Does gender diversity moderate the relationship between CSR committees and Sustainable Development Goals disclosure? Evidence from Latin American companies


  • Universidade de São Paulo
  • Universidade de São Paulo
  • Universidade Federal do Ceará


s Sustainable Development Goals, Disclosure, CSR committee, Gender diversity, Stakeholder theory, Latin America



This study aims to investigate the association between the presence of a corporate social responsibility (CSR) committee and Sustainable Development Goals (SDGs) disclosure, as well as the moderating role of gender diversity in this relation.


The sample consists of 897 annual observations from 238 firms from Argentina, Brazil, Chile, Colombia, Mexico and Peru for 2018–2020. The data were collected from the Refinitiv database. The proposed model and hypotheses were tested using the feasible generalized least squares estimation technique with heteroscedasticity and panel-specific AR1 autocorrelation.


The results reveal that the presence of CSR committees positively influences the SDGs. Gender diversity positively moderates the relationship between CSR committees and SDGs. Leverage and firm size also positively impact the SDGs. On the other hand, board size and CEO duality negatively affect SDGs disclosure.

Research limitations/implications

This study extends the scope of stakeholder theory by suggesting that CSR committees and gender diversity enable a better relationship for the firm with its stakeholders.

Practical implications

The findings support policymakers and managers in improving sustainability disclosure. In addition, the results demonstrate the importance of CSR committees and gender diversity to meet the stakeholders' demands.

Social implications

This study demonstrates how firms can improve sustainability issues through gender diversity and CSR committees.


To the best of the authors’ knowledge, this study complements previous literature by being the first to examine the moderating effect of gender diversity on the association between CSR committees and SDGs disclosure in the Latin American context.


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Further reading

Bravo, F., & Reguera-Alvarado, N. (2019). Sustainable development disclosure: Environmental, social, and governance reporting and gender diversity in the audit committee. Business Strategy and the Environment, 28(2), 418–429, doi: 10.1002/bse.2258.

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Briano-Turrent, G. D. C., Li, M., & Peng, H. (2020). The impact of family-CEOs and their demographic characteristics on dividend payouts: Evidence from Latin America. Research in International Business and Finance, 51, 101086. doi: 10.1016/j.ribaf.2019.101086.

Kabbach-de-Castro, L. R., Kalatzis, A. E. G., & Pellicani, A. D. (2021). Do financial constraints in an unstable emerging economy mitigate the opportunistic behavior of entrenched family owners? Emerging Markets Review, 100838, doi: 10.1108/ARLA-06-2020-0147.

Nobanee, H., & Ellili, N. (2016). Corporate sustainability disclosure in annual reports: Evidence from UAE banks: Islamic versus conventional. Renewable and Sustainable Energy Reviews, 55, 1336–1341, doi: 10.1016/j.rser.2015.07.084.

Nuber, C., & Velte, P. (2021). Board gender diversity and carbon emissions: European evidence on curvilinear relationships and critical mass. Business Strategy and the Environment, 30(4), doi: 10.1002/bse.2727.






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