Resumo

Brazil is an emerging country, where a patriarchal society persists, in which women's roles are related to social norms (Ayatakshi-Endow & Steele, 2021). According to Lazzaretti et al. (2013), only 7% of seats are occupied by women on Brazilian boards. Additionally, in Brazil, in 2016, female participation in the labor market was 56.3% against 78.5% for men (Santos & Hilal, 2018).

Although several studies point to the positive relationship between women on boards and social responsibility in developed countries, little is known about this relationship between women on boards and corporate social performance in emerging countries (Fiador, 2023). Therefore, the purpose of this study is to examine the effect of board gender diversity on corporate social performance in Brazilian companies.

The critical mass theory posits that as the number of women increases in an organizational setting, there is a greater likelihood of observing behavioral differences between men and women (Scheurer, 2014). Hence, as the number of women working in an organization continues to grow, women will have more opportunities for self-expression. From this standpoint, lots of previous studies had been based on and supported that a critical mass of female directors has enough power to affect corporate board decision-making (Trinh et al., 2023).

This research collected available information on corporate social performance, financial performance, and governance of Brazilian companies for 5 years (2016-2020). The dependent variable of this study is corporate social performance (workforce, human rights, community, and respect for the product). The independent variable is gender diversity. Additionally, we considered several control variables that can affect corporate social performance.

This empirical investigation confirmed the hypothesis that the female presence on boards has a positive effect on the corporate social performance of Brazilian companies. The findings of this study are consistent with previous studies. Our results suggest that women are more socially aware and exhibit more social corporate behavior.

A critical mass of women on the board can provide an effective balance, considering the diversity of backgrounds and experience between men and women. Just one woman on the board can mean representation and resistance, but with a critical amount, female directors can have a voice and help formulate strategies aimed at corporate social performance.

Lafuente, E., & Vaillant, Y. (2019). Balance rather than critical mass or tokenism: Gender diversity, leadership and performance in financial firms. International Journal of Manpower, 40(5), 894–916. Lefley, F., & Janeček, V. (2023). Board gender diversity, quotas and critical mass theory. Corporate Communications: An International Journal, ahead-of-print.