What impact does the presence of women on the board have on environmental performance?

R. Đặng, L. Hikkerova, L. Houanti and M. Simioni
Additional contact information
R. Đặng: ISTEC - Institut supérieur des Sciences, Techniques et Economie Commerciales - ISTEC
L. Hikkerova: IPAG Business School
L. Houanti: Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School
M. Simioni: INRA - Institut national de recherches archéologiques

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Abstract: This paper analyzes the relationship between women's representation on boards of directors and environmental performance, based on stakeholder theory. Given that female directors generally have a gendered management style and are more inclined to consider the needs of others, they will tend to have a more positive influence on a company's environmental performance, having greater consideration for the various stakeholders. Empirically, we use the control function suggested by Wooldridge (2015), which takes into account endogeneity issues (omitted variables, reverse causality, and dynamic endogeneity). Using a sample of Fortune 1000 listed companies between 2004 and 2019, we find that female board representation has a positive and significant effect on a company's environmental performance. We compare our results with more traditional approaches (grouped OLS, the fixed-effects model, and the GMM system). We present new results and perspectives on an issue that is still considered controversial.

Date: 2022
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Published in Management & Prospective, 2022, 39 (6), pp.117-138

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04445038

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