Board demographic, structural diversity, and eco-innovation: International evidence

IF 4.6 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review Pub Date : 2023-06-06 DOI:10.1111/corg.12545

Rashid Zaman, Kaveh Asiaei, Muhammad Nadeem, Ihtisham Malik, Muhammad Arif

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引用次数: 0

Abstract

Research question/issue

We examine whether and how board diversity, measured by demographics (i.e., board gender, cultural diversity, tenure, social capital, expertise, and age) and structural diversity (i.e., board independence, size, board seat accumulation-chair, board compensation, and board meeting frequency), influence corporate eco-innovation.

Research findings/insights

Utilizing a global sample of publicly listed companies for the period 2004–2019, we find that a one-standard deviation increase in demographic and structural diversity translates into 4.66% and 7.11% higher corporate eco-innovation, respectively. Furthermore, we discover that demographic and structural diversity promotes eco-innovation by offsetting the negative effects of political risk. In an additional analysis, we find evidence that, in the absence of greater external monitoring (institutional investors and analyst following), organizations benefit more from the monitoring role of board diversity.

Theoretical/academic implications

By adopting the concept of “bundling the governance mechanisms,” our study adds to the ongoing discourse about the function of board diversity in addressing corporate climate footprints by offering original evidence that board diversity heterogeneity—demographic and structural diversity—matters for corporate eco-innovation.

Practitioner/policy implications

Given the increasing pressure on companies to manage their environmental impacts and carbon footprints, our paper has significant ramifications for those involved in promoting eco-innovative business practices, such as policymakers, regulators, and practitioners.

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董事会人口统计、结构多样性和生态创新:国际证据

研究问题我们研究了以人口统计学（即董事会性别、文化多样性、任期、社会资本、专业知识和年龄）和结构多样性（即董事会独立性、规模、董事会席位累积-主席、董事会薪酬和董事会会议频率）衡量的董事会多样性是否以及如何影响企业生态创新。研究结果/见解利用 2004-2019 年期间的全球上市公司样本，我们发现人口和结构多样性每增加一个标准差，企业生态创新就会分别增加 4.66% 和 7.11%。此外，我们还发现，人口和结构多样性可以抵消政治风险的负面影响，从而促进生态创新。在另一项分析中，我们发现有证据表明，在缺乏更多外部监督（机构投资者和分析师跟踪）的情况下，企业从董事会多样性的监督作用中获益更多。理论/学术意义通过采用 "捆绑治理机制 "的概念，我们的研究提供了董事会多样性的异质性--人口和结构多样性--对企业生态创新至关重要的原始证据，从而为目前关于董事会多样性在解决企业气候足迹方面的功能的讨论增添了新的内容。对实践者/政策的影响鉴于公司在管理其环境影响和碳足迹方面面临的压力越来越大，我们的论文对那些参与推动生态创新的商业实践者（如政策制定者、监管者和实践者）具有重要影响。

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 Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.