Mandated Board Gender Diversity and ESG Performance: Evidence From the European “Women on Boards” Directive

IF 8.3 2区管理学 Q1 BUSINESS

Corporate Social Responsibility and Environmental Management Pub Date : 2025-02-08 DOI:10.1002/csr.3147

Carlos Fernández-Méndez, Shams Pathan

引用次数: 0

Abstract

Using the 2022 European Union (EU) “women on boards” directive as a backdrop, we examine its wealth impact on firms in reference to their sustainability scores. Our analysis shows that investors respond positively to the EU gender quota, with a stronger effect on firms with low ESG scores. Particularly, we find that the abnormal returns on the announcement day are 0.5% higher on average for firms with weaker ESG performance, suggesting they have more to gain from the EU quota regulation. Our results reveal also that investors' expectations about the impact of the EU gender quota on ESG performance and firm value vary with differences in the institutional context across European countries. We observe more positive response in countries with strong regulatory environment characterized by high regulatory quality and strong legal enforcement and also in countries aligned with gender equality and sustainability values.

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强制性董事会性别多样性与ESG绩效：来自欧洲“董事会女性”指令的证据

以2022年欧盟（EU）“董事会女性”指令为背景，我们根据其可持续性得分来研究其对公司财富的影响。我们的分析表明，投资者对欧盟性别配额的反应积极，对ESG得分较低的公司的影响更大。特别是，我们发现ESG表现较弱的公司在公告日的异常回报平均高出0.5%，这表明他们从欧盟配额监管中获益更多。我们的研究结果还表明，投资者对欧盟性别配额对ESG绩效和公司价值的影响的预期因欧洲国家制度背景的差异而异。我们观察到，在监管环境良好、监管质量高、执法力度大的国家以及符合性别平等和可持续价值观的国家，反应更为积极。

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

Corporate Social Responsibility and Environmental Management Multiple-

CiteScore

17.20

自引率

16.30%

发文量

189

期刊介绍： Corporate Social Responsibility and Environmental Management is a journal that publishes both theoretical and practical contributions related to the social and environmental responsibilities of businesses in the context of sustainable development. It covers a wide range of topics, including tools and practices associated with these responsibilities, case studies, and cross-country surveys of best practices. The journal aims to help organizations improve their performance and accountability in these areas. The main focus of the journal is on research and practical advice for the development and assessment of social responsibility and environmental tools. It also features practical case studies and evaluates the strengths and weaknesses of different approaches to sustainability. The journal encourages the discussion and debate of sustainability issues and closely monitors the demands of various stakeholder groups. Corporate Social Responsibility and Environmental Management is a refereed journal, meaning that all contributions undergo a rigorous review process. It seeks high-quality contributions that appeal to a diverse audience from various disciplines.