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Journal of Business Ethics

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29-07-2021 | Original Paper

Female Representation on Corporate Boards in Europe: The Interplay of Organizational Social Consciousness and Institutions

Authors: Cynthia E. Clark, Punit Arora, Patricia Gabaldon

Published in: Journal of Business Ethics | Issue 1/2022

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Abstract

We examine the role of alignment between organizational social consciousness and the informal and formal institutions of a country in increasing female representation on boards. Using fixed-effects and Hausman Taylor regression methodology for endogenous covariate with panel data for the years 2006–2020, we find that the greater the alignment between organizational social consciousness and certain formal (i.e., a gender quota) and informal (i.e., high gender equality) institutions, the more progress there is toward gender representation on corporate boards in Europe. We also find that more socially conscious firms make the most progress, often going beyond the minimum regulatory targets. By showing the complementarity of these factors, we address the enduring question of how the interplay of formal and informal institutions directly affects corporate behavior, thus contributing to the institutional, public policy/regulatory, and corporate governance literatures. We note the need for policymakers to go beyond mere codification of rules via quotas and simultaneously work toward raising national and organizational social consciousness levels on issues of gender equality.

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Some research has referred to these categories as soft and hard quotas (Mensi-Klarbach & Seierstad, 2020; Terjesen & Sealy, 2016) while others have further delineated them into reporting requirements, targets, and quotas (Sojo et al., 2016).

Since the term CSR has been used as both a firm action to further some social good (Vinet & Zhedanov, 2011) and as an external pressure (Mitra et al., 2021) on the firm, OSC is a more encompassing and relevant construct for our inquiry.

Our sample consists of Austria (117), Belgium (195), France (785), Germany (663), Italy (249), the Netherlands (309), Norway (115), Portugal (91), Spain (297), United Kingdom (2206) and United States (4,546) for a total of 9,573 observations.

Note that results with random-effects models are almost identical, which further substantiates robustness of our findings.

On the basis of their Monte Carlo simulation experiments, econometricians have found this technique to be particularly effective at deriving robust estimates when several explanatory variables may be endogenously correlated with each other (Baltagi et al., 2002).

Note also that in our Hausman Taylor regression estimates, we explicitly included industry and country effects to account for their unobserved effect on firms’ institutional environment, strategies, and performance (Chacar et al., 2010; Chan et al., 2008; McGahan & Victer, 2010; Sakakibara & Yamawaki, 2008). We used 14-industry classification (Arora & Dharwadkar, 2011; Waddock & Graves, 1997) to control for this purpose as the standard three-digit SIC classification (e.g., Datta et al., 1991) resulted in too many different industries.

Results available on request.

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Title: Female Representation on Corporate Boards in Europe: The Interplay of Organizational Social Consciousness and Institutions
Authors: Cynthia E. Clark
Punit Arora
Patricia Gabaldon
Publication date: 29-07-2021
Publisher: Springer Netherlands
Published in: Journal of Business Ethics / Issue 1/2022
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI: https://doi.org/10.1007/s10551-021-04898-x

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