Is Board Gender Diversity a Superficial Goal or a Strategic Asset for CSR Performance? The Role of Critical Mass and Board Size

This study investigates the relationship between board gender diversity (BGD) and environmental, social, and CSR controversies' performance and the moderating role of board size (BS) on their relationship. Using data from STOXX Europe 600 Index listed companies from 2007 to 2023 and employing a Generalized Method of Moments (GMM) model, the results reveal a U‐shaped relationship between BGD and CSR performance. Concerning the moderation effect, the results indicate that as the number of BS on the board increases, the effect of BGD on CSR will be decreasing, but this decrease is declining as BS increases. This study provides strategic insights and implications for corporate managers and policymakers by suggesting the critical mass of female participation on boards, aligning with the dimensions of CSR performance.