How does board gender diversity drive the ESG performance-cash holdings relationship? Evidence from China

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Mohamed Marie, Baolei Qi, Ahmed A. Elamer, Ibrahim N. Khatatbeh, Eltayyeb Al-Fakir Al Rabab'a
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Abstract

This study investigates the influence of board gender diversity on the relationship between environmental, social, and governance (ESG) performance and corporate cash holdings in Chinese A-share listed companies from 2015 to 2022. Our research shows that ESG performance is positively associated with cash holdings. Drawing on critical mass theory, the study finds a moderating effect of board gender diversity in the relationship between ESG performance and the cash-holding relationship. Specifically, the study finds a negative relation between ESG performance and cash holdings with the presence of a single female board member. However, this relationship shifts to a highly positive association when three or more female directors are on the board, underscoring the significant impact of gender diversity. Further heterogeneity analysis reveals that firms with a younger age profile and a strong commitment to green innovation exhibit a negative relationship between ESG performance and cash holdings. These findings highlight the complex and dynamic nature of the ESG performance-cash holdings relationship, which varies according to specific firm characteristics. Overall, this study offers valuable insights into the multifaceted dynamics of ESG factors, enhancing our understanding of their impact on corporate financial strategies.

董事会性别多样性如何推动ESG绩效-现金持有关系?来自中国的证据
本文研究了2015 - 2022年中国a股上市公司董事会性别多样性对环境、社会和治理(ESG)绩效与公司现金持有量关系的影响。我们的研究表明,ESG绩效与现金持有量呈正相关。利用临界质量理论,本研究发现董事会性别多样性在ESG绩效与现金持有关系之间存在调节作用。具体而言,该研究发现,ESG绩效与现金持有量之间存在负相关关系,因为只有一名女性董事会成员。然而,当董事会中有三名或更多女性董事时,这种关系转变为高度正相关,强调了性别多样性的重大影响。进一步的异质性分析表明,年龄较年轻且对绿色创新承诺较强的企业,其ESG绩效与现金持有量呈负相关。这些发现突出了ESG绩效-现金持有关系的复杂性和动态性,这种关系根据公司的具体特征而变化。总体而言,本研究为ESG因素的多方面动态提供了有价值的见解,增强了我们对其对公司财务战略影响的理解。
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
5.70
自引率
6.90%
发文量
143
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