It is widely acknowledged in the literature that increased presence of women executives and directors leads firms to make greater philanthropic contributions. Marquis and Lee concluded that women executives and directors seek to strengthen external relationships of the firm through corporate philanthropy.

(Marquis, Christopher and Matthew Lee (2013), “Who is Governing Whom?
Executives, Governance, and the Structure of Generosity in large U.S. Firms,” Strategic Management Journal, 34, 483-497).