Women’s leadership and SMEs’ CSR performance: Family versus nonfamily firms

Figures & data

Table 1. Control variables description

Variable	Definition	Measurement
FAM	Family firm or not	Equals one if the firm is family firm and 0 otherwise
FEMANAGER	Female proportion in the TMT	The ratio of female members divided to the total member in the TMT
ESIZE	Total labour force	The natural logarithm of total number of employees (lagged one period).
WOSHARE	Female proportion in the total labour force	The ratio of female employees divided to total employees
FSIZE	Firm size (total asset)	The natural logarithm of the total asset (lagged one period)
ROA	Return on assets	Profit before tax, divided into the total asset (lagged one period)
REV	Revenue	The natural logarithm of revenue (lagged one period)
LEV	Leverage	The ratio of debt divided to the total asset (lagged one period)
CASH	Cash holding ratio	The natural logarithm of the ratio: cash divided to the total asset (lagged one period)
FAGE	Firms’ age	The age of firm (lagged one period)
Ɛ	Error term
k	Industry
t	Time dimension (year)
i	Cross-section dimension (firm)

Table 2. Descriptive statistics

Variables	Mean	Standard Deviation	Median	Min	Max
CSR	0.1909	0.2216	0.0952	0	0.9524
ERP	0.2407	0.3229	0.0833	0	1
ENV	0.1248	0.1595	0.1111	0	1
FAM	0.6667	0.4715	1	0	1
FEMANAGER	0.3809	0.3824	0.5	0	1
ESIZE	16.0793	42.0798	5	1	1700
WOSHARE	0.3801	0.2594	0.375	0	1
FSIZE	5827566	2.46.10^7	1,464,550	4500	9.21.10^8
ROA	0.2927	0.7203	0.1263	−2.1896	15.7204
REV	8743973	1.38.10^8	900,725	5000	8.27.10^9
LEV	0.0802	0.1984	0	0	4.3770
CASH	0.0000973	0.0001178	0.000056	2.08.10^−7	0.0009569
FAGE	16.0689	9.7796	14	2	61

Table 3. Correlation matrix

Variable	FAM	FEMANAGER	ESIZE	WOSHARE	FSIZE	ROA	REV	LEV	CASH	FAGE	VIF
FAM	1										1.94
FEMANAGER	−0.0615***	1									1.26
ESIZE	−0.6619***	0.0718***	1								4.00
WOSHARE	−0.0295**	0.4483***	0.0851***	1							1.31
FSIZE	−0.5523***	0.0364***	0.7092***	−0.0050	1						4.26
ROA	0.0552***	0.0285**	−0.0586***	0.0531***	−0.3019***	1					1.38
REV	−0.6379***	0.0403***	0.8370***	−0.0190	0.7535***	0.0434***	1				5.36
LEV	−0.2030***	0.0015	0.2193***	−0.0108	0.0879***	0.0493***	0.2312***	1			1.09
CASH	−0.0471***	−0.0151	0.0104	−0.0333**	−0.3056***	0.1994***	0.0261*	0.0950***	1		1.37
FAGE	0.2357***	0.0079	−0.1731***	0.0743***	−0.1551***	−0.0020	−0.2035***	−0.0944***	−0.0559***	1	1.08

*p < .1; **p < .05; ***p < .01. Standard error is showed in parentheses

Table 4. Family control and CSR performance

Variables	CSR	ERP	ENV
FAM	−0.7708*** (0.0494)	−1.0427*** (0.0664)	−0.2694*** (0.0532)
FEMANAGER	0.0627 (0.0553)	0.1328* (0.0764)	−0.0589 (0.0587)
ESIZE	0.1781*** (0.0296)	0.2802*** (0.0424)	0.0499 (0.0321)
WOSHARE	−0.0186 (0.0880)	−0.0553 (0.1223)	0.0289 (0.0986)
FSIZE	0.1617*** (0.0211)	0.1791*** (0.0299)	0.1511*** (0.0224)
ROA	0.0361* (0.0219)	0.0499 (0.0333)	0.0242 (0.0195)
REV	0.0093 (0.0255)	0.0063 (0.0357)	0.0227 (0.0288)
LEV	−0.0596 (0.0899)	−0.0780 (0.1188)	−0.0178 (0.0971)
CASH	0.0413** (0.0166)	0.0524** (0.0236)	0.0267 (0.0173)
FAGE	−0.0058*** (0.0023)	−0.0046 (0.0032)	−0.0080*** (0.0023)
Industry controlled	Yes
Year controlled	Yes
Constant	−3.6718*** (0.3621)	−3.8470 (0.4841)	−3.8582*** (0.4105)
Pseudo R2	0.1305	0.2134	0.0427

*p < .1; **p < .05; ***p < .01. Standard error is showed in parentheses

Table 5. Female manager and CSR performance (Nonfamily SMEs)

Variables	CSR	ERP	ENV
FEMANAGER	0.1589** (0.0773)	0.2412** (0.1169)	0.0616 (0.0918)
ESIZE	0.1601*** (0.0327)	0.2644*** (0.0535)	0.0624 (0.0396)
WOSHARE	−0.0033 (0.1145)	−0.0471 (0.1769)	0.0372 (0.1354)
FSIZE	0.0799*** (0.0262)	0.1114*** (0.0417)	0.0680** (0.0303)
ROA	0.0213 (0.0187)	0.0485 (0.0384)	−0.0013 (0.0215)
REV	0.0538* (0.0281)	0.0629 (0.0452)	0.0629* (0.0359)
LEV	−0.0504 (0.0688)	−0.088 (0.1014)	−0.0108 (0.0876)
CASH	0.0204 (0.0192)	0.0357 (0.0298)	0.0008 (0.0228)
FAGE	−0.0039 (0.0028)	−0.0063 (0.0044)	−0.0006 (0.0032)
Industry controlled	Yes
Year controlled	Yes
Constant	−3.1267*** (0.3527)	−3.6056*** (0.5739)	−3.3859*** (0.4494)
Pseudo R2	0.0307	0.0611	0.0205

*p < .1; **p < .05; ***p < .01. Standard error is showed in parentheses

Table 6. Female manager and CSR performance (Family SMEs)

Variables	CSR	ERP	ENV
FEMANAGER	−0.0157 (0.0625)	0.0456 (0.0860)	−0.0894 (0.0769)
ESIZE	0.1391*** (0.0450)	0.2243*** (0.0585)	0.0399 (0.0546)
WOSHARE	−0.2344** (0.0981)	−0.3514*** (0.1281)	−0.1187 (0.1326)
FSIZE	0.2193*** (0.0279)	0.2712*** (0.0381)	0.1644*** (0.0339)
ROA	0.0592** (0.0285)	0.0548 (0.0352)	0.0619* (0.035)
REV	0.0522 (0.0355)	0.0657 (0.0472)	0.0410 (0.0450)
LEV	−0.3266 (0.2498)	−0.1806 (0.2808)	−0.4823 (0.3389)
CASH	0.0455** (0.0219)	0.0543* (0.0304)	0.0355 (0.0263)
FAGE	−0.0054** (0.0027)	−0.0024 (0.0035)	−0.0087*** (0.0032)
Industry controlled	Yes
Year controlled	Yes
Constant	−5.9263*** (0.4135)	−7.1926*** (0.5380)	−4.5874*** (0.5556)
Pseudo R2	0.0409	0.0684	0.0249

*p < .1; **p < .05; ***p < .01. Standard error is showed in parentheses

Table A1. Summary of industries

Sector	N	Percentage	Sector	N	Percentage
Food production	1551	30.06	Automobiles and other motor vehicles	30	0.58
Prefabricated made products	910	17.64	Drugs, pharmaceutical chemicals and medicinal herbs	25	0.48
Products from wood, bamboo	545	10.56	Coke and refined petroleum products	20	0.39
Manufacture of beds, cabinets, tables and chairs	372	7.21	Repair, maintenance and installation of machinery and equipment	16	0.31
Products from rubber and plastic	274	5.31	Other means of transport	12	0.23
Production of costumes	231	4.48	Wholesale	10	0.19
Other non-metallic mineral products	216	4.19	Electronic products, computers and optical products	10	0.19
Weaving	205	3.97	Retail	6	0.12
Print, copy records	122	2.36	Other personal service activities.	5	0.1
Paper and paper made products	119	2.31	Administrative activities	3	0.06
Beverage	112	2.17	Production and distribution of electricity, gas, hot water, steam and air conditioning	2	0.04
Leather and related products	100	1.94	Specialised construction activities	1	0.02
Electrical equipment	69	1.34	Sale and repair of cars, motorcycles, motorbikes and other motor vehicles	1	0.02
Metal production	59	1.14	Tobacco products	1	0.02
Chemicals and chemical products	53	1.03	Lodging	1	0.02
Machinery and equipment not elsewhere classified	40	0.78	Food Service	1	0.02
Other processing and manufacturing industries	37	0.72	Rental Property	1	0.02

Table A2. CSR questionnaires used in the survey

CSR performance dimensions	Questions
Employee dimension (ERP)	Is there any difference in wages between employees who work in hazardous conditions and those who do not (i.e. a premium paid for working in hazardous conditions)? (Yes/No)
	Are employees paid overtime for working outside standard hours? (Yes/No)
	Did you pay contribution to social insurance for your employees? (Yes/No)
	Did you pay contribution to health insurance for your employees? (Yes/No)
	Did you pay contribution to unemployment insurance for your employees? (Yes/No)
	Do you normally compensate your workforce directly for accidents or professional illness? (Yes/No)
	Do the employees enjoy any of the following benefits (by regulation, directly or from the government)? (Sick leave with pay) (Yes/No)
	Do the employees enjoy any of the following benefits (by regulation, directly or from the government)? (Right to paid maternity leave) (Yes/No)
	Do the employees enjoy any of the following benefits (by regulation, directly or from the government)? (Right to unpaid maternity leave) (Yes/No)
	Do the employees enjoy any of the following benefits (by regulation, directly or from the government)? (Annual leave with pay) (Yes/No)
	Do the employees enjoy any of the following benefits (by regulation, directly or from the government)? (Any payment (lump-sum) when worker retires) (Yes/No)
	Do the employees enjoy any of the following benefits (by regulation, directly or from the government)? (Survival Benefit (family)) (Yes/No)
Environment dimension (ENV)	Which of the following environmental factors does your firm treat (Air quality)? (Yes/No)
	Which of the following environmental factors does your firm treat (Fire)? (Yes/No)
	Which of the following environmental factors does your firm treat (Heat)? (Yes/No)
	Which of the following environmental factors does your firm treat (Lighting) (Yes/No)
	Which of the following environmental factors does your firm treat (Noise) (Yes/No)
	Which of the following environmental factors does your firm treat (Waste disposal) (Yes/No)
	Which of the following environmental factors does your firm treat (Water pollution)
	Which of the following environmental factors does your firm treat (oil degradation/pollution) (Yes/No)
	Which of the following environmental factors does your firm treat (Other) (Yes/No)