Women directors and E&S performance: Evidence from board gender quotas

Edith Ginglinger () and Caroline Raskopf
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Edith Ginglinger: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique
Caroline Raskopf: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: Using the natural experiment created by France's 2011 board gender quota law, we find that the presence of women on boards increases firms' environmental and social (E&S) performance. After the quota law, firms are more likely to create an E&S committee, and women directors are increasingly serving as members of the main board committees and as chairs of E&S committees. We find that prior to being recruited to boards, women directors have more environmental and social experience than men. Combined with their increased authority after the introduction of quotas, their E&S skills allow them to steer companies toward more E&S-oriented policies.

Keywords: Director skills; Corporate social responsibility (CSR); Environmental and social performance; Environmental and social committee; Board committees; Critical mass theory; Gender diversity; Gender quotas; Board of directors (search for similar items in EconPapers)
Date: 2023-12
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Published in Journal of Corporate Finance, 2023, 83, pp.102496. ⟨10.1016/j.jcorpfin.2023.102496⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05623204

DOI: 10.1016/j.jcorpfin.2023.102496

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