Do female CEOs lead more ethical firms? ESG and corporate impact

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-06-06 DOI:10.1016/j.irfa.2025.104408

Mustafa A. Dah , Walid Elgammal , Bilal Kchouri , Adnan Marrouche

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引用次数: 0

Abstract

We study how CEO gender affects ESG disclosures and their impact on corporate policies and performance. Our results highlight a positive association between female CEOs and ESG disclosures. We also show that the conduct of female CEOs aligns more closely with stakeholder theory and has favorable implications for the relationship between ESG activities and corporate policies. Specifically, female CEOs enhance the role of ESG disclosures in increasing accounting transparency and reducing corporate risk-taking. In addition, female-led ESG initiatives positively affect both accounting and market performance. Our results highlight the heightened ethical values of female CEOs compared to their male counterparts, emphasizing their fundamental role in shaping the impact and value of ESG activities. Morally-driven ESG activities, signaling an ethical and stakeholder-friendly corporate culture, set authentic sustainability initiatives apart from mere compliance or potential window-dressing practices.

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女性ceo领导的公司更有道德吗？ESG和企业影响

我们研究CEO性别如何影响ESG披露及其对公司政策和绩效的影响。我们的研究结果突出了女性ceo与ESG披露之间的正相关关系。我们还发现，女性ceo的行为更符合利益相关者理论，并对ESG活动与公司政策之间的关系有有利的影响。具体而言，女性ceo增强了ESG披露在提高会计透明度和降低企业风险承担方面的作用。此外，女性领导的ESG计划对会计和市场绩效都有积极影响。我们的研究结果显示，与男性ceo相比，女性ceo的道德价值观更高，强调了她们在塑造ESG活动的影响和价值方面的基本作用。道德驱动的ESG活动，标志着道德和利益相关者友好的企业文化，将真正的可持续发展倡议与纯粹的合规或潜在的粉饰行为区分开来。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.