Research has examined various antecedents of corporate social responsibility (CSR); however, potential substitution effects between different antecedents underlying the decision of whether and how much to invest in CSR as well as individual-level microfoundations remain underexplored. We address this gap by developing theory on the substitutability of two key microfoundations of CSR: future orientation (FO) and female leadership (FL). We integrate these two streams of CSR research to develop theory about their substitution effect on CSR. Recognizing endogeneity issues involved in this relationship, we conduct analysis at three levels. Study 1 confirms that FO increases perceptions of the importance of CSR in men but not in women (individual level). Study 2 confirms that all-male groups invest less in CSR and take a shorter-term view on this decision (group level). Study 3 confirms the substitution effect in practice using a cross-national sample of 1,710 firms with country-level FO and CEO and board gender diversity as key independent variables (firm level). By identifying the nuanced relationship between FO and FL in their effect on CSR using multilevel mixed-methods analysis, this paper pushes the boundaries of CSR research. We argue that while both FL and FO have been independently linked to increased CSR, a strong FO may compensate for the effects of FL, and vice versa. Given the paucity of women in leadership positions as well as the overwhelming tendency toward short-termism in the corporate world, identifying a substitution effect of these two antecedents on CSR has important theoretical, ethical, and practical implications.
