Despite the growing presence of women in executive roles, performance disparities linked to chief executive officer (CEO) gender persist. This study aims to examine how CEO gender influences firm performance (FP), focusing on the mediating roles of venture capital (VC) and corporate social responsibility (CSR).
Drawing on data from 181 U.S. firms (3,077 firm-year observations from 2000 to 2016), we apply structural equation modeling to explore the direct and indirect relationships among CEO gender, VC, CSR and FP.
The results show that VC significantly mediates the relationship between CEO gender and FP: female-led firms attract less VC funding, which negatively impacts performance. While CSR alone does not significantly mediate this relationship, it becomes influential within a sequential mediation process following VC. This dual mediation indicates that limited VC access for female CEOs constrains their CSR disclosure, ultimately reducing overall FP.
This study contributes to the literature by revealing indirect ways CEO gender affects FP through VC and CSR. Unlike most research focusing on direct gender effects, we examine how female leadership influences financing strategies and CSR disclosure, which then impact organizational outcomes. Additionally, this study clarifies complex links between gender bias, VC, CSR disclosure and the performance of American firms, a topic still underexplored in an integrated way. It highlights dynamic interactions among individual traits, investor decisions and financial results, improving understanding of gender-related performance gaps.
