Board gender diversity, quotas, and ESG disclosure: Global evidence

Abdallah Alkhawaja, Fang Hu, Shireenjit Johl and Sivathaasan Nadarajah

International Review of Financial Analysis, 2023, vol. 90, issue C

Abstract: This study examines the impact of gender-diverse boards and the staggered initiation of gender quotas around the world on environmental, social, and governance (ESG) disclosure. Using a sample of 48 countries from 2005 to 2019, we show a significantly positive relationship between gender-diverse boards and ESG disclosure. This positive effect of gender diversity becomes stronger in countries with weaker stakeholder regimes and information environments, suggesting that those countries can obtain greater benefits by appointing more female directors. Further, using a staggered difference-in-differences design, we document a significant increase in ESG disclosure following the enactment of gender quotas. Overall, our findings demonstrate why gender-diverse boards for corporate social actions are relevant in an international setting.

Keywords: Board gender diversity; ESG disclosure; Stakeholder regimes; Information environments; Quotas (search for similar items in EconPapers)
JEL-codes: G15 G30 M14 M41 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (9)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:90:y:2023:i:c:s1057521923003393

DOI: 10.1016/j.irfa.2023.102823

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