Do Female CEOs Promote Behavioral Consistency in Firm’s Nonmarket Strategy?

Abstract

In this study, we explore whether and under what conditions female CEOs engage in behavioral consistency in promoting CSR practices. Specifically, we draw on social role and behavioral consistency theories to argue that female CEO presence will be positively related to CSR consistency. We use two categories to capture the firm’s consistency in CSR practices: inter-domain and temporal consistency. Temporal consistency refers to the consistency of a firm’s behavior towards its stakeholders over time. Inter-domain consistency indicates reliability in a firm’s conduct across its various stakeholder groups. We also argue that the relationship between female CEOs and CSR temporal and inter-domain consistency will be moderated by the board gender diversity. Data from 161 unique firms within the S&P 500 over the 2005-2013 sample period provide support for each of our hypotheses. Keywords: female CEOs, board gender diversity, nonmarket strategies, corporate social responsibility, behavioral consistency