Board Gender Diversity and LGBTQ + Equality Policies: Evidence From Corporate Social Responsibility Practices in United States Firms

ABSTRACT

This study examines the association between female board representation and formal corporate LGBTQ+ equality policies as a social dimension of corporate social responsibility. Using Corporate Equality Index and board data, we analyze an unbalanced panel of large U.S. firms from 2012 to 2022. Two‐way firm fixed effects provide the central within‐firm test, while pooled OLS, lagged models, difference GMM, alternative diversity measures, headquarters‐state controls, and a sector interaction assess specification sensitivity. Female‐director presence is positively associated with CEI scores in pooled and lagged models, but firm fixed‐effects estimates are weaker. Baseline coefficients rise across boards with one, two, and three or more female directors, although pairwise tests provide limited evidence of a discrete threshold and the parsimonious GMM estimates are statistically insignificant. The findings indicate a positive but specification‐sensitive association with documented equality commitments, without establishing causality or employees' experienced inclusion.