女性高管分别对于ESG中的三大板块的E、S、G的作用和影响

本文以2014~2019年我国沪深A股非金融上市公司数据为样本，基于多元回归调节效应的分析构建模型，实证研究了女性高管、产品市场竞争与企业社会责任履行水平三者之间的关系。研究表明：女性高管能够促进企业社会责任的履行，女性高管占比越高对社会责任的促进作用就越明显；产品市场竞争越激烈，企业为了提升自身竞争优势，就越促进社会责任履行水平的提高；产品市场竞争在女性高管与社会责任之间起到调节作用，产品市场竞争越激烈，女性高管越能促进企业社会责任的提高，且这种促进作用在国有企业更显著。

选取2012~2020年中国A股上市公司的数据，基于女性董事人数在董事会总人数中的占比，考察女性董事和上市公司大股东掏空的关系。研究发现，女性董事可以抑制大股东的掏空行为，即女性董事占比越高，大股东掏空行为越不严重；进一步，以产权性质和高管薪酬进行分组回归，回归的结果表明企业的国企性质或高薪酬的特点可以强化这种影响，而非国有性质或低薪酬的特点削弱了这种作用。

党的十四届五中全会强调创新作为发展核心动力，企业是创新关键。近年来，女性董事角色备受关注，其对企业经营决策及创新的影响成为研究热点。本研究以2021~2023年上海、深圳A股公司为对象，探究女性董事会对企业创新投入的影响及风险承担的调节作用。发现女性董事对创新投入有正面影响，且随风险承担提高，其正面效应增强。建议企业提高风险承担水平，营造创新氛围，促进员工创新，改善企业状况。

选择2012~2020年间中国A股上市公司的数据，基于女性董事占总董事的比例视角，分析女性董事与大股东掏空两者之间的关系，以及当企业审计质量不同时这种影响效果的差异。结论发现：女性董事可以抑制上市公司大股东的掏空行为，且当公司的审计师来源于四大会计师事务所时这种作用比非四大审计师企业更显著。适当提高女性董事的比例，提高外部审计质量，才能使大中小股东的利益关系得到改善，使公司治理水平得到提高。

选取2012~2021年发生CEO变更的A股家族上市公司为样本，实证考察女性CEO继任后对薪酬政策的调整。以高管薪酬差距、薪酬水平作为薪酬政策的代理变量，研究发现，女性CEO上任后既拉大高管薪酬差距，又提高薪酬水平。机制分析结果表明，企业对女性越认同以及CEO家族认同度越高，越会弱化女性CEO与高管薪酬水平和薪酬差距之间的关系。在丰富女性CEO上任后行为研究的同时，也为研究女性CEO上任后的公司政策变化提供了启示和指导。

目前，全球董事会性别多元化进程虽取得一定进展，但仍面临显著挑战。中国上市公司女性董事相较于全球平均水平仍有较大差距，且女性在关键职位中的代表比例更低。但女性董事通过其独特的风险规避倾向、审慎决策风格及强化监督动机，积极参与公司治理并发挥多维度作用。因此，本文以中国资本市场为背景，选用2015~2024年A股上市公司作为样本，研究女性董事对现金持有调整的影响，以目标现金持有水平为界限进一步分析女性董事更侧重调整哪个方向的现金持有差异；细化地区、行业和内部治理环境的情形，研究不同情境下女性董事差异化的治理效能，丰富理论研究。

近年来，企业社会责任广受关注，越来越多的企业在不断提升其社会责任的履行。虽有诸多研究围绕该课题进行，但关于企业社会责任履行情况与经营绩效关系的研究尚无定论。本文以高管特征为调节变量，研究企业社会责任与经营绩效两者之间的关系，发现以下结论：第一，企业社会责任的履行有助于其经营绩效的提高；第二，高管特征在上述二者间具有调节作用，具体表现为：当企业高管层具有较高的年龄、女性比例和学历水平，拥有海外经历、政府背景时，上述二者关系的相关性会有所增强。本文从企业和政府两个角度出发，结合高管特征的调节作用，为企业履行社会责任以提高经营绩效提供相关建议：一是，企业应更好履行社会责任以提高其经营绩效；二是，企业高管的聘用可适当考虑应聘者系列特征；三是，企业应提高其社会责任报告的质量；四是，政府应出台政策规范企业社会责任的履行与社会责任报告披露。

企业高管是企业内部控制设计和实施的主体，高管在整个内部控制系统中发挥着重要作用。根据高层梯队理论，管理者背景特征最直接地反映为他们的认知能力和价值观，进而影响他们的行为和决策。内部环境是内部控制的基础要素，而高管层的背景特征又是内部环境的基础。对高管团队背景特征与内部控制有效性的关系进行研究，有助于发现内部控制中存在的问题并进一步提高内部控制的有效性。

本文从公司治理机制中股权激励的调节效应角度出发，实证检验了高管背景特征影响企业投资效率的作用机制。基于委托代理理论、高层梯队理论与激励理论，选用2006年至2016年间沪深两市A股上市公司作为样本，研究发现：1) 高管平均年龄、平均学历和平均任期均与企业的投资效率呈显著正相关关系。高管团队性别特征与企业投资效率没有显著关系。2) 股权激励能够增强高管平均学历、平均任期和投资效率之间的关系，但对高管性别、平均年龄和企业投资效率间的关系无显著调节作用。3) 区分产权性质发现，国有企业和非国有企业中股权激励对高管背景特征与企业投资效率关系的调节程度具有差异性。企业在选择高管人员时应关注高管背景特征，有侧重的优化高管团队人员构成，增加年龄大、学历高的高管人员比例，适当延长高管人员任期，并制定合理的股权激励政策，以提高企业投资效率。

基于高层梯队理论和代理理论，选取2009~2015年国内A股宾馆行业公司数据为研究对象，参考国内外高管团队和绩效的研究，选择年龄、性别、学历、专业、任期、团队规模、薪酬作为衡量企业高管团队(TMT)特征的统计指标，加入企业大小为控制变量，根据宾馆业的特点，设立相应研究猜想，探讨宾馆企业绩效与其TMT背景特征存在怎样的关联。最终结果显示短期绩效与教育程度异质性之间呈现出明显的正比例关系，而任期均值等与短期绩效之间呈现出明显的反比例关系，团队规模、任期均值、任期异质性与长期绩效成正比，年龄均值、教育程度异质性和专业背景异质性与长期绩效成反比，据此结合宾馆业提出相应的建议。

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Previous research examining the impact of board gender diversity on corporate environmental strategies has yielded mixed results, leaving the specific role of female directors' independence underexplored. To address this gap, this study developed a behavior‐selection model based on agency theory and the behavioral theory of the firm to examine the influence of female directors' independence on corporate environmental strategies, as well as the moderating role of negative performance feedback. Evidence from 3821 Chinese listed companies between 2011 and 2020 reveals that female independent directors have a positive impact on corporate environmental strategies, whereas female non‐independent directors have a negative impact. Furthermore, these relationships are weakened by negative performance feedback. These findings extend the existing body of knowledge, providing a more nuanced investigation into the influence of board gender diversity on corporate environmental strategies. The insights gained from this study hold practical significance for corporations and regulatory bodies aiming to bolster environmental stewardship through enhancing board gender diversity.

Drawing on group dynamics and synergy theory, this study examines the synergistic effects of group dynamics on female directors' influence on corporate ESG performance using data from Chinese A‐share listed companies. Results reveal contrasting impacts: both female chairpersons and female CEOs demonstrate positive synergistic effects, while female executives show negative impacts on ESG performance. This paradox stems from female executives prioritizing short‐term financial goals over ESG investments due to competence‐proving pressures. Board composition analysis indicates that age heterogeneity negatively affects ESG performance, while educational heterogeneity shows positive direct effects but negatively moderates female directors' influence. The findings advance group dynamics theory by demonstrating that optimizing female directors' ESG impact requires considering broader board synergies beyond gender diversity alone. This research provides insights for enhancing corporate governance structures and ESG performance, while suggesting new directions for investigating the relationship between corporate diversity and sustainable development.

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While the global representation of women on boards has steadily increased, regional disparities persist, with Europe leading and East Asia lagging behind. We propose that national culture moderates the impact of female directors on corporate environmental outcomes. Our empirical findings suggest that adding female directors to boards significantly enhances environmental performance in Western economies, whereas this effect is absent in East Asia. Compared to their Western counterparts, female directors in East Asia tend to be younger insiders with limited independence. The lack of independence may compromise their effectiveness. Within this cultural context, we find that only the number of independent female directors is positively associated with firms' environmental performance, particularly among firms in nonmanufacturing industries and those without institutional ownership. This study highlights the interconnectedness of the environmental, social, and governance (ESG) pillars, demonstrating how national culture moderates gender disparities in corporate environmental governance. It also sheds light on ESG strategy design in culturally conservative regions.

Background and Purpose: In China, rapid industrialisation and economic growth have heightened the scrutiny of corporate Environmental, Social, and Governance (ESG) practices, particularly in the manufacturing industry, which significantly contributes to environmental degradation and social challenges. This study examines the potential advantages of ESG reporting for Chinese manufacturing firms. Additionally, it assesses the role of female directors in moderating the relationship between ESG practices and reporting towards firm performance, offering insights into the importance of gender diversity on corporate boards in promoting sustainable and responsible business practices. Methodology: This study employs a quantitative approach, utilising publicly available data on ESG reporting and corporate financial performance in Chinese A-share listed manufacturing firms from 2018 to 2022. Financial data and relevant metrics were sourced from the CSMAR and Winds databases. Two regression models were used. The first evaluates the direct relationship between ESG reporting and MLS on corporate financial performance, measured by return on assets (ROA). The second incorporates the moderating effect of female directors on this relationship. Findings: The study found that ESG reporting positively influences the financial performance of Chinese manufacturing listed companies. Improved ESG performance enhances corporate transparency, reduces information asymmetry, and fosters stakeholder trust. The findings also indicate that female directors significantly moderate the relationship between ESG reporting, MLS, and performance. Their presence strengthens ESG initiatives’ impact. Contributions: The study provides insights into the relationship between female directors and ESG practices in Chinese firms. It contributes to understanding ethical decision-making and has implications for developing corporate governance policies in China. Keywords: ESG reporting, firm performance, female directors, gender diversity, corporate governance.

We study whether environmental attention mediates the link between female directors’ political background (FDPB) and environmental, social, and governance (ESG) performance in Chinese A-Share listed companies from 2018 to 2022 (21,145 firm-years). Guided by upper echelons theory (UET), the attention-based view (ABV), and resource dependence theory (RDT), we test mediation using ordinary least squares (OLS) and firm-year fixed-effects models with clustered errors. OLS shows a positive total effect of FDPB on ESG, but environmental attention is negatively associated with ESG, yielding inconsistent mediation (suppression). In fixed-effects, the FDPB-ESG link becomes statistically insignificant, while the negative attention-ESG association persists. These results suggest politically connected female directors may directly improve ESG via resource access and legitimacy, yet measured environmental attention — likely capturing reactive/problem-focused discourse — correlates with lower ESG ratings. We recommend distinguishing quantity vs. quality of attention, and aligning board attention with executive follow-through. The study adds to corporate governance and ESG scholarship by clarifying when and how politically connected women directors shape sustainability outcomes in China.

General background: The growing global concern for gender equality and environmental sustainability has encouraged companies to integrate inclusivity and ecological responsibility into their governance systems. Specific background: In Indonesia, the roles of female directors and corporate environmental responsibility engagement (CERE) are increasingly recognized as essential to strengthening corporate performance, yet their simultaneous influence remains insufficiently studied. Knowledge gap: Previous research has produced inconsistent results on how managerial ownership, gender diversity, and environmental engagement affect profitability, particularly in manufacturing firms. Aims: This study investigates the effects of CERE, managerial ownership structure, and the presence of female directors on firm performance among manufacturing companies listed on the Indonesia Stock Exchange for the period 2021–2023. Results: Using a quantitative method with Warp PLS and 243 firm-year observations, the findings indicate that both CERE and the presence of female directors significantly improve profitability, whereas managerial ownership structure shows no significant effect. Novelty: The study offers new insight by demonstrating that environmental responsibility and gender diversity jointly enhance performance regardless of ownership concentration. Implications: The results highlight the strategic importance of empowering women in leadership and implementing sustainable environmental practices to improve corporate outcomes in emerging markets. Highlights: Female directors and CERE significantly enhance firm profitability. Managerial ownership structure shows no significant effect on performance. Integrating gender diversity and environmental responsibility strengthens sustainable corporate growth. Keywords: Environmental Responsibility, Female Directors, Ownership, Profitability, Sustainability

Board gender diversity has garnered significant attention in recent years as a component of internal governance. The automobile industry is a conventional sector characterized by its significant scale and the board of directors has historically been predominantly male. The share of female board members increased due to the rapid development of the new energy vehicle industry, which emerged as a combination of high-tech and traditional cars, in the last two decades. This study examines the relationship between the proportion of female directors and the environmental, social, and governance (ESG) performance of companies in the automotive sector. This study collected data on the proportion of female board members and environmental, social, and governance (ESG) ratings for 50 automotive industry businesses across 13 countries from 2002 to 2022. The findings indicate a positive relationship between the proportion of female serving as directors and the environmental, social, and governance (ESG) performance of automotive industry. Furthermore, this study demonstrates that there was no delay in the favorable correlation between the proportion of female directors and the environmental, social, and governance (ESG) performance of companies in the automotive sector.

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The 2015 Paris Agreement established an international commitment to limit global warming to 1.5°C, which requires climate neutrality through deep cuts in greenhouse gas emissions. In pursuit of this goal, companies worldwide are adopting decarbonization strategies that are increasingly aligned with principles of transparency and accountability. This study examines a sample of 6575 large global companies to analyze the impact of board gender diversity on climate‐related disclosures. Our findings show that the presence of at least one female director increases corporate transparency regarding decarbonization targets, timelines, strategic levers, and performance metrics. Thus, this study challenges the critical mass theory by demonstrating that even a single female director adds unique value in promoting sustainability transparency. Furthermore, we show that contextual factors—such as industry environmental sensitivity, regional regulatory frameworks and climate‐related business opportunities—moderate the influence of female directors on decarbonization transparency. These findings advance corporate governance and sustainability research by providing a multidimensional understanding of how board gender diversity drives transparency, particularly in sustainability‐sensitive industries and regulatory environments. On a practical level, the findings highlight the strategic value of gender‐diverse boards for managers, investors, and policymakers seeking to enhance corporate accountability and align with global sustainability goals. By underscoring the transformative role of female directors in promoting transparent and responsible corporate practices, this research contributes actionable insights to the transition to a net‐zero economy.

This study examines the effect of female directors from reputable universities on Environmental, Social, and Governance (ESG) performance. Grounded in upper echelon theory and complemented by human capital theory, resource dependence theory, and stakeholder theory, the study argues that alumni of prestigious universities provide cognitive capital that enables female board members to advance corporate sustainability agendas. This study employs panel data from 1,781 non-financial firms across the Asia-Pacific, Europe, the Middle East, and Africa over the 2016–2023 period (13,107 firm-year observations). The primary estimation relies on fixed-effects regression, supplemented with lagged models, Propensity Score Matching (PSM), and Two-Stage Least Squares (2SLS) to test robustness and address endogeneity concerns. The findings consistently reveal a significant positive effect of female directors from reputable universities on ESG performance. The most decisive influence appears in the environmental pillar, followed by the social and governance dimensions. Further analysis indicates that this effect is more pronounced in developing markets, non-European firms, and environmentally sensitive industries, where institutional support and stakeholder pressure are relatively weaker, thereby necessitating individual capacity. These results underscore that high-quality education enhances the cognitive, ethical, and strategic capacities of female directors in advancing corporate sustainability performance. This study employs the QS World University Rankings Top 100 as a benchmark for reputable universities. While this approach provides a consistent global standard, future research may explore alternative ranking systems or country-specific classifications to capture broader dimensions of educational prestige. For corporations, incorporating educational quality as a qualification in board recruitment strategies is essential to strengthen sustainability agendas. For regulators, policy support is needed to encourage the participation of women with globally reputable educational backgrounds in board structures. For investors, this study underscores the importance of assessing the substantive academic competence rather than merely considering gender representation. This study emphasizes the importance of expanding women’s access to high-quality higher education to accelerate gender equality and increase their opportunities to participate in top corporate managerial positions. This study is among the early empirical investigations to demonstrate that educational prestige among female directors meaningfully influences ESG outcomes. It shifts the discourse from a narrow focus on numeric gender representation toward a qualitative governance dimension grounded in academic and cognitive attributes.

This research aims to determine the effect surplus assets, female representation in the boardroom, media visibility, and independent board of commissioners on corporate social responsibility performance in Firms registered with the Indonesia Stock Exchange (IDX) that were involved in the PROPER program between 2021 and 2023. The response variable, namely corporate social responsibility performance, is measured using the PROPER rating. The independent variable, namely Surplus resources, is measured using LN Liquid assets, The governing board directors feminism variable is measured using the percentage of female board of directors in the company, the media exposure variable is measured based on CSR disclosure on the company's website and the independent board of commissioners variable is measured using the percentage of independent commissioners in the company. The control variables used are company size, ROE, and DER. The research employed purposive sampling, resulting in as many as 256 companies. Quantitative data were employed in this study, and the analysis method was is panel data regression analysis. Employing regression analysis via the STATA application as the research method, the findings of this study demonstrate that the independent board of commissioners exerts a noteworthy positive influence on CSR performance, while slack resources, board feminism, media exposure have no effect on CSR performance. The results of this study are useful in practice to find out the deeper functions of available capital, female representation on the board, media visibility, and non-executive commissioners, employing these factors to enhance the firm's CSR performance.

By promoting diversity in equity ownership concentration, strengthening female representation on boards, aligning pay with sustainability goals, and implementing strong internal control processes, companies can integrate sustainable practices into their operations, improve their sustainability performance, and attain long-term environmental and societal health. Therefore, this study examined the relationship between ownership concentration and internal control through the sustainability lens, specifically focusing on the moderating effects of female directors and board compensation. Data from a sample of 1609 A-share listed businesses in Shanghai and Shenzhen between 2012 and 2021 were analyzed. The findings from the fixed effects model revealed the following: ownership concentration negatively affects internal control; the number of female directors positively influences internal control; female directors actively moderate the relationship between ownership concentration and internal control; and board compensation enhances the effectiveness of internal control. These insights provide valuable data for businesses to enhance their internal control systems, appoint key personnel, and advance their sustainability goals. This study suggests that linking board characteristics to corporate internal control can lead to strengthened sustainable objectives. It also incentivizes directors to prioritize and integrate sustainability concerns in their decision-making. Furthermore, by ensuring that compensation reflects sustainability performance, firms can cultivate a sustainability-based culture and drive effective internal controls that support sustainable practices, ultimately contributing to long-term environmental and social well-being.

The study aims to analyze the impact of board diversity on environmental performance with the mediating role of green invocation. The study was conducted in China's environment. The data is collected from the financial statements provided by listed companies, such as the China Stock Exchange, on its website. For data validity, descriptive statistics are used to find outliers and differences in the variables by using variance analysis and for analyzing the multicollinearity correlation matrix. The results of descriptive statistics prove the validity of the data, and the correlation matrix explains that there is no issue of multicollinearity between dependent and independent variables. The GMM model is used to analyze the data. The study's results demonstrated that board diversity positively impacts environmental performance because female directors are more environmentally sensitive than male directors. However, board diversity hurts green innovation because the board members focus on utilizing current resources in a more productive way in which the company earns immediate profit. Investing in research and development with the intention of innovation may waste the investment, and companies may suffer losses. The researcher suggested that board diversity is needed in Chinese companies for environmental performance.  The results prove the resource dependency theory, which explains that innovations, research, and development depend on resource availability (Capital) in the organization. The researcher suggested that this study will be conducted in different environments, especially in the context of Pakistan, and that the researchers will accept, reject, or modify results.

The board of directors, as the decision-making body of internal environmental governance, has an undeniable impact on corporate environmental performance (CEP). With the continuous improvement of women's status and the increasing emphasis on gender equality in society, the topic of the impact of board gender diversity on CEP has received more attention. The foundation of the study is built around the Resource Base Theory, which explores the impact of board gender diversity on CEP and constructs a research model of slack resources regulating board gender diversity and CEP. The study focuses on industrial enterprises in Guangdong Province, China, and uses the Partial Least Squares (PLS) structural equation model to analyze 478 collected enterprise data. Slack Resources is divided into absorbed slack and unabsorbed slack, and their moderating effects are tested separately. The research findings indicated that female directors have a significant positive impact on CEP, while the unabsorbed slack enhances the positive impact of female directors on CEP; in the same vein, the moderating effect of absorbed slack is not significant. The research findings suggest that it is necessary to determine which types of slack resources and female directors are being considered when discussing the impact of board gender diversity on CEP.

This study aims to analyze the effect of corporate governance on sustainability report disclosure, with environmental performance acting as a moderating variable. The analysis focuses on the role of the board of directors, independent commissioners, audit committees, and financial performance in influencing the quality of sustainability reporting, particularly within the Indonesian context. Environmental performance is measured using the PROPER scale. The study utilizes data from the annual and sustainability reports of 20 companies in the basic materials and energy mining sectors listed on the Indonesia Stock Exchange from 2018 to 2022, amounting to 100 observations. The data is processed using SPSS 23. The results show that the presence of female directors significantly enhances the quality of sustainability disclosures, as they tend to prioritize social responsibility. Moreover, financial performance, as measured by Return on Assets (ROA), positively affects sustainability reporting, with companies in better financial health being more transparent in their disclosures. Environmental performance, when combined with strong independent oversight, further improves reporting quality, reflecting the positive influence of independent commissioners and sound financial governance. The study concludes that environmental performance, as measured by the PROPER scale, plays a significant role in improving sustainability disclosures in Indonesia. It recommends that the Indonesian government provide stronger support and clearer regulations to help companies improve their sustainability practices and contribute to the G20 agenda.

This study aims to explore how the composition and connectedness of a firm’s board of directors influence its environmental sustainability efforts, particularly in relation to climate risk. By analyzing a sample of European non-financial firms from 2012 to 2021, the paper addresses an important gap in the literature regarding the role of board networks in driving corporate social responsibility, especially in the absence of sustainability committees. The goal is to understand how board centrality affects environmental performance and the role of female CEOs in this context. The authors assess board connectedness using centrality measures and environmental sustainability through the “Environmental score” (E score). The impact of board networks on environmental outcomes is estimated using feasible generalized least squares (FGLS) panel regressions with time-fixed effects, controlling for firm-level characteristics. The results show that boards with greater connectedness positively impact a firm’s environmental performance. In addition, the presence of female CEOs significantly drives sustainability in firms without sustainability committees, highlighting the value of diversity in leadership. This research contributes to understanding how a board network influences sustainability outcomes. It offers new insights into the role of board centrality in enhancing environmental performance and underscores the importance of female leadership in advancing sustainability, particularly in the absence of formal governance structures. Future research could explore further the relationship between board diversity, governance and environmental, social and governance performance.

Purpose This paper aims to examine the extent to which the presence of women in governance and top management positions is likely to affect corporate environmental, social and governance (ESG) performance. This study also examines the interaction effect between female leadership and cultural leadership in the boardroom. Design/methodology/approach The empirical quantitative paper covers a sample of French-listed non-financial companies from 2018 to 2022 (925 firm-year observations). France is the European Union pioneer of non-financial reporting and gender equality policies. A fixed-effect panel regression analysis was estimated to unveil the links between the presence of women in governance and top management positions and ESG performance. Findings Results show that appointing more women on the board of directors and executive team is conducive to higher ESG performance. Nevertheless, the interaction effect between female and cultural leadership does not impact ESG performance. Originality/value This study contributes to the accounting and corporate governance literature on gender diversity and ESG performance by investigating female leadership in both directorship and top executive roles.

In an era where environmental performance remains a critical indicator of corporate sustainability, board gender diversity (BGD) has moved to the forefront of debates on effective board oversight and sustainability outcomes. This study examines the impact of BGD on environmental performance and identifies the formal and contextual conditions under which gender‐diverse boards are associated with stronger environmental outcomes. Using Refinitiv Eikon data on US listed firms over 2007–2023 and applying a fixed effects model, the empirical analysis reveals that BGD, on its own, does not translate into higher environmental performance. However, the relationship becomes positive under specific enabling conditions: board skills and the broader Christian normative environment positively moderate the association between female directors and environmental performance, clarifying when gender‐diverse boards can deliver stronger environmental results. Results remain robust across several tests. Τhis study offers valuable theoretical and practical implications for corporate managers, investors, and policymakers seeking more effective environmental governance.

: Using the natural experiment created by France's 2011 board gender-quota law, we find that the presence of women on boards increases firms’ environmental and social (E&S) performance. Our results are robust to controlling for several directors’ observable characteristics and proxies for values such as benevolence, universalism, and nonconformism. Since the passage of the law, firms are more likely to create an E&S committee. However, E&S committees are not the only channel through which the inclusion of women on boards drives E&S performance. After the quota law, women are increasingly serving as members and chairs of major committees. Our findings suggest that female directors have unique qualities, experiences, and preferences, which, in combination with their enhanced authority, enable them to steer firms toward more E&S oriented policies.

This paper explores how female directors on board affect the environmental, social, and governance (ESG) performance of companies in China. Using stakeholder, gender socialization, and resource dependence theories, the study examines the relationship between womens board representation and overall ESG scores, as well as individual ESG pillars. Utilizing a sample of 1,520 Chinese listed companies from 2006 to 2023 and a panel data regression model with fixed effects, the results reveal a negative relationship. The study further explores the moderating effects of female directors' age and financial background, finding that older directors and those with more financial expertise have a less adverse impact on ESG scores. The findings offer nuanced insights into the complexities of boardroom gender composition and ESG, with implications for corporate governance and sustainability conducts in China. This study also contributes to the ongoing discussion about the role of women in shaping corporate social responsibility and environmental stewardship.

The tourism sector is a driver of economic development characterised by its environmental impact. It is a prevalent part of the 2030 Agenda, given its potential to help meet the Sustainable Development Goals (SDGs). At the same time, board gender diversity is considered essential for companies to implement environmentally sustainable initiatives. However, analysis of the relationship between the role of women on boards and environmental performance has been neglected in the tourism literature. This paper adopts a novel approach to the study of this sector by analysing the relationship between gender diversity on the board of directors and companies’ environmental practices. A fixed effects model is estimated using an international sample of 120 listed tourism companies for the period 2002 to 2019. The results show that boards that are more gender diverse and have a greater female presence are associated with poorer environmental performance and a weaker implementation of policies and practices to reduce resource use and emissions. However, board gender diversity aids performance in environmental innovation.

The composition of corporate boards determines board governance and influences firm performance. In the current corporate environment, greater emphasis is being placed on the environmental, social and governance performance of companies. In this sense, board members serving on multiple corporate boards have emerged as relevant corporate governance mechanisms. Using the OLS model on sample data composed of companies listed on the NASDAQ-100 Index, this research aims to evaluate the effect of busy boards and the tenure of board members on ESG performance from a gender perspective. The results indicate that board networks, experience, and knowledge have a positive effect on Bloomberg’s and S&P Global ESG scores, with female directors and independent directors playing an important role. In this way, the human and social capital of corporate boards is a valuable resource for corporate governance. This research contributes to identifying the principal attributes of corporate boards that influence ESG performance.

This study examines the relationship between gender balance on boards and environmental, social, and governance (ESG) performance. The results show that gender diversity has a positive impact on a company’s ESG performance, suggesting that a balanced representation of women and men on boards is beneficial for a company’s sustainable efforts. Furthermore, we provide evidence of the optimal level of diversity that maximizes ESG performance. ESG performance of companies reaches its maximum when the proportion of female directors on the board is approximately 60 percent. The results show that gender diversity on boards should be recognized not just as a milestone towards achieving gender equality but as a strategic asset that impacts companies’ outcomes. The study argues that fostering gender diversity in corporate boards is not merely an obligation to promote equality and fairness but is also a crucial tool in corporate governance to improve a company’s ESG performance. Furthermore, it provides valuable insights for academics, business leaders, and policymakers committed to fostering a sustainable and inclusive business world.

This paper studies the effect of board composition in airline firms on their commitment to the environmental, social, and governance (ESG) approach. Accordingly, the moderating influence of strategic ownership of 34 international airlines is studied. The results of this research highlight several correlations between different influential factors. First, it is shown that including female directors can encourage ESG performance. Second, it is found that the environmental performance of the airlines can be improved with the presence of a dedicated corporate social responsibility (CRS) committee. Furthermore, board independence is identified as a positive driver of governance initiatives. Additionally, this study demonstrates that strategic investors can encourage the positive influence of female directors on ESG activities. Finally, the study sheds light on the difference between full‐service and low‐cost airlines, elucidating the impact of how strategic ownership on the correlation between board diligence and management activities. These findings provide crucial insights for the decision‐makers in the airline industry and contribute to environmental sustainability endeavors within the industry.

This paper aims to examine the impact of board gender diversity on corporate green performance. While further investigating the moderating role of environmental regulation, this study demonstrates the synergistic effect of internal and external governance on corporate green performance. The authors also explore the mechanisms through which female directors influence green performance, focusing on environmental information disclosure and environmental investment. This paper formulates its research question based on the theories of gender socialization and resource dependence. Furthermore, this paper uses the OLS method for empirical research, which includes principal regression analysis, robustness checks, mechanism analysis and heterogeneity tests. This study reveals a significantly positive relationship between board gender diversity and corporate green performance, driven by enhanced environmental information disclosure and increased environmental investment. Furthermore, environmental regulation positively moderates this relationship, indicating that internal and external governance can synergize effectively. The authors also find that board gender diversity’s influence on green performance is enhanced in environmentally sensitive industries, family firms and among directors with diverse career backgrounds. This paper makes three significant contributions to the research on board gender diversity and corporate green performance. First, the authors contribute to the literature related to board gender diversity’s impact on firms’ green performance. Second, the study integrates both internal and external governance perspectives to comprehensively examine the green performance of firms. Third, the paper clarifies the mechanism of board gender diversity’s influence on corporate green performance. Specifically, the authors document that this facilitation improves environmental performance through enhanced corporate environmental disclosure and environmental investment.

With the growing interest in understanding how environmental, social, and governance (ESG) factors interact and influence one another, as evidenced by increased attention from decision-makers, policymakers, stakeholders, investors, and corporate managers, this research aims to advance the existing literature on the subject (Ahmad et al., 2021; Al-Jaifi et al., 2023). This research aims to address a gap in the literature by examining the influence of board diversity (BD) in terms of board independence (BI) and gender diversity (GD) (i.e., female directors) on corporate ESG performance (ESGP), specifically considering the moderating effect of these two variables on the relationship between corporate profitability (CP) and ESGP. The analysis is based on a dataset encompassing 126 firm-year observations from 30 Saudi non-financial public listed companies spanning the period from 2013 to 2022. The results of the direct models show that CP has an insignificant negative impact, while BD, particularly in terms of independent directors and female directors, enhances ESGP. Moreover, the results from the moderation models indicate that while BI does not show a statistically significant positive impact on the relationship, GD demonstrates an insignificant negative effect on ESGP.

This study examines the impact of environmental, social, and governance (ESG) ratings and governance mechanisms on a firm's performance. The purpose of this research is to also analyze the impact of governance mechanisms on ESG. This research employs a sample of LQ45 listed companies in Indonesia from 2020 to 2023, generating 100 panel data units from 25 companies, which were analyzed using random-effects GLS regression. Documentation was used for data collection. The results indicate that ESG ratings do not provide significant evidence of influencing firm performance as measured by return on assets, return on equity, and earnings per share. The presence of a board of directors with several meetings can negatively affect firm performance. A notable finding of this study is the positive and significant impact of the female board of commissioners' composition on the firm's performance, as measured by return on assets and return on equity. The proportion of female board members also significantly impacts ESG ratings. However, only company size can significantly affect EPS. This study suggests that a female board of commissioners has a positive impact on firm performance and ESG ratings. This study extends the upper echelon theory by proving that gender diversity on boards of commissioners plays a significant role in improving a company's financial performance and ESG rating. This study highlights the role of female commissioners on ESG and company performance, emphasizing the importance of gender diversity in boards of commissioners.

ABSTRACT This study examines the relationship between gender and carbon emissions, specifically focusing on the influence of female leadership roles and female employees on carbon emissions from 2012 to 2021 in companies listed on the Australian Securities Exchange. While gender socialisation theory suggests that women are naturally inclined to care for the environment, our results do not fully support the argument that more female directors and employees alone can combat carbon emissions significantly. However, our findings indicate that when employees receive environmental management training, the presence of female directors significantly reduces carbon emissions. This result highlights that informal education alone, as emphasised in gender socialisation theory, is insufficient for addressing carbon emissions of companies. The findings suggest the importance of having more women in leadership positions as well as providing formal training and education for employees to reduce carbon emissions.

As global focus persists on gender variety and corporate social responsibility, the participation and influence of women in corporate governance, particularly their effect on the environmental, social, and governance (ESG) performance of corporations, have garnered extensive scrutiny. Given the significant differences between China and the West in terms of institutions and culture, it is highly valuable to explore the unique relationship between gender diversity and ESG performance in the Chinese context, especially in the high-risk and fast-growing technology industry. This study explores the impact of female director background on ESG performance and the moderating effect of risk appetite. The findings suggest that the proportion of female directors has a significant positive impact on the ESG performance of Chinese technology companies. Furthermore, the corporate risk appetite has a positive moderating effect on the relationship between the proportion of female directors and ESG performance. Female directors with higher education levels, financial professional background, and long-term tenure can more effectively promote the company’s ESG performance. This study enhances the theoretical framework of corporate governance and ESG studies while also offering innovative guidance for firms to enhance their ESG scores and develop effective risk management strategies.

This study aims to investigate the relationship between the types of energy companies, namely coal, gas and oil, and their performance levels. In addition, the influence of companies that have high sensitivity to the environment on company performance is also tested. Several important variables were also tested such as social activities, governance, as well as the type of energy company, namely coal, gas and oil. The research was conducted on energy companies and basic material industries listed on the Indonesia Stock Exchange from 2018 to 2021. The method used is multiple regression analysis with a data sample of 154 observations. Four models are used in measuring financial performance, namely ROA, ROE, NPM, and new reduced variables. It was found that environmental activities do not affect performance, including in companies that have high sensitivity. Likewise, social activities and corporate governance proxied by female directors, intensity of board meetings, and board education have no significant effect. On the other hand, liquidity has a positive effect on ROA, DER has a negative effect on ROE and performance reduction results. A unique finding shows that only coal companies have a positive relationship with the performance of companies in the energy sector.

Women leaders are playing an increasingly vital role in shaping sustainable business practices across the globe, and India is no exception. As corporate sustainability becomes a key priority, the presence of women in leadership positions has been linked to more ethical decision-making, long-term environmental responsibility, and inclusive growth strategies. This paper explores the impact of women leaders on driving sustainable business practices in India, examining their influence on corporate governance, environmental, social, and governance (ESG) frameworks, and organizational policies. The study highlights how women executives and entrepreneurs contribute to sustainability by integrating eco-friendly initiatives, fostering social responsibility, and advocating for ethical business practices. It delves into real-world examples of Indian women leaders who have pioneered sustainability-driven enterprises and transformed corporate cultures to align with global sustainability goals. Moreover, the research discusses the barriers that women in leadership face, including gender biases, societal expectations, and structural challenges within corporate India. Through a review of existing literature, case studies, and empirical analysis, this paper underscores the significance of gender diversity in leadership and its correlation with sustainable business growth. Policy recommendations are proposed to enhance women’s participation in leadership roles and to promote sustainability-focused corporate strategies. The findings suggest that empowering women in leadership positions not only enhances business performance but also accelerates the shift toward a more sustainable and responsible corporate ecosystem in India.

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The aim of this research is to analyze the effect of corporate social responsibility (CSR) on innovation. Examine the function of artificial intelligence (AI), acting both as a direct catalyst for innovation and as a mediator of the relationship between employee CSR and innovation.The study group consists of 688 women-owned small and medium-sized enterprise (SME) managers in Vietnam. The writers additionally employed Smart PLS4 software to evaluate the model and research hypotheses.The results show that CSR practices concerning employees, customers, suppliers, and the environment affect IN in women-owned SMEs in Vietnam. Among them, CSR associated with employees exerts the strongest influence. AI enhances innovation while also influencing the effect of CSR on employees and innovation. The research adds to the understanding of AI. The influence of AI on innovation and its moderating effect on CSR's impact on employees and innovation. The research explains the effect of CSR on stakeholders in women-owned small and medium enterprises in Vietnam.

This research paper examines the multifaceted relationship between Corporate Social Responsibility (CSR) initiatives and women empowerment within the context of sustainable development goals. Drawing upon stakeholder theory and institutional theory frameworks, this study analyzes how corporations leverage CSR programs to advance gender equality, enhance economic participation, and foster social inclusion of women across diverse sectors and geographical contexts. The paper systematically reviews empirical evidence from emerging and developed economies, examining CSR interventions in areas including skill development, financial inclusion, board gender diversity, and community development programs. Key findings indicate that strategically designed CSR initiatives significantly contribute to women's economic empowerment, decision-making capacity, and social mobility. The study also identifies critical success factors and challenges in implementing effective CSR-driven women empowerment programs. Recommendations for corporate practitioners, policymakers, and researchers are provided to optimize the transformative potential of CSR in achieving Sustainable Development Goal 5 (SDG 5) on gender equality.

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This study examines the correlation between the characteristics of women directors and audit committees and the disclosure of corporate social responsibility (CSR) by companies listed on Bursa Malaysia. This study provides empirical evidence on the significant influence of women directors and the size and independence of audit committees on CSR disclosure in a sample of 100 publicly listed companies in Malaysia, utilising the agency and legitimacy theory. The organisation can improve the effectiveness of its CSR disclosure by promoting gender diversity in the boardroom and establishing an effective audit committee. In addition, each organisation must establish an audit committee to evaluate the CSR disclosure, assuring that the report is of the highest quality, precise, and reliable. This research suggests that the extent of CSR disclosure is significantly and favourably impacted by the presence of women directors and a larger audit committee size. Nevertheless, the audit committee’s independence does not have a substantial impact. The insights derived from this study are highly beneficial for researchers in related fields and professionals in the industry. Shareholders can examine the company’s corporate social responsibility (CSR) disclosure to arrive at a definitive conclusion.

PurposeContent analysis was used to measure corporate social responsibility (CSR) reporting. The ordinary least squares (OLS) regressions with robust standard errors are used to examine the relationships for a sample of 168 firm-year observations listed on the Palestine Exchange during 2018–2021. A logistic regression is also utilized as an alternative measurement for CSR quantity disclosure and to ensure the robustness of the author’s main findings.Design/methodology/approachBased on 168 observations listed on the Palestine Exchange (PEX) between 2018 and 2021, this study examines the impact of women's representation on the CSR reporting of Palestinian firms' boards. Moreover, the moderating effect of ownership concentration on the relationship between BGD and CSR reporting is examined. In order to test the hypotheses, the author’s employ OLS regressions with robust standard errors. A logistic regression is also utilized as an alternative measurement for CSR quantity disclosure and to ensure the robustness of the author’s main findings.FindingsThe results reveal that Palestinian companies with more women on their boards have higher CSR practices and disclosure levels. In addition to the validity of agency, stakeholder and legitimacy theories, the findings show the relevance of gender socialization and critical mass theories in explaining the favorable influence of women's presentation on boards in promoting best practices among Palestinian firms, such as CSR disclosure.Research limitations/implicationsThe study contributes to the limited literature in the MENA and Arab region countries by examining the influence of BGD on CSR reporting in Palestine, an emerging economy characterized by highly political and economic instability. The study offers a novel contribution by examining the impact of BGD, on not only the CSR reporting quantity but also the reporting quality. However, the generalizability of the study is limited due to the small sample size.Practical implicationsThe findings of the study may bring the issues of CSR disclosure and female representation on board of directors to the attention of Palestinian firms' board of directors and managers, investors, professional associations, policymakers and regulators. While listed firms are only required to provide general information that falls under the scope of CSR in their annual reports under the Palestinian code of corporate governance, women representation on boards of directors is not addressed.Originality/valueThis study adds to the very limited literature on the role of the BGD in promoting CSR reporting in the Middle Eastern and Arabic markets in general, and in the Palestinian context in particular. This paper not only investigates but also seeks to theorize this role.

Introduction There is overwhelming evidence that companies with women on their boards of directors have higher levels of Corporate Social Responsibility. The relation between professional women and collective or organisational responsibility has been widely studied. However, to date there has been little research into the individual attitudes of women towards social responsibility. The purpose of this study is to analyse the differences in attitudes towards social responsibility between men and women in their professional life. Methods A study sample (N = 524; 347 women; Medad = 37) was assembled using the LinkedIn social media platform and participants, after providing their informed consent, were asked to answer the Professional Social Responsibility Questionnaire. Results The results showed significant differences in Professional Social Responsibility between men and women, with moderate effect (t(522) = 2.078; p = 0.038; η2 = 0.191), in favour of women. The women participants scored higher in the dimensions Discovery of Personal Values (t(522) = 2.342; p = 0.020; η2 = 0.216) and Social Awareness (t(522) = 2.179; p = 0.030; η2 = 0.201), both with representative effect sizes. Discussion These results suggest that the greater commitment to Corporate Social Responsibility of companies with women on their boards of directors is due, in part, to the greater individual or personal social responsibility of women. Higher levels of Discovery of Personal Values and Social Awareness amongst women may also result in better decision-making, ultimately accruing to the benefit of the company in terms of its financial results and reputation.

. As global awareness of climate change intensifies, there is a pressing need to understand how corporate governance factors can drive sustainable practices. Despite recognition of the roles of diversity and institutional investors in promoting sustainability, their combined effect on green innovation in the Chinese context remains underexplored. In order to address this gap, we used advanced statistical methods including Poisson, Negative Binomial and Zero Inflated Binomial regressions to analyze a comprehensive dataset of Chinese A-share listed companies from 2010 through 2022.The findings reveal that female representation on board and institutional ownership positively correlates with green innovation. This impact intensifies as the female presence on board ’s upsurges. The study also highlights the moderating role of state-owned enterprises, which can amplify the relationship between institutional ownership and green innovation. These results suggest that promoting gender diversity and encouraging collaboration between institutional investors and state-owned enterprises are crucial strategies for advancing green innovation and environmentally friendly practices. The implications of this research are significant for policymakers and corporate leaders, providing insights into how gender diversity and institutional ownership can be integrated into strategies for sustainable development. This study contributes to the existing literature by integrating resource dependence theory, upper echelons theory, and legitimacy theory, offering a comprehensive understanding of the dynamics between gender diversity, institutional ownership, and green innovation.

The current study examines the interaction between board-level gender diversity and audit committee effectiveness to determine its effects on environmental innovation among Malaysian publicly traded companies. The study uses regression models based on a five-year panel data set of 198 firms containing 990 annual observations (2020–2024). Environmental innovation is operationalized using the environmental innovation score published in Refinitiv Eikon, and the gender diversity of the board and effectiveness of the audit committee are proxied using published corporate governance measures. The empirical findings reveal a strong, positive association between female representation on the board and the participation of the firm in eco-innovative activities. More critically, it is observed that audit-committee effectiveness increases this influence, with the conclusion that careful audit oversight enhances the impact of women on the environment. A combination of the results supports the conclusion that inclusive leadership and effective governance systems can help foster corporate environmental innovations. The research is relevant to the literature as it establishes a wider geographic and thematic focus of the previous investigation and provides regulators and companies with practical considerations with plans to improve sustainability performance by diversifying the boards and increasing the effectiveness of audit committees.

The scant literature on the role of female CEOs (FCEOs) has attracted the attention of all stakeholders. Therefore, the study addresses several knowledge gaps by empirically exploring the nexus between FCEOs, government subsidies (GS), board gender diversity (BGD), and green innovation (GI). To empirically validate our contentions, we employed a robust methodology using a dataset of Chinese-listed non-financial firms. Our in-depth analysis indicates that FCEOs are associated with lower GI, while GS is associated with higher GI. Interestingly, we also find that BGD helps align the interests of all stakeholders and positively moderates the relationship between (i) FCEOs & GI and (ii) GS & GI. Our further sub-sample analysis reveals that the influence of BGD is more pronounced in high-profitability firms and firms that operate in environmentally sensitive industries. The overall findings emphasize the significant role of FCEOs, GS, and BGD in driving GI that ultimately promotes quality management and brings excellence to the businesses within Chinese non-financial listed firms. Further, the unique results are consistent even after employing multiple statistical techniques, using several measurements of key variables, and controlling for the possible endogeneity issue.

This study examines the role of board characteristics and gender diversity in shaping green innovation and firm value in Indonesian non-financial companies. The growing importance of sustainability in emerging markets has highlighted the need for effective governance structures that align corporate strategies with environmental and stakeholder expectations. Using purposive sampling, data were collected from 50 non-financial firms listed on the Indonesia Stock Exchange over the period 2019–2023. Board characteristics were measured through board size and female representation in both directors and commissioners, while green innovation was assessed through environmental disclosures aligned with international standards. Firm value was proxied by Tobin’s Q, capturing market perceptions of performance and growth potential. The results reveal that the board size of directors positively influences green innovation but negatively affects firm value, underscoring the trade-off between diverse expertise and decision-making efficiency. Female directors negatively affect green innovation but positively enhance firm value, reflecting their cautious approach to high-risk environmental investments alongside broader contributions to governance and market confidence. Female commissioners, however, do not show a significant impact on either green innovation or firm value. Furthermore, green innovation itself is found to have a positive and significant effect on firm value, although it does not mediate the relationship between board characteristics and firm value. These findings provide important implications for theory, practice, and policy. They suggest that board structures and diversity play complex roles in advancing sustainability while enhancing firm value. The study contributes to corporate governance literature in emerging markets and offers guidance for companies and policymakers seeking to optimize board composition for sustainable value creation.

This study explores the realm of sustainability by examining the influence of female directors' foreign experience on green innovation across various industry sectors and corporate board structures. Specifically, the research focuses on the impact of female directors' foreign experience on green innovation in Chinese listed firms from 2004 to 2021. Our findings show that female directors with foreign experience have a positive and significant effect on green innovation. Further analysis indicates that this relationship is positively and significantly moderated by state‐owned enterprises, larger firms, firms operating in polluting industries, environments with low market competition, and the presence of foreign directors on the board. The robustness of our results is confirmed through the use of different econometric techniques, alternative measures of dependent and independent variables, and addressing endogeneity concerns. Overall, our study suggests that female directors with foreign experience enhance the transfer of environmental and sustainable knowledge and practices, thereby fostering green innovation within Chinese listed firms.

The current research investigates the interplay of board gender diversity (BGD), the quality of corporate social responsibility disclosure (CSRD), and the green innovation performance (GIP) of a firm. It examines the moderation effect of the CSRD on the relationship between corporate GIP and BGD. The study inculcates 3,736 firm-year observations of A-share listed Chinese firms from 2010 to 2019. Least square dummy variables method, generalized method of moments, and 2SLS are employed for the analysis of the study. The findings foster an affirmative and significant impact of BGD on corporate GIP in terms of green innovation patents. Moreover, the quality of CSRD is also detected for a significant moderating effect on the relationship between BGD and corporate GIP. The quality of CSRD emerges to be an indicator for social resilience and female role congruence under the purview of the social resilience theory and the role congruence theory, respectively. This research would help managers and policymakers of developing nations in formulating environmental innovation strategies for corporate sustainability.

This research investigates how female CEOs and board gender composition (BGC) influence environmental innovation. Using a panel dataset of 237 energy companies, the study reveals that female CEOs are more committed to the environment than males. Interestingly, the findings also show that the BGC positively moderates the female CEO and environmental innovation nexus. Additionally, it reveals that female CEOs have a more significant influence on promoting environmentally friendly innovation in profitable energy companies than males. The findings remain strong after various robustness tests, contributing to the ongoing debate on gender equality and offering novel insights into the green footprint. The study reveals that female CEOs significantly drive environmental innovation strategies in energy companies. The presence of women on corporate boards significantly magnifies the effect of female CEOs on environmental innovation. Practical implications for ecological innovation highlight the necessity of female leadership in both positions. The study reveals that female CEOs significantly drive environmental innovation strategies in energy companies. The presence of women on corporate boards significantly magnifies the effect of female CEOs on environmental innovation. Practical implications for ecological innovation highlight the necessity of female leadership in both positions.

This study aims to examine how female CEOs influence green innovation and whether firm size moderates this connection. Our paper focuses on CEOs, who are considered the strategic leaders of corporations, because of their crucial role in making important decisions. This research paper examines how female CEOs influence green innovation (GI) in the Asian industrial sector. The primary goal is to address these research questions: Do Asian industrial firms with female and male CEOs differ in their GI efforts? Is there a positive moderating influence of Asian industrial enterprises’ size on the nexus between women in CEO positions and eco-innovation? Based on our research questions, firm size is likely a determining factor in the GI of female CEOs. This research employs rigorous econometric modeling to analyze a substantial dataset of listed Asian industrial companies from 2013 to 2022. We have found a significant positive correlation between female CEOs and GI in Asian industrial firms. It has been proven that female CEOs in the industrial sector are more inclined to promote environmentally friendly practices. Furthermore, the size of an industrial firm amplifies the beneficial influence of a female CEO on the firm’s chances of engaging in GI initiatives. Regarding the moderating effect of size, the size of companies significantly magnifies the impact of female CEOs on GI. The effectiveness of female CEOs on environmentally friendly practices is more prominent in large corporations than in smaller ones. Our outcomes remain robust with respect to endogeneity issues using two-step GMM estimators. This study proposes that stakeholders, particularly in Asian countries, should promote the increased representation of females in CEO roles, particularly within large corporations. This is because women-led companies demonstrate superior performance in GI endeavors. Hence, regulators must establish policies that facilitate the participation of women in CEO positions within large-scale enterprises. These policies may strengthen the private sector’s capacity to foster sustainable innovation.

This study builds on and extends the literature on corporate governance and environmental sustainability by investigating the moderating roles of green innovation and corporate social responsibility (CSR) engagement in the relationship between board gender diversity and environmental performance (EP). Using a panel data set of 439 manufacturing firms across the Latin American and Caribbean region from 2010 to 2023, we employ the generalised method of moments and the instrumental variable two-stage least square to address endogeneity concerns and ensure robust estimation. The findings reveal that greater gender diversity on corporate boards significantly enhances firms’ EP. Moreover, green innovation not only directly improves EP but also amplifies the positive influence of gender-diverse boards. Higher CSR participation strengthens the association between board gender diversity and EP, demonstrating that proactive CSR activities enable diverse boards to affect environmental outcomes. The data also show regional and industry variability, suggesting contextual variables shape these processes. These results show the synergy between governance structures and strategic sustainability efforts, adding to the conversation on board composition, sustainable innovation and CSR. Policymakers, practitioners and stakeholders seeking inclusive governance and ecologically responsible business behaviour may learn from the research.

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Research aims: This study explores how Corporate Social Responsibility (CSR), Green Innovation, and Board Gender Diversity influence Carbon Emission Disclosure (CED), with Return on Assets (ROA) as a moderating variable, specifically among Indonesian manufacturing companies.Purpose: This study aims to examine how sustainability practices and board inclusivity contribute to the transparency of carbon emission disclosures and to investigate whether corporate profitability enhances the commitment to environmental reporting among manufacturing firms in Indonesia.Methodology: With a quantitative approach on manufacturing firms listed on the IDX (2019–2023). Data is collected through purposive sampling from annual reports and sustainability reports. Research findings: CSR and gender diversity on corporate boards positively affect carbon emission disclosure, whereas ROA and green innovation exhibit varying effects. Although strong financial performance may reduce transparency in disclosure, the outcomes align with stakeholder theory and legitimacy theory perspectives.Originality/Theoretical contribution: This study introduces ROA as a moderating variable, which is rarely used in carbon disclosure studies, particularly in Indonesia. It demonstrates how financial performance affects transparency. This paper addresses a research gap by comparing Indonesia's wegapclosure procedures with international advanced practices and the relevant practices in external business initiatives to foster sustainability.

Green innovation involves both environmental protection and significant risk, posing a strategic challenge for top management. Existing research provides inconclusive evidence on the influence of executive gender on green innovation, particularly within family firms. Drawing on role congruity theory and socioemotional wealth theory, this study investigates the impact of female CEOs on green innovation in Chinese listed family firms from 2010 to 2021. Employing OLS regressions with year and industry fixed effects, we demonstrate that female CEOs inhibit green innovation compared to male counterparts. This finding remains robust after addressing endogeneity through propensity score matching, instrumental variable methods, and difference‐in‐differences estimation, as well as after various robustness tests. Female leadership representation, family control, and male offspring involvement mitigate this negative relationship, while regional gender inequality exacerbates it. Notably, the inhibitory effect disappears when family control exceeds 55%. Furthermore, female CEOs tend to substitute green innovation with corporate social responsibility activities. Our study expands the understanding of the boundary conditions for female leadership decisions and provides empirical insights into the role of female executives in shaping sustainable development in family firms.

Motivated by the ethical implications of gender diversity on boards, this study examines the effect of female directors on symbolic green innovation disclosure and substantive green innovation disclosure. The study defines substantive green innovation disclosure as environmentally oriented innovation that produces tangible value creation, evidenced through its positive effect on firm value, distinguishing it from symbolic green innovation that serves rent-seeking or legitimacy purposes. Using a sample of Indonesian manufacturing firms from 2021 to 2023, the research tests the model separately for politically and nonpolitically connected firms to capture the moderating role of political embeddedness. The results reveal that in nonpolitically connected firms, female directors do not significantly affect green innovation disclosure; however, substantive green innovation positively influences firm value, confirming its genuine strategic and ethical impact. In contrast, in politically connected firms, female directors negatively affect green innovation disclosure, and green innovation fails to improve firm value—indicating that political influence turns sustainability efforts into symbolic compliance rather than authentic environmental innovation. These findings extend upper-echelon and legitimacy theories by showing that in patriarchal cultural background, female directors’ ethical orientation negatively affects symbolic green innovation disclosure but do not affect substantive green innovation disclosure.

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Purpose Building on the upper echelons and natural resource-based view (NRBV) theory, this study aims to examine the role of green innovation in mediating the relationship between female directors and firm value. Design/methodology/approach This study uses panel data for 2016–2020 of 108 manufacturing firms listed on the Indonesia Stock Exchange with 518 observations. This study collects data from the firm’s annual and sustainability reports and the Osiris database. This study uses feasible generalized least squares in controlling heteroscedasticity and correlation to validate the relationship. Findings The results show that green innovation mediates the relationship between female directors and firm value. The results support the upper echelons theory, which views that the impact of the female directors’ policy has a positive effect on green innovation. The results also support the NRBV theory, which views green innovation as an environmentally friendly resource capable of increasing firm value. Originality/value In examining the indirect effect of female directors on firm value, this study is one of the early works that discuss the mediation relationship using green innovation in the relationship of female directors to firm value drawn from upper echelons and NRBV theory.

Are female CEOs greener? Few studies have explicitly scrutinised the roles of female CEOs and their political embeddedness in green innovation. In the present work, the influence of female CEOs on green innovation is first examined. Then, the effect of politically embedded female CEOs on green innovation is explored by differentiating female CEOs as those who are and who are not politically embedded, respectively. Furthermore, the moderating effects of external environmental factors on this relationship, namely market competition and market development, are investigated. Using data on China's publicly operated firms from 2008 to 2017, the findings suggest the following: (1) female CEOs negatively affect green innovation; (2) politically embedded female CEOs positively affect green innovation; (3) the positive influence of politically embedded female CEOs on green innovation is strengthened when firms are situated in less competitive industries and more developed markets. This article extends the research and current knowledge base about female CEOs, political embeddedness, and green innovation.

This study aims to analyze the impact of green corporate social responsibility (CSR) on SDGs Disclosure, using female boards of directors as a moderating variable. The study population is manufacturing companies listed on the Indonesian Stock Exchange from 2018 to 2021. This type of research is quantitative. The sampling technique in this study was a targeted sampling method that yielded 68 company observations. The data used is secondary data in the form of corporate reports and sustainability reports. The analytical method in this study is multiple linear regression. The results of this study show that while green CSR positively impacts SDG disclosure, female boards of directors can strengthen the influence of green CSR on SDG disclosure. Overall, the findings of this study provide incentives for companies to strengthen green CSR as part of their competitive advantage strategy to achieve the 2030 SDGs targets.

Faced with sustainable development challenges and a new symbiotic phase in technological innovation, the green collaborative innovation model has emerged as a crucial approach to address environmental issues. Despite widespread consensus on the role of green collaborative innovation, existing research has yet to systematically examine its antecedent and contingent mechanisms. Therefore, this study aims to uncover the drivers of green collaborative innovation from a technological niche perspective and explore why some enterprises exhibit greater advantages and tendencies in engaging in such initiatives compared to others. The results indicate that both technological niche overlap and breadth have a positive effect on green collaborative innovation, and that these two relationships vary depending on different contingent factors. Specifically, digital transformation negatively moderates the relationship between technological niche overlap and green collaborative innovation, while positively moderates the relationship between technological niche breadth and green collaborative innovation. Female executives negatively moderate the relationship between technological niche overlap and green collaborative innovation, but only in high-polluting industries, while positively moderate the relationship between technological niche breadth and green collaborative innovation. Overall, this study contributes to the existing research on sustainable development by analyzing the influence mechanism of green collaborative innovation through the integration of niche theory, upper echelons theory, and dynamic capability theory.

The transition from linear to circular economic models is a critical response to global environmental degradation and unsustainable resource consumption. The circular economy (CE) offers a viable pathway to sustainable development through waste reduction, resource efficiency, and closed‐loop systems. However, within the energy sectors of countries participating in the belt and road initiative, hereinafter BRI countries, particularly in Sub‐Saharan Africa, the adoption of circular economy practices (CEP) remains limited. This study investigates the role of board dynamics (BD) in facilitating CEP and examines how green innovation (GI) and the regulatory environment (RE), hereinafter treated as contextual enablers, moderate this relationship. Drawing on agency, stakeholder, and resource dependence theories, the study addresses three questions: How do board attributes influence CEP? To what extent do GI and RE enhance this effect? A novel CEP index based on the 4R framework (Reduce, Reuse, Recycle, Recover) was developed and applied to panel data from 372 energy firms in BRI countries between 2010 and 2022. Using advanced econometric techniques, including System GMM, the study finds that gender diversity, foreign board membership, independence, and ownership concentration positively influence CEP, while CEO duality has a negative effect. Both GI and RE significantly strengthen these relationships. The findings contribute to governance and sustainability scholarship by illustrating how internal governance and external conditions jointly influence circularity outcomes. The study concludes that corporate boards, hereinafter regarded as strategic agents, play a critical role in accelerating the CE transition in emerging economies.

This study examines and analyzes the influence of Environmental, Social and Governance, Sustainability Reporting and Green Innovation on Firm Value with Board Gender Diversity as Moderation. This study uses a quantitative approach and secondary data. The population in this study are energy sector companies listed on the Indonesia Stock Exchange (IDX). The results of the study show that the independent variables, namely environmental, social and governance, sustainability reporting and green innovation with the moderating variable, namely board gender diversity, together have an influence on firm value. While partially environmental, social and governance has a positive effect on company value, sustainability reporting has a negative effect on company value, green innovation has no effect on firm value. Board gender diversity can moderate the influence of Environmental, Social and Governance and sustainability reporting on firm value. However, board gender diversity does not moderate the influence of green innovation on firm value. This study adds a moderating variable of board gender diversity, which is considered to have a combined influence on the relationship between Environmental, Social and Governance, sustainability reporting and green innovation on firm value which aims to answer the inconsistency of previous research findings.

This study examines whether board gender diversity encourages green innovation in Chinese family firms, using 1,200 firm-year observations from 2015 to 2024. Based on resource dependence, agency, and institutional theories, the analysis considers both internal governance features and regional environments. Across fixed-effects, instrumental-variable, and system GMM models, the results show that board gender diversity has a clear and significant positive effect on green innovation. Family ownership concentration weakens this effect, while higher regional institutional quality strengthens it. ESG performance partly explains the relationship, suggesting that gender-diverse boards improve sustainability practices that help firms pursue green innovation. These findings add to existing research by showing how gender diversity works within family-owned firms and under different regional conditions. The study also provides practical suggestions for improving family firm governance and policy guidance for promoting board diversity and strengthening local regulatory systems. JEL Classification Code: G34, M14, Q55, J16.

This study examines the impact of corporate board attributes, namely, gender diversity, independence, size, tenure, and CEO duality, on environmental innovation (EI). The study utilised a large dataset of 13,278 firm‐year observations belonging to companies from 24 European countries and covered the period 2010–2021. Drawing from the agency and stakeholder theories, we find that all attributes addressed in this study have a positive impact on EI. These findings enhance our understanding of how businesses manage EI in the real world. Strategic focus is essential for achieving environmental sustainability and fostering innovation in business processes. This study expands our understanding of the role of diverse, long‐term, and independent board structures in fostering EI. We can use the insightful results it provides to plan future corporate strategies and policies.

Purpose - The main objective of this paper was to examine the relationship between gender diversity and voluntary disclosure practice of listed firms in Nigeria. Methodology - The study used a survey design that is cross-sectional. Data were obtained from content analysis of the finance reports of 68 companies listed on the Nigerian stock exchange as at December 2021 and was analyzed a log-linear regression. Findings - It was found that female CEOs, female heading risk and audit committees of the board as well as gender diversity and number of females on board matter significantly in explaining variation in corporate voluntary disclosure. However, female heading remuneration committee does not matter in voluntary disclosure. Originality - this study adds to the literature on gender diversity and voluntary disclosure by testing the relationship between women heading various board committees especially, audit, remuneration, finance and women COE as well as total number of women and voluntary disclosure using data from Nigeria. It was concluded that feminist virtues such as modesty, transparency and care for others enhance disclosure of corporate information that are not necessarily required by company law.

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The purpose of this study is to analyze the role of femininity (stakeholder orientation) on the effect of female CEOs on corporate social responsibility. In this research, manufacturing companies were used as samples listed on the Indonesia Stock Exchange with a total 3 years ranging from the period of 2019 – 2021. This research used panel data with fixed effect regression. The result of this research shows that female CEOs with stakeholder orientation has positive effect on corporate social responsibility while female CEOs with shareholder orientation has no effect on corporate social responsibility. The research also reveals that female CEOs that focus on stakeholders highlight CSR initiatives that benefit the economy and environment. This study also demonstrates that femininity has no bearing on profitability and that feminine female CEOs do not automatically equate to being incompetent. The implication of this study is female CEOs should have experience in stakeholder-related activities to increase corporate social responsibility. Experience in stakeholder-related activities can alter female CEOs perspective on corporate social responsibility in male-dominated environment. This study also shows that being a feminine female CEOs is nothing to be ashamed of as feminine female CEOs can boost CSR in a sophisticated approach that doesn't hurt immediate financial results. Keywords: Female CEO, Corporate Social Responsibility, Femininity, Stakeholder Orientation

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.

The notion that corporate boards should be more gender-diverse is attracting greater attention around the world. Some scholars argue that gender diversity on boards improves firm performance and induces more prudent corporate decisionmaking. This rationale is based on the hypothesis that women are less overconfident and are innately more risk-averse than men. Other researchers argue that firms having more female directors are associated with greater corporate risk-taking, as past studies show that risk-seeking women tend to be appointed to the board. Still, another strand of literature argues that riskaversion does not vary between homogeneously male boards and more gender-diverse boards. In this paper, we investigate the relationship between board diversity for Philippine firms and corporate risk-taking over the period 2003 to 2015. We use four alternative measures of corporate risk-taking and employ the two-step system generalized method of moments estimation technique to account for endogeneity issues that may influence this relationship. Overall, we find some evidence that greater female participation in the boardroom increases financial risk-taking, proxied by the leverage and current ratio, but decreases riskiness of firm outcomes, proxied by the volatility of return on assets. This suggests that greater gender diversity in Philippine corporate boards, while addressing the usual equality, social, and fairness considerations, also has economic consequences that may or may not be desirable with respect to firm risk.

The value of women serving on the corporate board for strengthening the board's efficiency and decision-making quality has received a large amount of prominence. Therefore, this paper aims to underscore the effect of women directors on a company’s equity risk. This empirical research employed a system generalized method of moments, a superior approach to investigate the relationship between women directors and corporate risk. This study also utilized Blau and Shannon indices for the robustness of the study’s results. The results indicate that the percentage of female directors has a negative and significant relationship with corporate risk. The outcome is bolstered by other measures of gender diversity. It validates the concept of the resource-based theory, which holds that a more diverse and larger board is linked to better results through reduced variability in corporate performance. Furthermore, the interaction effect between board size and female directors may minimize the corporate risk. Regulators and policymakers should design new policies and regulations that will further expand the role of female directors beyond mere tokenism. Further, it guides investors that investing funds in gender diversity corporate firms can enhance their returns. The study contributes to the existing literature by examining the relationship between female directors and corporate risk in the Indian context. It also investigates how board size influences such a relationship, which is an underexplored area in corporate governance literature.

This study investigates the relationship between board gender diversity and corporate risk-taking within the unique socio-cultural context of Saudi Arabia. Situated against the backdrop of Vision 2030, a national reform agenda aimed at economic diversification and social modernization, the mandated inclusion of women on corporate boards represents a profound cultural and institutional shift. We analyze how this gendered transformation of corporate leadership influences strategic decision-making. Drawing on a sample of 155 publicly listed firms from 2018 to 2024, our findings indicate that gender-diverse boards are associated with more cautious and balanced risk profiles. This suggests that the integration of women into high-level governance acts as a moderating force on corporate risk-taking. This research contributes to cultural analyses of economic change by demonstrating how targeted social policies can reconfigure power dynamics and decision-making norms within traditionally conservative institutional settings. The findings offer critical insights for policymakers and scholars of social change, highlighting the role of gender inclusivity in fostering sustainable and resilient economic practices in transforming societies.

Does CEO gender affect family firms’ corporate social responsibility (CSR)? And does this relationship vary between countries based on different levels of social and legal gender bias? Drawing on insights from the literature on female leadership and CSR, we utilize social role theory and institutional theory to explore these issues empirically based on a sample of 1555 family firms from 29 countries. We find that family firms led by female CEOs perform better on both internal and external CSR. However, this relationship is contingent on the social and legal institutional environment. The positive effect of female CEOs is strongest in contexts of legal gender equality and, interestingly, a negative social bias against women.

This study examines the effect of tax avoidance on corporate risk. Next, the moderating effect of executive characteristics and gender diversity is investigated in this association. The study examined Indonesia’s nonfinancial listed companies, collecting a sample of 265 observations during 2020-2024. Hypotheses were tested using moderated regression with panel data. It was found that companies that avoid taxes aggressively have a higher level of corporate risk. The presence of risk-averse executive characteristics and women weakens the effect of tax avoidance on corporate risk. This research contributes by providing the latest references regarding Indonesian tax avoidance behavior that poses risks to companies and encouraging companies in Indonesia to be aware of the importance of executive characteristics and gender diversity. 

By analysing the role of prestigious official media awards on CEOs, this paper explores the outcome of the conduction of substantive or strategic corporate social responsibility (CSR) enacted by celebrity CEOs. Based on the awards information uncovered by CCTV, Forbes, China Business News, Fortune and China Times, we find that enterprises notably increase substantive CSR after their CEOs have won the distinguished awards, which indicates that celebrity CEOs can exert a significant increment on corporate charitable donations, whereas no obvious improvement in strategic CSR (CSR information disclosure) has been observed. Concerning on exploring the potential mechanism, we confirm that celebrity CEOs could firmly induce more donations by enhancing CEO power and increasing corporate risk taking. Heterogeneity analysis implies that female celebrity CEOs and celebrity CEOs with socialist ideological imprint both have a pronounced effect on fostering charitable donations. Besides, the positive effect of celebrity CEOs on donations is more prominent in non‐SOEs, high media exposure enterprises and regions with strong collectivism culture. The findings of this paper provide a crucial supplement to the study of celebrity CEOs and differentiated CSR fields and have practical implications for how the Chinese capital market can stimulate managers to actively undertake social responsibility.

This paper examines the impact of CEOs' financial work experience on corporate supplier stability. We find that a firm's supplier stability decreases when it's CEO has financial work experience. The impact is more pronounced for firms with fewer local procurement and less analyst coverage, and firms with lower industry concentration and limited market power. We also find that the impact of financial work experience is weakened when the financial expert CEO is female or older. The investigation into influencing channels shows that CEOs' financial work experience decreases corporate supplier stability through an increase in corporate financial investments, a decrease in financial slack, and an increase in agency costs. Finally, we find that decreased supplier stability driven by CEOs' financial work experience increases corporate operating risk. Our findings highlight the costs of hiring financial expert CEOs from the perspective of supply chain.

Purpose In the context of the severe global challenges posed by climate and environmental issues, this paper aims to explore the connection between female Chief Executive Officers (CEOs) and the level of sustainable development in companies. This study aims to investigate the impact of female CEOs on corporate ESG performance and provide a detailed analysis of the underlying mechanisms. Design/methodology/approach This study uses a sample of listed companies from 2010 to 2021, as reported by Bloomberg. This study uses logit regression models to test hypotheses and conduct robustness tests using the generalized method of moments, propensity score matching and heckman two statge tests. Findings The research findings indicate that female CEOs can enhance a company’s ESG performance, primarily by elevating the level of green innovation and engaging in more philanthropic activities. When environmental uncertainty is high, the risk-averse attitude of female CEOs may diminish the enhancement of ESG performance. However, granting a higher proportion of equity to female CEOs incentivizes risk-taking, thereby strengthening the improvement of ESG performance. Further analysis reveals that the impact of female CEOs on ESG performance is more significant in non-state-owned enterprises, high-pollution industries, and companies with low financing constraints. Research limitations/implications The authors have shown that two key ways in which female CEOs enhance a company’s ESG performance are by increasing the level of green innovation and assuming more social responsibility. Nonetheless, this remains a shortcoming of this work, opening a door for future research to examine and enrich. There may be other possible mechanisms explaining the influence of female CEOs on corporate ESG performance. More research is warranted about the CEO’s additional traits, which were not considered in this study but may have an impact on a company’s ESG performance. Finally, while the analysis has delved into the moderating effects of external factors such as environmental uncertainty and CEO ownership on the influence of female CEOs on corporate ESG performance, there is room for exploring whether other factors also play a moderating role in future studies. Practical implications First, the findings of this study highlight the beneficial societal and economic effects of choosing female CEOs. The inclination to take on social responsibility and care for the environment are both higher among female CEOs. Furthermore, the authors have also discovered that female CEOs possess unique advantages in promoting corporate sustainability and enhancing ESG standards. This can contribute to breaking down stereotypes about gender roles in the workplace. Finally, this research shows that organizational heterogeneity and market risks have an impact on female CEOs’ capacity to improve company ESG performance. Originality/value A significant innovation of this paper lies in its unique focus on the connection between female CEOs and corporate ESG performance, along with the underlying mechanisms. Against the backdrop of sustainable development, the paper integrates social gender theory, upper echelon theory and agency theory into a comprehensive framework, shedding light on the influence of female CEOs on ESG performance and the associated mechanisms.

Purpose The purpose of this research is to explore the impact of women in the C-suite on strategic marketing choices in general and CSR in particular is scant. To that end, this study explores whether and how firms led by female CEOs differ from those led by male CEOs with regard to the types of CSR they pursue. The study classifies CSR into two types: relational (i.e. related to employees, human rights, community and diversity) and rational (i.e. related to product, environment and corporate governance). Design/methodology/approach To create the sample, the authors combined four databases: Compustat, Execucomp, Center for Research in Security Prices (CRSP) and Kinder, Lydenberg, Domini and Co., Inc. (KLD). Data for the time period between 1992 and 2013 (both inclusive) were used for the investigation. The final sample comprised of 2,739 firms, for a total of 19,969 firm-year observations (an unbalanced panel). Findings Building on self-construal theory and theory of female ethics, the authors theorize and find evidence that while firms led by male and female CEOs are not significantly different with regard to rational CSR performance, firms led by female CEOs outperform those led by male CEOs with regard to their relational CSR performance. Furthermore, the authors also find that different types of CEO power (i.e. managerial power, legitimate power and formal power) moderate the link between CEO gender and types of CSR differently. Research limitations/implications This research contributes to research on CSR by introducing two new types of CSR: relational CSR and rational CSR. Further, the research contributes to the broader discussion of how senior managers inject their gender roles into their CSR choices. The authors provide important insights in this area by highlighting that at least some types of myopic management are also driven by CEO gender: female CEOs – to the extent that they are more likely to invest in CSR strengths which pay off in the long run – engage in less myopic management than male CEOs with regard to CSR choices. Practical implications To prospective managers, this research suggests that the gender of the CEO is an effective signal that can help them predict firms’ likely CSR behavior. More specifically, firms led by female CEOs are likely to outperform those led by male CEOs with regard to certain dimensions of CSR (higher relational and rational strengths and fewer relational concerns) and this effect of CEO gender on firms’ CSR behavior is likely to be more pronounced when the CEO exhibits certain kinds of power. Female CEOs may benefit by understanding their innate tendencies to focus on relational versus rational CSR, thereby taking advantage of the positive aspects of their tendencies. Originality/value This paper classifies CSR into two types: relational and rational. The findings indicate the benefits of this nuanced classification: female CEOs have a stronger impact on relational CSR compared to male CEOs, while the two types of CEOs do not show a significant difference with regard to their impact on rational CSR. The paper also shows that dividing the variable of CEO power into its sub-types, i.e. managerial power (CEO duality), legitimate power (CEO tenure) and formal power (CEO-TMT pay gap) has value as each of these power dimensions is found to impact the CEO gender-CSR relationship differently.

Objective: Traditional gender norms have categorized leadership as feminine or masculine. However, growing evidence reveals that women leaders have a complex combination of these traits which affects their CSR (corporate social responsibility ) strategy. This study aims to test whether femininity (stakeholder orientation) changes the effect of female CEOs on CSR in Indonesia.   Method: This study samples Indonesia Stock Exchange-listed industrial companies from 2019 to 2021, resulting in 195 observations. This study employes fixed effect regression on panel data.   Results: This study finds that female CEOs who focus stakeholder orientation improve corporate social responsibility (CSR), but those who prioritize shareholder orientation do not. The study finds that female CEOs who prioritize stakeholders favor corporate social responsibility (CSR) programs that benefit the economy and environment. This study also shows that femininity does not affect profitability and disproves the idea that feminine female CEOs are incompetent.   Conclusion: This study concludes that female CEOs in patriarchal cultures, such as Indonesia, behave similarly to male CEOs in terms of corporate social responsibility (CSR), based on the upper-echelon theory and the self-selection hypothesis. To enhance CSR, female CEOs must possess more feminine attributes, which is stakeholder orientation. Female CEOs' stakeholder orientation may affect their CSR perception in a male-dominated business environment. This study also shows that feminine female CEOs can improve CSR without hurting financial results.