Does board gender diversity moderate the impact of ESG on firms' economic value added? Evidence from an emerging economy

IF 3.6 Q2 MANAGEMENT
Harnesh Makhija, P.S. Raghukumari, Anuja Sethiya
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引用次数: 0

Abstract

Purpose

This study explores the moderating effect of board gender diversity (BGD) between a firm's Environmental, Social, and Governance (ESG) performance and Economic value added (EVA) using NSE-listed 331 companies' data from 2015 to 2020, forming 1986 firm-year observations.

Design/methodology/approach

Our study is based on panel data; hence, we use a system GMM panel regression model to confirm whether the BGD moderates ESG and EVA. We also address the endogeneity issues.

Findings

Overall, our study reported a positive moderating effect of BGD between ESG and EVA. Similar results were observed across the chemical and financial services industries. However, in the case of the healthcare and consumer goods industries, we did not find support for the moderating effect.

Practical implications

The implications of our results are considerable and relevant for regulators, governing bodies, and corporate managers. It helps them understand how BGD plays a vital role in influencing the effect of ESG on a firm's EVA.

Originality/value

No existing research has explored the moderating effect of BGD between ESG and EVA, to the authors' best knowledge. Therefore, our study extends the existing literature and further supports resource dependency, agency, and stakeholder theories of corporate governance.

董事会性别多样性是否能缓和环境、社会和公司治理对公司经济附加值的影响?来自新兴经济体的证据
目的本研究使用新交所上市的 331 家公司 2015 年至 2020 年的数据,形成 1986 个公司年观测值,探讨董事会性别多样性(BGD)在公司环境、社会和治理(ESG)绩效与经济增加值(EVA)之间的调节效应。研究结果总体而言,我们的研究报告表明,BGD 在 ESG 和 EVA 之间具有积极的调节作用。在化工和金融服务行业也观察到了类似的结果。实际意义我们的研究结果对监管机构、管理机构和企业管理者具有重大意义。据作者所知,目前还没有研究探讨过 BGD 在 ESG 和 EVA 之间的调节作用。因此,我们的研究扩展了现有文献,进一步支持了公司治理的资源依赖、代理和利益相关者理论。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.90
自引率
9.70%
发文量
87
期刊介绍: ■Organisational design and methods ■Performance management ■Performance measurement tools and techniques ■Process analysis, engineering and re-engineering ■Quality and business excellence management Articles can address these topics theoretically or empirically through either a descriptive or critical approach. The co-Editors support articles that significantly bring new knowledge to the area both for academics and practitioners. The material for publication in IJPPM should be written in a manner which makes it accessible to its entire wide-ranging readership. Submissions of highly technical or mathematically-oriented papers are discouraged.
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