Purpose The objective of the study is to explore the combined impact of cash holding and Corporate Social Responsability (CSR) disclosure. This research also explores the moderating role of female directors on corporate boards in the association between cash holding and CSR disclosure. Design/methodology/approach The sample comprises 13,266 international firm-year observations over the period 2012–2021, covering 38 countries and 9 different industries. The model proposed in this study is estimated through the generalised method of moments estimator. Findings The findings show that companies with cash holdings have higher CSR disclosure, due to reduced agency conflicts and, at the same time, higher investment in CSR reporting. Our findings also find that board gender diversity negatively moderates the relationship between cash holding and CSR disclosure. Originality/value This is the first study to explore the moderating effect of female directors on the association between cash holding and CSR disclosure. The study provides actionable insights for helping policymakers, regulators and stakeholders to emphasise the relevance of cash holding in CSR matters.
Pucheta‐Martínez et al. (Thu,) studied this question.