从风险厌恶到可持续性：女性董事如何影响能源公司的投资？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-03-14 DOI:10.1016/j.frl.2025.107213

Ishwar Khatri

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引用次数: 0

摘要

能源行业面临着越来越大的绿色转型压力，但其资本密集型性质需要大量投资。女性董事在推动此类投资方面的作用尚不清楚，她们以道德但规避风险的方式著称。本研究检查了LSEG数据库中567家全球能源公司（2002-2022）的数据，以探索女性董事与投资支出之间的联系。回归结果表明，虽然女性董事对整体投资没有显著影响，但对可持续投资（即对可再生能源公司的投资）有积极影响。这些发现在包括IV-2SLS和GMM在内的其他测量和估计方法中仍然是可靠的。此外，本研究证实，女性董事达到至少30%的临界数量对于影响可持续投资支出至关重要。总体而言，该研究为性别社会化提供了有价值的见解，并表明增加董事会中的女性代表是促进可持续企业投资的关键。

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From risk aversion to sustainability: How women directors influence investment in the energy firms?

The energy sector faces growing pressure for a green transition, yet its capital-intensive nature requires significant investment. The role of women directors, known for their ethical yet risk-averse approach, in driving such investment remains unclear. This study examines data from 567 global energy firms (2002–2022) from the LSEG database to explore the link between women directors and investment expenditure. The regression results indicate that while the women directors do not significantly impact overall investment, they do positively influence sustainable investment, i.e. investment in renewable energy firms. These findings remain robust across alternative measures and estimation methods, including IV-2SLS and GMM. Additionally, this study confirms that a critical mass of at least 30 % women directors is essential to influence sustainable investment expenditure. Overall, the study provides valuable insights into gender socialization and also suggests that increasing women's representation on boards is key to promoting sustainable corporate investment.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance