A moderated mediation model for board diversity and corporate performance in ASEAN countries

Sahar E-Vahdati, Norhayah Zulkifli, Zarina Zakaria

Research output: Contribution to journalArticlepeer-review

24 Citations (Scopus)
6 Downloads (Pure)


Despite the major investigations in prior studies for direct links among board diversity and corporate performance, the literature has not covered many indirect associations among them. This article analyzes the association between board diversity (gender and foreigner) and corporate performance by focusing on the mediating role of corporate social responsibility reporting (CSRR) and the moderated mediation role of South East Asian (ASEAN) countries through new institutional theory, which consists of legitimacy and institutional theories. According to a sample of 264 corporates from all industries by using GRI G3 guideline from 2011 to 2013, we found that foreign and gender diversity have partial and full mediation effects in ASEAN countries. The main conclusion of the current article indicates that board diversity affects directly with corporate performance and indirectly with CSRR through moderated path analysis. The implications are valuable for academics, managers, and policy makers who are interested to determine the impact of intervening variables on the board diversity and corporate performance relationship in ASEAN countries.

Original languageEnglish
Article number556
Number of pages20
JournalSustainability (Switzerland)
Issue number2
Publication statusPublished - 23 Feb 2018
Externally publishedYes

Bibliographical note

This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).


  • CSRR
  • GRI
  • diversity
  • corporate performance

ASJC Scopus subject areas

  • Computer Science (miscellaneous)
  • Geography, Planning and Development
  • Renewable Energy, Sustainability and the Environment
  • Building and Construction
  • Environmental Science (miscellaneous)
  • Energy Engineering and Power Technology
  • Hardware and Architecture
  • Computer Networks and Communications
  • Management, Monitoring, Policy and Law


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