Board gender diversity: impact on corporate tax avoidance in response to economic policy uncertainty

Luiz Eduardo Gaio, Angela Christina Lucas, Nelson Oliveira Stefanelli and Carlos Alberto Grespan Bonacim

Journal of Sustainable Finance & Investment, 2026, vol. 16, issue 1, 1-21

Abstract: This study aimed to explore the relationship between gender diversity on corporate boards and tax avoidance in the context of economic policy uncertainty. For this purpose, financial statements, and governance information from publicly traded companies in 21 countries over the period from 2010 to 2022 were utilized. Linear and nonlinear regression models were employed for analysis, considering four variables of tax evasion and the economic policy uncertainty index. Gender diversity on boards was measured by the percentage of women on the boards of directors. The results showed that an increase in female representation on boards of directors helps reduce corporate tax aggressiveness, regardless of economic policy uncertainty. Additionally, a higher number of women on boards of directors suggests that companies have a greater commitment to their fiscal obligations to the public sector. It was also evident that in periods of greater economic policy uncertainty, corporate tax aggressiveness increases.

Date: 2026
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DOI: 10.1080/20430795.2025.2596601

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