Corporate social responsibility and financial performance: decision-making implications of female leadership in French listed firms

This study investigates the relationship between Corporate Social Responsibility (CSR) and financial performance among French listed firms, with emphasis on the moderating role of female executives in top management positions. Using an unbalanced panel of firms from the SBF 120 index over the period 2010–2023 and applying the Generalized Method of Moments (GMM) , the findings indicate that CSR positively influences stock market performance while negatively affecting accounting-based indicators, reflecting the coexistence of short-term cost effects and long-term value creation dynamics. The presence of women in top management significantly moderates this relationship by mitigating the negative accounting impact of CSR and shaping its effect on market valuation. By integrating stakeholder theory and upper echelons theory, this study contributes to the CSR–performance literature by highlighting executive gender diversity as a critical internal governance mechanism through which CSR initiatives are transformed into financial outcomes. the study offers practical implications for European and French policymakers and corporate decision-makers, highlighting the role of executive gender diversity in CSR and governance strategies. These findings can help firms reconcile sustainability and financial performance while guiding regulators in strengthening CSR’s economic relevance in European capital markets.