Skip to main content

Board Gender Diversity and CSR Disclosure: The Case of Tunisian Listed Banks

  • Chapter
  • First Online:
Contemporary Research in Accounting and Finance

Abstract

This research examines the impact of board gender diversity on CSR disclosure for Tunisian listed banks during the period 2012–2017. Data for CSR disclosure are collected using the content analysis of the annual reports of the banks. To measure the level of CSR disclosure, we used the grid adopted by Branco and Rodrigues (Corporate Communications: An International Journal 11:232–248, 2006, Journal of Business Ethics 83:685–701, 2008). The results show that board gender diversity affects positively the level of CSR disclosure. This implies that the female representation in the board of directors promotes CSR disclosure by listed Tunisian banks. Furthermore, the level of CSR disclosure is affected positively by the bank size and negatively by the directors independence. The paper contributes to the literature on best practices in corporate governance for financial institutions in emerging markets. The results have implications for banks and policy makers in Tunisia. For banks, it shows the relevance of female representation on boards of directors to meet the CSR reporting needs of the users of annual reports. Policy makers can enforce the presence of women in top management position and more specifically on the boards of directors when drafting corporate governance regulations.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 139.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 179.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 179.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Similar content being viewed by others

References

  • Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94, 291–309.

    Article  Google Scholar 

  • Agymang, A., Ayamba, E., & Konadu, V. (2017). Impact of Gender Diversity on Corporate Social Responsibility Disclosure (CSRD) in Ghana. International Journal of Economics Review & Business Research, 4(2), 1–24.

    Google Scholar 

  • Al Fadli, A., Sands, J., Jones, G., Beattie, C., & Pensiero, D. (2019). Board Gender Diversity and CSR reporting: Evidence from Jordan Australasian Accounting. Business and Finance Journal, 13(3), 29–52.

    Google Scholar 

  • Ali, R., Sial, M. S., Brugni, T. V., Hwang, J., Khuong, N. V., & Khanh, T. T. T. (2020). Does CSR moderate the relationship between corporate governance and Chinese firm’s financial performance? Evidence from the Shanghai Stock Exchange (SSE) firms. Sustainability, 12, 149.

    Article  Google Scholar 

  • Alonso-Almeida, M., Perramon, J., Bagur-Femenias, U. (2017). Leadership styles and corporate social responsibility management: Analysis from a gender perspective. Business Ethics A European Review, 26(2), 147–161

    Google Scholar 

  • Arioglu, E. (2020). The affiliations and characteristics of female directors and earnings management: Evidence from Turkey. Managerial Auditing Journal, 35(7), 927–953.

    Article  Google Scholar 

  • Arun, T. G., Almahrog, Y. E., & Aribi, Z. A. (2015). Female directors and earnings management: Evidence from UK companies. International Review of Financial Analysis, 39, 137–146.

    Article  Google Scholar 

  • Ayuso, S., & Argandoña, A. (2009). Responsible corporate governance: Towards a Stakeholder Board of Directors? (IESE Business School Working Paper No. 701).

    Google Scholar 

  • Baccouche, C., Errais, O., & Mzoughi, K. (2010). Les déterminants de la publication volontaire d’informations sociales: cas des entreprises tunisiennes. Working paper. Journée «Capital immatériel: état des lieux et perspectives». Montpellier, France.

    Google Scholar 

  • Barako, G. D., & Brown, A. M. (2008). Corporate social reporting and board representation: Evidence from the Kenyan banking sector. Journal of Management Governance, 12(4), 309–324.

    Article  Google Scholar 

  • Bansal, S., Lopez-Perez, M. V., & Lazaro-Rodriguez, A. (2018). Board independence and corporate social responsibility disclosure: The mediating role of the presence of family ownership. Administrative Sciences, 8(3), 33.

    Article  Google Scholar 

  • 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, 97(2), 207–221.

    Article  Google Scholar 

  • Ben Amar, W., Chang, M., & McIlkenny, P. (2015). Board gender diversity and corporate response to sustainability initiatives: Evidence from the carbon disclosure project. Journal of Business Ethics, 142(2), 369–383.

    Article  Google Scholar 

  • Bernardi, R. A., & Threadgill, V. H. (2010). Women Directors and corporate social responsibility. Electronic Journal of Business Ethics and Organizational Studies, 15(2), 15–21.

    Google Scholar 

  • Boulouta, I. (2013). Hidden connections: The link between board gender diversity and corporate social performance. Journal of Business Ethics, 113(2), 185–197.

    Article  Google Scholar 

  • Brammer, S. J., & Pavelin, S. (2006). Voluntary environmental disclosures by large UK companies. Journal of Business Finance & Accounting, 33(7–8), 1168–1188.

    Article  Google Scholar 

  • Branco, M. C., & Rodrigues, L. L. (2006). Communication of corporate social responsibility by Portuguese banks a legitimacy theory perspective. Corporate Communications: an International Journal, 11(3), 232–248.

    Article  Google Scholar 

  • Branco, M. C., & Rodrigues, L. L. (2008). Factors influencing social responsibility disclosure by Portuguese companies. Journal of Business Ethics, 83(4), 685–701.

    Article  Google Scholar 

  • Chakroun, R., Matoussi, H., & Mbarki, S. (2017). Determinants of CSR disclosure of Tunisian listed banks: A multi support analysis. Social Responsibility Journal., 13(3), 552–584.

    Article  Google Scholar 

  • Campbell, K., & Mínguez-Vera, A. (2004). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435–451.

    Article  Google Scholar 

  • Charreaux, G. (2000). Le conseil d’administration dans les théories de la gouvernance (Working paper). Université de Bourgogne.

    Google Scholar 

  • Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, Board diversity and firm value. The Financial Review, 38, 33–53.

    Article  Google Scholar 

  • Cho, C., & Patten, D. (2007). The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7–8), 639–647.

    Article  Google Scholar 

  • Cowen, S., Ferreri, L., & Parker, L. (1987). The impact of corporate characteristics on social responsibility disclosure: A typology and frequency-based analysis. Accounting Organizations & Society, 12(2), 111–122.

    Article  Google Scholar 

  • Cox, T. (1993). Cultural diversity in organizations: Theory, research, and practice. Berrett-Koehler.

    Google Scholar 

  • Deegan, C. (2002). Introduction: The legitimizing effect of social and environmental disclosures: A theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282–311.

    Article  Google Scholar 

  • Dewally, M., Flaherty, S. M. V., & Tomasi, S. (2017). The impact of social norms on female corporate board membership inclusion. Managerial Finance, 43(10), 1093–1116.

    Article  Google Scholar 

  • Doepers, F. (2000). A cost-benefit study of voluntary disclosure: Some empirical evidence from French listed companies. The European Accounting, 9(2), 245–263.

    Article  Google Scholar 

  • Driss, R., & Jarboui, A. (2015). Contribution of social disclosure and organizational culture to create financial value of Tunisian companies. Growth, Asian Online Journal Publishing Group, 2(1), 10–19.

    Google Scholar 

  • Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy, 22(4), 325–345.

    Article  Google Scholar 

  • Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board director diversity and firm financial performance. Corporate Governance, 11(2), 102–111.

    Article  Google Scholar 

  • Evans, J. B., Slaughter, J. E., Ellis, A. P. J., & Rivin, J. M. (2019). Gender and the evaluation of humor at work. Journal of Applied Psychology, 104(8), 1077–1087.

    Article  Google Scholar 

  • Fernandez-Feijoo, B., Romero, S., & Ruiz-Blanco, S. (2014). Women on boards: Do they affect sustainability reporting? Corporate Social Responsibility and Environmental Management, 21(6), 351–364.

    Article  Google Scholar 

  • Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman.

    Google Scholar 

  • Gana, M., & Dakhlaoui, M. (2011). Societal information disclosure and the cost of equity: the case of Tunisian companies. Global Journal of Management and Business Research, 11(7), 1–8.

    Google Scholar 

  • Giannarakis, G. (2014). Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569–590.

    Article  Google Scholar 

  • Golob, U., & Bartlett, J. L. (2007). Communicating about corporate social responsibility: A comparative study of CSR reporting in Australia and Slovenia. Public Relations Review, 33(1), 1–9.

    Article  Google Scholar 

  • Gray, R., Javad, M., Power, D. M., & Sinclair, C. D. (2001). Social and environmental disclosure and corporate characteristics: A research note and extension. Journal of Business Finance and Accounting, 28(3/4), 327–355.

    Article  Google Scholar 

  • Guerrero-Villegas, J., Pérez-Calero, L., Hurtado-González, J. M., & Giráldez-Puig, P. (2018). Board attributes and corporate social responsibility disclosure: A meta-analysis. Sustainability MDPI Open Access Journal, 10(12), 1–22.

    Google Scholar 

  • Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting and Public Policy, 24(5), 391–430.

    Article  Google Scholar 

  • Harrigan, K. R. (1981). Barriers to entry and competitive strategies. Strategic Management Journal, 2, 395–412.

    Google Scholar 

  • Hasseldine, J., Salama, A. I., & Toms, J. S. (2005). Quantity versus quality: The impact of environmental disclosures on the reputations of UK PLCs. British Accounting Review, 37(2), 231–248.

    Article  Google Scholar 

  • Hatch, C. D., & Stephen, S. K. (2015). Gender effects on perceptions of individual and corporate social responsibility. The Journal of Applied Business and Economics, 17(3), 63–71.

    Google Scholar 

  • Hili, W., & Affes, H. (2014). Diversité en genre dans les conseils d’administration et persistance des bénéfices comptables: investigation empirique dans le contexte français (working paper). Université de Sfax.

    Google Scholar 

  • Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. The Academy of Management Review, 28(3), 383–396.

    Article  Google Scholar 

  • Hillman, A. J., Cannella, J., & Paetzold, A. A. (2002). The resource dependence role of corporate directors: Strategic adaptation of board composition in response to environmental change. Journal of Management Studies, 37(2), 235–255.

    Article  Google Scholar 

  • Hogner, R. H. (1982). Corporate social reporting: Eight decades of development at U.S Steel. Research in Corporate Social Performance and Policy, 4, 243–250.

    Google Scholar 

  • Htay, S. S. N., Rashid, H. M., Adnan, M. K., & Meera, A. K. M. (2012). Impact of corporate governance on social and environmental information disclosure of Malaysian listed banks: Panel data analysis. Asian Journal of Finance and Accounting, 4(1), 1–24.

    Article  Google Scholar 

  • 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.

    Article  Google Scholar 

  • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305–360.

    Article  Google Scholar 

  • Kang, H., Cheng, M., & Gray, S. J. (2017). Corporate governance and board composition: Diversity and independence of Australian boards. Corporate Governance: An International Review, 15(2), 194–207.

    Article  Google Scholar 

  • Kesner, I. F. (1988). Directors’ characteristics and committee membership: An investigation of type, occupation, tenure, and gender. Academy of Management Journal, 31(1), 66–84.

    Google Scholar 

  • Khan, M. H. (2010). The effect of corporate governance elements on corporate social responsibility (CSR) reporting: Empirical evidence from private commercial banks of Bangladesh. International Journal of Law and Management, 52(2), 82–109.

    Google Scholar 

  • Khlif, H., & Achek, I. (2017). Gender in accounting research: A review. Managerial Auditing Journal, 32(6), 627–655.

    Article  Google Scholar 

  • Larrieta-Rubín de Celis, I., Velasco-Balmaseda, E., Fernández de Bobadilla, S., Alonso-Almeida, M., & Intxaurburu-Clemente, G. (2014). Does having women managers lead to increased gender equality practices in corporate social responsibility? Busines Ethics The environment & responsability, 24(1), 91–110.

    Google Scholar 

  • Lenard, M. J., Yu, B., York, E. A., & Wu, S. (2017). Female business leaders and the incidence of fraud litigation. Managerial Finance, 43(1), 59–75.

    Article  Google Scholar 

  • Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee, and greenhouse gas disclosure. British Accounting Review, 47(4), 409–424.

    Article  Google Scholar 

  • Lim, S., Matolcsy, Z., & Chow, D. (2007). The association between board composition and different types of voluntary disclosure. European Accounting Review, 16(3), 555–583.

    Article  Google Scholar 

  • Majeed, S., Aziz, T., & Saleem, S. (2015). The effect of corporate governance elements on Corporate Social Responsibility (CSR) disclosure: An empirical evidence from listed companies at KSE Pakistan. International Journal of Financial Studies, 3(4), 530–556.

    Article  Google Scholar 

  • Manita, R., Bruna, M. G., Dang, R., & Houanti, L. (2018). Board gender diversity and ESG disclosure: Evidence from the USA. Journal of Applied Accounting Research, 19(2), 206–224.

    Article  Google Scholar 

  • Marston, C. L., & Shrives, P. J. (1991). The use of disclosure indices in accounting research: A review article. British Accounting Review, 23, 195–210.

    Article  Google Scholar 

  • Mateos de Cabo, R., Gimeno, R., & Escot, L. (2011). Disentangling discrimination on Spanish boards of directors. Corporate Governance: an International Review, 19(1), 77–95.

    Article  Google Scholar 

  • Mohammad, S. J., Abdullatif, M., & Zakzouk, F. (2018). The effect of gender diversity on the financial performance of Jordanian banks. Academy of Accounting and Financial Studies Journal, 22(2), 1–11.

    Google Scholar 

  • Muttakin, M. B., Mihret, D. G., & Khan, A. (2018). Corporate political connection and corporate social responsibility disclosures: A neo-pluralist hypothesis and empirical evidence. Accounting, Auditing & Accountability Journal, 31(2), 725–744.

    Article  Google Scholar 

  • Nalikah, A. (2009). Impact of gender diversity on voluntary disclosure in annual reports. Accounting & Taxation, 1(1), 101–113.

    Google Scholar 

  • Nekhili, M., Nagati, H., Chtioui, T., & Nekhili, A. (2017). Gender-diverse board and the relevance of voluntary CSR reporting. International Review of Financial Analysis, 50(2016), 81–100.

    Article  Google Scholar 

  • Nielsen, S., & Huse, M. (2010). The contribution of women on boards of directors: Going beyond the surface. Corporate Governance: an International Review, 18(2), 136–148.

    Article  Google Scholar 

  • Pfeffer, J., & Salancik, G. R. (1978). The external control of organizations: A ressource-dependence perspective. Harper & Row.

    Google Scholar 

  • Pucheta-Martínez, M. C., Bel-Oms, I., & Olcina-Sempere, G. (2018). The association between board gender diversity and financial reporting quality, corporate performance and corporate social responsibility disclosure: A literature review. Academia Revista Latinoamericana De Administración, 31(1), 177–194.

    Article  Google Scholar 

  • Powell, M., & Ansic, D. (1997). Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of Economic Psychology, 18(6), 605–628.

    Article  Google Scholar 

  • Rao, K., & Tilt, C. (2016). Board diversity and CSR reporting: An Australian study. Meditari Accountancy Research, 24(2), 182–210.

    Article  Google Scholar 

  • Rose, C. (2007). Does female board representation influence firm performance? The Danish Evidence. Corporate Governance, 15(2), 404–413.

    Article  Google Scholar 

  • Saleh, M. W. A., Zaid, M. A. A., Shurafa, R., Maigoshi, Z. S., Mansour, M., & Zaid, A. (2020), Does board gender enhance Palestinian firm performance? The moderating role of corporate social responsibility, Corporate Governance, 21, 685–701.

    Google Scholar 

  • Shehata, N. F. (2013). How could board diversity influence corporate disclosure? Corporate Board: Role, Duties and Composition, 9(3), 42–49.

    Google Scholar 

  • Srinidhi, B., Sun, Y., Zhang, H., & Chen, S. (2020). How do female directors improve board governance? A mechanism based on norm changes. Journal of Contemporary Accounting and Economics, 16(1), 100181.

    Google Scholar 

  • Suchman, M. C. (1995). Managing Legitimacy: Strategic and Institutional Approaches. Academy of Management Review, 20(3), 571–610.

    Article  Google Scholar 

  • Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance?: A multi-country study of board diversity. Journal of Management & Governance., 20(3), 447–483.

    Article  Google Scholar 

  • Unerman, J. (2000). Methodological issues—Reflections on quantification in corporate social reporting content analysis. Accounting, Auditing & Accountability Journal, 13(5), 667–681.

    Article  Google Scholar 

  • Vähämaa, E. (2017). Female executives and corporate governance. Managerial Finance, 43(10), 1056–1072.

    Article  Google Scholar 

  • Velte, P. (2017). Do women on board of directors have an impact on corporate governance quality and firm performance? A literature review. International Journal of Sustainable Strategic Management, 5(4), 302.

    Google Scholar 

  • Wajcman, J., & Martin, B. (2002). Narratives of identity in modern management: The corrosion of gender difference? Sociology, 36(4), 985–1002.

    Article  Google Scholar 

  • Zalataa, A. M., Tauringanaa, V., & Tingbanic, I. (2018). Audit committee financial expertise, gender, and earnings management: Does gender of the financial expert matter? International Review of Financial Analysis, 55, 170–183.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Raida Chakroun .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2022 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Chakroun, R. (2022). Board Gender Diversity and CSR Disclosure: The Case of Tunisian Listed Banks. In: Echchabi, A., Grassa, R., Sibanda, W. (eds) Contemporary Research in Accounting and Finance. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-16-8267-4_2

Download citation

Publish with us

Policies and ethics