Critical mass and disclosure of corporate social responsibility information
Keywords:
Critical Mass Theory; Corporate Social Responsibility; Women on the Board of Directors; Critical Mass of Women.
Abstract
Purpose: Analyzed the influence of the formation of a critical mass of women, present on the board of directors, in the disclosure of Corporate Social Responsibility of Brazilian companies belonging to the Brazil 50 Index (IBrX 50) of B3 listed in the 1st quarter of 2021. Assuming that the proportion of women present on the board of directors, that is, the formation of a critical mass, can cause impacts on the development of policies related to socio-environmental and governance aspects.
Method: A content analysis was carried out with a view to building the Corporate Social Responsibility proxy, listing 7 categories analyzed in the Annual Reports, Sustainability Report and Integrated Report. As a variable of interest, the Critical Mass (MassCritit) was defined, corresponding to the presence of at least three women on the Board of Directors. The model was estimated using Ordinary Least Squares (OLS), by Random Effect, in a balanced way, with data from Thomson Reuters Eikon® between the years 2017, 2018 and 2019.
Originality/Relevance: The study becomes relevant since the theme of Critical Mass Theory has been gaining prominence in the literature, but it is still little explored in relation to the female presence on the board of directors and in the Brazilian context.
Results: It was identified that the formation of a female critical mass did not influence the dissemination of Corporate Social Responsibility information, contrary to a previous literary trend. It should be noted that the disclosure of information related to Corporate Social Responsibility is a valid initiative for all organizations, regardless of the presence of women on the board, as highlighted in the literature.
Theoretical/methodological/practical contributions: The study can contribute to the creation of different policies, as well as control mechanisms that aim at making decisions about the disclosure of Corporate Social Responsibility reports.
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References
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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, 207-221.
Ben-Amar, W., Chang, M. & McIlkenny, P. (2017). Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project. Journal of Business Ethics 142, 369-383.
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Harjoto, M., Laksmana, I. & Lee, R. (2015). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132, 641-660.
Hossain, M., Farooque, O.A., Momin, M.A. & Almotairy, O. (2017). Women in the boardroom and their impact on climate change related disclosure. Social Responsibility Journal, 13(4), 828-855. https://doi.org/10.1108/SRJ-11-2016-0208
Issa, A. & Fang, H.-X. (2019). The impact of board gender diversity on corporate social responsibility in the Arab Gulf states. Gender in Management, 34(7) 577-605. https://doi.org/10.1108/GM-07-2018-0087
Joecks, J., Pull, K., & Vetter, K. (2013). Gender diversity in the boardroom and firm performance: What exactly constitutes a “critical mass”? Journal of Business Ethics, 118(1), 61–72. https://doi.org/10.1007/s10551-012-1553-6
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Tai, F.M. & Chuang, S. H. (2014). Corporate Social Responsibility. IBusiness, 6, 117-130.
Torchia, M., Calabrò, A., Huse, M., & Brogi, M. (2010). Critical Mass Theory and Women Directors' Contribution to Board Strategic Tasks. Corporate Board: Role, Duties & Composition, 6(3).
Vaaland, T. I., Heide, M. & Grønhaug, K. (2008). Corporate social responsibility: Investigating theory and research in the marketing context. European Journal of Marketing, 42(9/10), 927–953.
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Abu Qa’dan, M.B. & Suwaidan, M.S. (2019). Board composition, ownership structure and corporate social responsibility disclosure: the case of Jordan. Social Responsibility Journal, 15(1), 28-46. https://doi.org/10.1108/SRJ-11-2017-0225
Alazzani, A., Hassanein, A. & Aljanadi, Y. (2017). Impact of gender diversity on social and environmental performance: evidence from Malaysia. Corporate Governance, 17(2), 266-283. https://doi.org/10.1108/CG-12-2015-0161
Alipour, M., Ghanbari, M., Jamshidinavid, B. & Taherabadi, A. (2019). Does board independence moderate the relationship between environmental disclosure quality and performance? Evidence from static and dynamic panel data. Corporate Governance, 19(3), 580-610. https://doi.org/10.1108/CG-06-2018-0196
Amorelli, M.-F., & Garcia-Sanchez, I.-M. (2020). Critical mass of female directors, human capital, and stakeholder engagement by corporate social reporting. Corporate Social Responsibility and Environmental Management, 27(1), 204–221. https://doi.org/10.1002/csr.1793
Arayssi, M., Dah, M., & Jizi, M. (2016). Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal.
Baddache, F. & Nicolai, I. (2013). Follow the Leader: How corporate social responsibility influences strategy and practice in the business community. Journal of Business Strategy, 34, 26- 35.
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, 207-221.
Ben-Amar, W., Chang, M. & McIlkenny, P. (2017). Board Gender Diversity and Corporate Response to Sustainability Initiatives: Evidence from the Carbon Disclosure Project. Journal of Business Ethics 142, 369-383.
Bernardi, R. A., Bosco, S. M. & Columb, V. L. (2009). Does female representation on boards of directors associate with the ‘most ethical companies’ list?. Corporate Reputation Review, 12(3), 270-280.
Boulouta, I. (2013). Hidden Connections: The Link Between Board Gender Diversity and Corporate Social Performance. Journal of Business Ethics, 113, 185-197. https://doi.org/10.1007/s10551-012-1293-7
Brasil, Bolsa, Balcão (B3). (2021). Índice Brasil 50 (IBrX 50 B3). Disponível em: http://www.b3.com.br/pt_br/market-data-e-indices/indices/indices-amplos/indice-brasil-50-ibrx-50.htm
Brüggen, A., Vergauwen, P. & Dao, M. (2009). Determinants of intellectual capital disclosure: evidence from Australia. Management decision, 47(2), 233-245.
Bueno, G., Marcon, R., Pruner-da-Silva, A. L. & Ribeirete, F. (2018). The role of the board in voluntary disclosure. Corporate Governance, 18(5), 886-910. https://doi.org/10.1108/CG-09-2017-0205.
Cabeza‐García, L., Fernández‐Gago, R., & Nieto, M. (2018). Do board gender diversity and director typology impact CSR reporting? European Management Review, 15(4), 559-575.
Cameron, A. C. & Trivedi, P.K (2005). Micro econometrics: methods and applications. Cambridge University Press, New York.
Carroll, A. B. & Shabana, K. M. (2010). The business case for corporate social responsibility: a review of concepts, research and practice. International Journal of Management Reviews, 12(1) 85–105.
Carroll, A. B. (1999). Corporate Social Responsibility: Evolution of a Definitional Construct. Business & Society, v. 38. n.3, p. 268-295. https://doi.org/10.1177/000765039903800303.
Childs, S., & Krook, M. L. (2008). Theorizing women’s political representation: Debates and innovations in empirical research. Femina Politica–Zeitschrift für feministische Politikwissenschaft, 17(2), 7-8.
Cook, A., & Glass, C. (2018). Women on corporate boards: Do they advance corporate social responsibility? Human relations, 71(7), 897-924.
Correa, J. C., Gonçalves, M. N., Sanches, S. L. R., & Oliveira Moraes, R. (2017). Disclosure socioambiental de empresas norte-americanas listadas na NYSE: características e os possíveis fatores para a divulgação voluntária. Contabilidade Vista & Revista, 28(2), 53-77.
Tohmatsu, D. T. (2019). Data-driven change Women in the boardroom - A global perspective. 6 ed. Disponível em:
Falck, O. & Heblich, S. (2007). Corporate social responsibility: Doing well by doing good. Business Horizons, 50, 247–254.
Fávero, L. P., & Belfiore, P. (2017). Manual de análise de dados: estatística e modelagem multivariada com Excel®, SPSS® e Stata®. Elsevier Brasil.
Feil, A. A., & Schreiber, D. (2017). Sustentabilidade e desenvolvimento sustentável: desvendando as sobreposições e alcances de seus significados. Cadernos Ebape. BR, 15, 667-681.
Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á. & Muñoz-Torres, M. J. (2015). Integrating Sustainability into Corporate Governance: An Empirical Study on Board Diversity. Corporate Social Responsibility and Environmental Management, 22(4), 193–207. https://doi.org/10.1002/csr.1333
Fredette, C. & Sessler Bernstein, R. (2019). Ethno-racial diversity on nonprofit boards: A critical mass perspective. Nonprofit and Voluntary Sector Quarterly, 48(5), 931-952.
Gao, S. S., Heravi, S. & Xiao, J. Z. (2005). Determinants of corporate social and environmental reporting in Hong Kong: a research note. Accounting Forum, 29, 233-242.
Giannarakis, G. (2014), Corporate governance and financial characteristic effects on the extent of corporate social responsibility disclosure. Social Responsibility Journal, 10(4), 569-590. https://doi.org/10.1108/SRJ-02-2013-0008
Graafland, J., & Noorderhaven, N. (2018). National culture and environmental responsibility research revisited. International Business Review, 27(5), 958-968.
Grey, S. (2002). Does size matter? Critical mass and New Zealand's Women MP. Parliamentary Affairs, 55(1), 19–29.
Gujarati, D. N. & Porter, D. C. (2011). Econometria básica. 5. ed. Tradução de D. Durante, M. Rosemberg, M. L. G. L. Rosa. Revisão técnica C. D. Shikida, A. F. de Araújo Júnior e M. A. Salvato. Porto Alegre: AMGH.
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices?. Journal of accounting and Economics, 51(3), 314-338.
Harjoto, M., Laksmana, I. & Lee, R. (2015). Board Diversity and Corporate Social Responsibility. Journal of Business Ethics, 132, 641-660.
Hossain, M., Farooque, O.A., Momin, M.A. & Almotairy, O. (2017). Women in the boardroom and their impact on climate change related disclosure. Social Responsibility Journal, 13(4), 828-855. https://doi.org/10.1108/SRJ-11-2016-0208
Issa, A. & Fang, H.-X. (2019). The impact of board gender diversity on corporate social responsibility in the Arab Gulf states. Gender in Management, 34(7) 577-605. https://doi.org/10.1108/GM-07-2018-0087
Joecks, J., Pull, K., & Vetter, K. (2013). Gender diversity in the boardroom and firm performance: What exactly constitutes a “critical mass”? Journal of Business Ethics, 118(1), 61–72. https://doi.org/10.1007/s10551-012-1553-6
Kaur, A. & Singh, B. (2017). Construing Reputation from Gender Diversity on Boards: Indian Evidence. Paradigm. 21(2), 1-15.
Kanter, R. M. (1977). Some effects of proportions on group life: Skewed sex ratios and responses to token women. American Journal of Sociology, 82(5), 965–990. https://doi.org/10.1086/226425
Khan, 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. https://doi.org/10.1108/17542431011029406
Köche, J. C. (2016). Fundamentos de metodologia científica. Editora Vozes.
Konrad, A. M., Kramer, V. W., & Erkut, S. (2008). The impact of three or more women on corporate boards. Organizational Dynamics, 37, 145–164. https://doi.org/10.1016/j.orgdyn.2008.02.005
Landry, E.E., Bernardi, R.A. & Bosco, S.M. (2016). Recognition for sustained corporate social responsibility: female directors make a difference. Corporate Social Responsibility and Environmental Management, 23(1), 27-36.
Larrieta‐Rubín de Celis, I., Velasco‐Balmaseda, E., Fernández de Bobadilla, S., Alonso‐Almeida, M. D. M., & Intxaurburu‐Clemente, G. (2015). Does having women managers lead to increased gender equality practices in corporate social responsibility. Business Ethics: A European Review, 24(1), 91-110.
Li, J., Zhao, F., Chen, S., Jiang, W., Liu, T. & Shi, S. (2016). Gender Diversity on Boards and Firms’ Environmental Policy. Business Strategy and the Environment. https://doi.org/10.1002/bse.1918
Marconi, M. & Lakatos, E. (2010). Fundamentos de metodologia científica: Técnicas de pesquisa 7. ed. São Paulo: Atlas.
Mcwilliams, A., Siegel, D. (2011). Corporate social responsibility: a theory of the firm perspective. Academy of Management Review, 26, (1), 117-27.
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.
Nuber, C., & Velte, P. (2021). Board gender diversity and carbon emissions: European evidence on curvilinear relationships and critical mass. Business Strategy and the Environment.
Onu Mulheres & UNGC. (2017). Princípios de empoderamento das mulheres. ONU Mullheres e Pacto Global Rede Brasileira. Disponível em: http://www.onumulheres.org.br/referencias/principios-de-empoderamento-das-mulheres
Onu Mulheres (2018). Ganha-ganha: Igualdade de Gênero Significa Bons Negócios. Disponível em:
Pessoa, A. F. de P., Nascimento, I. C. S. do, Guimarães, D. B., Rocco, L. A. & Silva, M. N .M da. (2022). Mulheres no poder: análise da participação feminina no conselho de administração e a performance empresarial no Brasil. Revista Enfoque: Reflexão Contábil, v. 14, n. 2, p. 1-22. https://doi.org/10.4025/enfoque.v41i2.52692
Ramon-Llorens, M.C., Garcia-Meca, E. & Pucheta-Martínez, M.C. (2020), "Female directors on boards. The impact of faultlines on CSR reporting", Sustainability Accounting, Management and Policy Journal, 12(1), 156-183. https://doi.org/10.1108/SAMPJ-07-2019-0273
Ricardo, V. S., Barcellos, S. S. & Bortolon, P. M. (2017). Relatório de Sustentabilidade ou Relato Integrado das Empresas Listadas na Bm&FBovespa: Fatores Determinantes de Divulgação. Revista de Gestão Social e Ambiental. 11(1), 90-104.
Sampaio, M. S., Silva Gomes, S. M., Bruni, A. L., & Dias Filho, J. M. (2012). Evidenciação de informações socioambientais e isomorfismo: um estudo com mineradoras brasileiras. Revista Universo Contábil, 8(1), 105-122.
Santos, L. M. D. S., Santos, M. I. D. C. & Leite Filho, P. A. M. (2022). A Influência da Diversidade de Gênero, no Comitê de Auditoria, na Evidenciação de Informações Ambientais das Empresas Listadas na B3. Revista Enfoque: Reflexão Contábil, v. 14, n.1, p. 77-93.
Silva, L. K. S. (2020). Mais é melhor! Mulheres no conselho de administração e a divulgação de responsabilidade social corporativa relacionada a gênero. Dissertação de Mestrado (Mestrado em Administração e Controladoria). Universidade Federal do Ceará. Fortaleza. Ceará. Brasil.
Sprinkle, G. & Maines, L. (2010). The benefits and costs of corporate social responsibility. Business Horizons, 53(5), 445-453.
Tai, F.M. & Chuang, S. H. (2014). Corporate Social Responsibility. IBusiness, 6, 117-130.
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Published
2025-01-17
How to Cite
Farias dos Santos, R., Bevilaqua, I. C., da Silva Júnior, F. J., & Issifou, M. (2025). Critical mass and disclosure of corporate social responsibility information. Enfoque: Reflexão Contábil, 44(1), 131-146. https://doi.org/10.4025/enfoque.v44i1.65416
Section
Original Articles
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