Abstract

The discharge of radioactive wastewater into the eastern ocean from the Fukushima Daiichi nuclear plant, a decision that comes from the Japanese government and TEPCO (Tokyo Electric Power Company), has subjected Japanese firms to reputational damage risks and increasing environmental legitimacy pressure from multiple stakeholders in environmental corporate social performance (ECSR) than ever. In the present research endeavor, we draw upon the existing body of scholarly literature pertaining to gender-diverse board and business ethics as a critical element of steering ocean and coastal environmental management. This undertaking aims to provide original insights into the factors influencing board gender diversity (BGD) and its subsequent impact on ECSR within the specific context of Japan. Grounded in the theoretical framework of legitimacy theory, we put forth a conceptual model designed to elucidate the relationship between BGD and ECSR. Additionally, this study delves into the moderating influence of financial constraints between BGD and ECSR. To empirically examine our conceptual framework, we collected data from two primary sources: Toyo Keizai Inc. and Nikkei Inc. The findings of our investigation reveal a statistically significant positive relationship between BGD and ECSR performance. Furthermore, our results indicate that financial constraints serve to intensify the association between BGD and engagement in ECSR initiatives. Finally, we corroborate the robustness of our findings through various extensions of our analytical models.

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