The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity

Muhammad Azeem Qureshi, Sina Kirkerud, Kim Theresa and Tanveer Ahsan
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Sina Kirkerud: OsloMet - Oslo Metropolitan University
Kim Theresa: OsloMet - Oslo Metropolitan University
Tanveer Ahsan: ESC [Rennes] - ESC Rennes School of Business

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Abstract: Using a large panel data set comprising 812 listed European firms, this study investigates whether sustainability disclosure environmental, social, and governance) and female representation on boards affect firm value. We observe a positive impact of sustainability disclosure and board gender diversity on firm value, suggesting that the best management practices, enhanced takeholder trust, and female representation on boards improve firm value. We observe that the firms in sensitive industries achieve superior social and governance performance. We also observe that the firms with higher female representation on their boards present significantly superior environmental, social, and governance performance. Our results are robust to different firm and country specific control variables and to year- and country-fixed effects.

Keywords: board gender diversity; ESG; shareholder theory; stakeholder theory; stock prices; sustainability disclosure; value relevance (search for similar items in EconPapers)
Date: 2019-11-25
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Citations: View citations in EconPapers (5)

Published in Business Strategy and the Environment, 2019, 29 (3), pp.1199-1214. ⟨10.1002/bse.2427⟩

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Journal Article: The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02956303

DOI: 10.1002/bse.2427

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