CEO attributes, board diversity, corporate social performance : focusing on the foreign executive and female executiveCEO의 특성과 이사회 다양성이 기업의 사회적 성과에 미치는 영향: 외국인임원 및 여성임원을 중심으로
After the UN (United Nations) suggested sustainable and development goals (SDGs) in 2015, achieving sustainable development becomes crucial. As a result, issues of environment, human rights, equality have arisen globally. Among several stakeholders, firms have a vital role in performing sustainable development. To meet the demands of stakeholder groups and obtain competitive advantages, firms have endeavored to deal with social change. In this respect, scholars have given their attention to appointing minority leaders such as women and ethnic minorities. By using a sample of US firms in Fortune Global 500 for the 2011-2018 period, this study focuses on minority CEOs and board diversity. Specifically, this study defines foreign chief executive officer (CEO) and female CEO as minority CEOs and examines the relationship between minority CEOs and firms’ corporate social performance (CSP). Also, we focus on board diversity in nationality and gender and examine the relationship between board diversity and CSP. Empirical results provide support for most of our hypotheses except for female CEO. Our findings contribute to previous literature by proving the impact of minority CEOs and board diversity on firms’ CSP.