A Meta Analytical Study of Cultural Conditions Moderating the Relationship Between Board Diversity and CSR Disclosure

Abstract

Studies on the relationship between board diversity and CSR disclosure have shown mixed results. This study investigates the relationship between board diversity attributes and CSR disclosure, as well as the various cultural conditions influencing board diversity–CSR disclosure relationships through meta-analysis based on data from 45 empirical studies. We discovered that board diversity attributes such as board gender, age, education, and national diversity have a positive relationship with CSR disclosure. In terms of moderating effects, we discovered that cultural dimensions of (high) uncertainty avoidance, long-term orientation, and (high) indulgence positively moderate the relationship between board diversity attributes and CSR disclosure, whereas high individualism, masculinity, and power distance scores negatively moderate these relationships. This study highlights the importance of maintaining diversity in terms of age, gender, education, and nationality at the board level in promoting CSR disclosures, even in restraining cultures, suggesting policymakers devise policies that encourage board diversity. Academically, this study extends the previous meta-work by clarifying the strength and direction of the relationships between board diversity attributes and CSR disclosure, helping to resolve ambiguities in these relationships in the extant literature. In addition, the study explores the moderating effects of cultural dimensions on the relationship between board diversity and CSR disclosure, a factor that was previously overlooked.