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This study selects S&P 500 companies from 2010 to 2018 as a sample through Bloomberg's database. It empirically analyses the correlation between CSR and CFP and the moderating effect of CEO's gender using the regression and moderating effect models. This study adopts the ESG disclosure score to measure CSR and CFP indicators from accounting and market perspectives. The results indicate that it is vital for S&P 500 firms to be socially responsible, and the CEO gender has a moderating effect between CSR and CFP. Specifically, both perspectives of ESG disclosure scores and CFP show significant positive correlations, suggesting that the CSR of S&P 500 firms again has a significant positive impact on CFP. In addition, the moderating effect of CEO gender shows a significant negative correlation. It demonstrates that female CEOs are inhibitory in studying the relationship between CSR and CFP.

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The Impact of Corporate Social Responsibility on Financial Performance, and the Moderating Influence of CEO Gender

  • 章节

  • 发表日期：

    2025年

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  • Jingyuan Hu,
  • Michail I. Fygkioris,
  • Konstantinos A. Athanasiadis,
  • Dimitrios N. Koufopoulos

摘要

This study selects S&P 500 companies from 2010 to 2018 as a sample through Bloomberg's database. It empirically analyses the correlation between CSR and CFP and the moderating effect of CEO's gender using the regression and moderating effect models. This study adopts the ESG disclosure score to measure CSR and CFP indicators from accounting and market perspectives. The results indicate that it is vital for S&P 500 firms to be socially responsible, and the CEO gender has a moderating effect between CSR and CFP. Specifically, both perspectives of ESG disclosure scores and CFP show significant positive correlations, suggesting that the CSR of S&P 500 firms again has a significant positive impact on CFP. In addition, the moderating effect of CEO gender shows a significant negative correlation. It demonstrates that female CEOs are inhibitory in studying the relationship between CSR and CFP.