The impact of CEO duality and board gender diversity on environmental and social performance and CSR controversies

Purpose This study investigates the impact of CEO duality chief executive officer duality (CEOD) and board gender diversity (BGD) on environmental, social and corporate social responsibility controversies (CSRC) performance. The aim of this study is twofold, as it incorporates BGD as a potential determinant of CSR performance as well as a potential moderator on the relationship between CEOD and CSR performance. Design/methodology/approach The sample consists of European companies listed on STOXX Europe 600 Index for 2007–2023. Constructing a fixed-effect model, the paper explores the moderating role of BGD in the relationship between CEOD and CSR performance. Findings Results reveal that CEOD has a positive impact on social performance, while findings from the moderating role of BGD suggest that BGD reinforces the relationship between CEOD and the environmental pillar. On the other hand, BGD negatively moderates the relationship between CEOD and social performance. Contrary to the hypothesized positive effects, BGD has a negative impact on CSRC. Research limitations/implications Our sample includes only European companies; future studies should expand this research on spotting differences between developed and developing countries. Practical implications Corporate managers and policymakers should maintain robust governance practices, ensuring that the CEO's power is exercised responsibly, preventing the misuse of CEO power and balancing between potential opportunistic behaviors and social concerns. Originality/value To our knowledge, no empirical study employs BGD to moderate the relationship between CEOD and CSR performance, whilst CSRC is under-examined.