This study examines a sample of 341 corporations that were ranked in the Fortune 500 in all seven years from 2006 through 2012. We compiled data from multiple corporate recognition lists including the following: the Most Admired Companies, the Most Ethical Companies, the Best Companies to Work for, and the Best Corporate Citizens. Our findings indicate that the higher the percentage of women on a company's board of directors, the more likely the company is to appear on these lists. We also found that the average percentage of women directors for the listed companies was significantly higher than the average percentage of women directors for the companies that did not appear on any of these lists over the period from of the lists had a higher average representation of women (18.1% versus 14%) on their boards (t = 5.02, p < 0.0001, two-tailed test). Our results do not change if we compare overall percentages. Of the 15 385 directors for the 184 firms that appeared on one or more of the lists, there were 2786 female directors (18.1%) for the seven-year period. This compares to a female representation of 14.3% (1711/12 007) for the 157 corporations that did not appear any of the lists. The difference in the gross percentages (18.1% versus 14.3%) is significant (t = 5.37, p > 0.0001). Women on Boards and Social Responsibility

Purpose The purpose of this study is to extend Landry et al.’s (2016) work and examines the possible association between corporations having three or more female directors and these companies being features on corporate recognition lists. Design/methodology/approach This study examines a sample of 335 corporations ranked as Fortune 500 corporations in the period 2013–2019. The authors test for the association between the percent of corporations that had three or more female directors and the percent of these corporations on external recognition lists. Findings The data indicate that the percent of corporations with three or more female directors more than doubled between 2013 and 2019; this change was accompanied by an increase in the percent of presence of these companies in corporate recognition lists. The percent of corporations that had three or more female directors was significantly associated with the percent of these corporations on external recognition lists. Research limitations/implications The first is the sample selection process; this study used only publicly traded corporations that were included in the Fortune 500 between 2013 through 2019. The second limitation is that this study did not include data on board members considered minorities. Practical implications The findings imply that there is a strong link between gender diversity on boards and being featured on corporate recognition lists, which means that firms who care about corporate social responsibility-related works, and more instrumentally, care about being on such lists should reconsider the gender balance on their boards. Originality/value This study extends this work for a time period in which the number of corporations with three or more female directors has significantly increased.

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