Do Women on Boards Influence Corporate Social Responsibility and Firm Performance in Ghana?

With only a few women finding their way into the boardroom, this study examines the impact of gender diversity on corporate social responsibility and firm performance using data from Ghana. It used data from listed firms on the Ghana Stock Exchange. Descriptive analysis was performed to provide the background statistics of the variables examined. This was followed by regression analysis, which constitutes the main data analysis. The study found a significant positive relationship between women on boards and corporate social responsibility performance. The findings imply that with an increase of one woman on a board while other variables remain constant, the firm’s corporate social responsibility performance will increase. The study also found a positive but statistically insignificant relationship between women on a board and a firm’s financial performance. This is one of the few studies to measure the influence of governance variables on corporate social responsibility performance and firm financial performance in sub-Saharan Africa.