The Effect of Gender of Board of Directors and Corporate Governance on the Level of Corporate Social Responsibility Disclosure of Listed Companies in the Stock Exchange of Thailand
Keywords:
Corporate Governance, Gender, Board of Directors, Corporate Social ResponsibilityAbstract
This study aims to examine the relationship between the gender of the board of directors, corporate governance, and social responsibility operations including the moderating effect of corporate governance on the relationship between the gender of the board of directors and social responsibility operations of listed companies in the stock exchange of Thailand. The data were collected from the annual reports and 56-1 forms of 483 companies in the year B.E. 2557 to B.E. 2561, resulting in a total of 2,308 observations.
The results indicated that 30.34% of the listed companies had at least three female members on their board of directors. Additionally, 71.20% of these companies achieved rankings in the excellent, very good, and good levels of corporate governance. On average, these companies obtained a corporate social responsibility disclosure score of 0.56 out of a maximum score of 1. Based on the results of the multiple regression analysis, it was found that 1) listed companies with a higher proportion of female representation on their board of directors had higher level of corporate social responsibility disclosure, 2) there was a positive effect of corporate governance on the level of corporate social responsibility disclosure, and 3) there was no effect of corporate governance on the relationship between the gender of boards of directors and level of corporate social responsibility disclosure.
Therefore, if companies wish to support improved disclosure of social responsibility, which positively impacts the corporate image, they may consider increasing the proportion of female board members and promoting better corporate governance. Additionally, if regulatory authorities aim to enhance the disclosure of social responsibility by listed companies in the stock exchange of Thailand, they may address the issue of board composition by considering demographic factors, including gender diversity.
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