2002). Govemança corporativa, desempeno e o valor da empresa no brasil. Dissertação (Mestrado em Administração). Universidade de São Paulo, São Paulo.

Silveira, A.D.M. (2004). Govemança corporativa e estrutura de propriedade: determinantes e relação com desempenho das empresas no Brasil. Tese (Doutorado em Administração). Universidade de São Paulo, São Paulo.

Silveira, A.M.; Barros, L.A.;Famá, R. (2003). Estrutura de govemança e desempenho financeiro nas companhias abertas brasileiras: um estudo empírico. Caderno de Pesquisas em Administração, v.10, n. 1, pp. 57-71.

Singh, V.; Terjesen, S.; Vinnicombe, S. (2008). Newly appointed directors in the boardroom: How do women and men differ?. European Management Journa1, v. 26, n. 1, pp. 48-58.

Strandberg, C. (2005). The convergence of corporate govemance and corporate social responsibility.Thought Leaders Study, Strandberg Consulting. Canadian Cooperative Association, Ottawa.

Szabó, D.G.; Sorensen, K.E. (2013). Integrating corporate social responsibility in corporate govemance codes in the EU. European Business Law Review, v. 10, n. 02, pp. 10-28.

Tsoutsoura, M. (2008). Corporate social responsibility and financial performance. University of Califomia at Berkley, Hass School of Business. www.haas.berkeley.edu/responsiblebusiness/documents/FinalPaperonCSR_PDFII.pdf.

Vega, A.; Aguarón, J.; García-Alcaraz, J.; Moreno-Jiménez, J.M. (2014). Notes on dependent attributes in TOPSIS. Procedia Computer Science, v. 31, pp. 308-317.

Vieira, K.M.; Velasquez, M.D.; Losekann, V.L.; Ceretta, P.S. (2011). A influência da govemança corporativa no desempenho e na estrutura de capital das empresas listadas na Bovespa. Revista Universo Contábil, v. 7, n. 1, pp. 46-67.

Waddock, S.A.; Graves, S.B. (1997). The corporate social performance-financial performance link. Strategic Management Journal, v. 18, n. 4, pp. 303-319.

Wallich, H.C.; Mcgowan,J, J. (1970). Stockholder interest and the corporation's role in social policy. A New Rationale for Corporate Social Policy, pp. 39-59.

Wang, T.C.; Lee, H.D. (2009). Developing a fuzzy TOPSIS approach based on subjective weights and objective weights. Expert Systems with Applications, v. 36, n. 5, pp. 8980-8985.

Wartick, S.L.; Cochran, P.L. (1985). The evolution of the corporate social performance model. Academy of Management Review, v. 10, n. 4, pp. 758-769.

Westpha1, J.D.; Zajac, E, J. (1995). Who shall govem?CEO/board power, demographic similarity, and new director selection. Administrative Science Ouarterly, v. 40, n. 1, pp. 60-83.

Westphal, J.D.; Milton, L.P. (2000). How experience and network ties affect the infiuence of demographic minorities on corporate boards. Administrative Science Quarterly, v. 45, n. 2, pp. 366-398.

Williams, R.J. (2003). Women on corporate boards of directors and their infiuence on corporate philanthropy. Journal of Business Ethics, v. 42, n. 1, pp. 1-10.

Wood, D., J. (1991). Corporate social performance revisited. Academy of Management Review, v. 16, n. 4, pp. 691-718.