Establishing the boundary conditions for female board directors' influence on firm performance through CSR

Integrating social role theory and stakeholder theory with group diversity literature and using data from a sample of S&P 1500 firms from 2007 to 2015, this study examines the boundary conditions under which female board representation increases firm performance through their positive influence on corporate social responsi-bility (CSR). Specifically, the effects of female board representation on firm performance through CSR is most pronounced when female directors have a greater power to promote CSR and when the firm has the motivation (i.e., being innovation intensive) to engage in CSR. Moreover, this moderated mediation model holds especially for three dimensions of CSR (e.g., environment, community, and employee relations), shedding light on the nuances of what women bring to the table.