Beyond climate targets: exploring when and how female directors influence corporate decarbonization transparency

Business S a egy and he En i onmen , 2025; 34:3892–3912
h ps://doi.o g/10.1002/bse.4183
3892
Business S a egy and he En i onmen
RESEARCH ARTICLE OPEN ACCESS
Beyond Clima e Ta ge s: Explo ing When and
How Female Di ec o s In luence Co po a e
Deca boniza ion T anspa ency
Isabel- Ma íaGa cía- Sánchez1 | Mi iamNúñez- To ado2 | C is inaAiba - Guzmán3 | Bea izAiba - Guzmán3
1IME y Depa amen o de Adminis ación y Economía de la Emp esa, Uni e sidad de Salamanca, Salamanca, Spain | 2Depa amen o de Con abilidad y
Economía Financie a. Facul ad de Ciencias Económicas y Emp esa iales, Uni e sidad de Se illa, Se illa, Spain | 3Depa amen o de Economía Financie a y
Con abilidad. Facul ad de Ciencias Económicas y Emp esa iales, Uni e sidad de San iago Compos ela, San iago Compos ela, Spain
Co espondence: Isabel- Ma ía Ga cía- Sánchez (laje [email protected])
Recei ed: 4 No embe 2024 | Re ised: 15 Janua y 2025 | Accep ed: 22 Janua y 2025
Funding: Open access publishing acili a ed by he Uni e sidad de Salamanca, as pa o he C ue Spanish Uni e si ies- CSIC Alliance.
Keywo ds: boa d gende di e si y| clima e change| clima e anspa ency| c i ical mass| deca boniza ion s a egies| ex e nal p essu es| ins i u ional
p essu es
ABSTRACT
The 2015 Pa is Ag eemen es ablished an in e na ional commi men o limi global wa ming o 1.5°C, which equi es clima e
neu ali y h ough deep cu s in g eenhouse gas emissions. In pu sui o his goal, companies wo ldwide a e adop ing deca boni-
za ion s a egies ha a e inc easingly aligned wi h p inciples o anspa ency and accoun abili y. This s udy examines a sample
o 6575 la ge global companies o analyze he impac o boa d gende di e si y on clima e- ela ed disclosu es. Ou indings show
ha he p esence o a leas one emale di ec o inc eases co po a e anspa ency ega ding deca boniza ion a ge s, imelines,
s a egic le e s, and pe o mance me ics. Thus, his s udy challenges he c i ical mass heo y by demons a ing ha e en a
single emale di ec o adds unique alue in p omo ing sus ainabili y anspa ency. Fu he mo e, we show ha con ex ual ac-
o s—such as indus y en i onmen al sensi i i y, egional egula o y amewo ks and clima e- ela ed business oppo uni ies—
mode a e he in luence o emale di ec o s on deca boniza ion anspa ency. These indings ad ance co po a e go e nance and
sus ainabili y esea ch by p o iding a mul idimensional unde s anding o how boa d gende di e si y d i es anspa ency, pa -
icula ly in sus ainabili y- sensi i e indus ies and egula o y en i onmen s. On a p ac ical le el, he indings highligh he s a-
egic alue o gende - di e se boa ds o manage s, in es o s, and policymake s seeking o enhance co po a e accoun abili y and
align wi h global sus ainabili y goals. By unde sco ing he ans o ma i e ole o emale di ec o s in p omo ing anspa en and
esponsible co po a e p ac ices, his esea ch con ibu es ac ionable insigh s o he ansi ion o a ne - ze o economy.
1 | In oduc ion
Clima e change is one o he mos u gen challenges o ou ime,
wi h signi ican en i onmen al and economic implica ions
wo ldwide (A a a and Sayedy2019; Ooi e al.2019; Al- Najja
and Salama2022). This phenomenon, cha ac e ized by ising
global empe a u es, inc eased clima e a iabili y, and he in-
ensi ica ion o ex eme wea he e en s, p esen s se ious isks
o businesses, which a e collec i ely esponsible o o e 70%
o global g eenhouse gas (GHG) emissions (Mo ison, Jia, and
A o a2024). As majo playe s in he global economy, businesses
hold bo h he capabili y and esponsibili y o adop s a egies
ha con ibu e o mi iga ing clima e change and achie ing
he goals ou lined in he Pa is Ag eemen (Qu eshi e al.2020;
Fan, Tang, and Pan 2021; Al- Najja and Salama 2022; Wang
e al.2024). Wi hin his con ex , co po a e clima e epo ing has
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion‐NonComme cial‐NoDe i s License, which pe mi s use and dis ibu ion in any medium, p o ided he o iginal
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© 2025 The Au ho (s). Business S a egy and he En i onmen published by ERP En i onmen and John Wiley & Sons L d.
3893
become c ucial o s akeholde s' decision- making (Al- Qah ani
and Elgha bawy2020; Du a and Du a2021; Ngo e al.2023),
pa icula ly o in es o s (Am an, Pe iasamy, and Zulka li2014;
Ilhan e al.2023; Subedi and Zoe 2024; Ves elli, Colladon, and
Pisello2024). Companies a e inc easingly called upon no only
o de ine speci ic emission educ ion goals bu also o disclose
de ailed da a on a ge s, imelines, s a egies, and p og ess o-
wa ds a low- ca bon economy (Bauckloh e al. 2023). Clima e
disclosu e is hus eme ging as a c i ical p ac ice o enhanc-
ing anspa ency, p omo ing esponsible beha io , and app o-
p ia ely managing clima e isks, helping companies main ain
s akeholde us (Da e al.2022; Guo, Zhao, and Yang2022;
Abbasi e al.2024).
The boa d o di ec o s, as he apex o co po a e go e nance,
plays a pi o al ole in bo h he de elopmen and o e sigh o
sus ainabili y s a egies (Hollindale e al.2019; Ooi e al.2019).
Decisions ega ding he adop ion o e ec i e clima e policies
and he anspa ency o hese policies o s akeholde s depend
subs an ially on boa d s uc u e and composi ion (Am an,
Pe iasamy, and Zulka li 2014; A a a and Sayedy 2019). In
his sense, esea ch inc easingly highligh s ha boa d di e -
si y b oadens he ange o skills, knowledge, and pe spec i es
wi hin he boa d (Nielsen and Huse2010) and enhances he in-
eg a ion o en i onmen al, social, and go e nance (ESG) c i-
e ia in co po a e s a egy (Al- Qah ani and Elgha bawy2020;
Wasiuzzaman and Sub amaniam2023) and disclosu e p ac ices
(Ib ahim and Hane ah2016; Nicolò e al.2022). In pa icula ,
boa d gende di e si y (BGD) has been ecognized as a key a i-
bu e o comp ehending he isks and oppo uni ies associa ed
wi h clima e change (Ben- Ama , Chang, and McIlkenny2017;
Nube and Vel e 2021; Al- Najja and Salama 2022; Ga cía-
Sánchez e al.2023b). E idence sugges s ha women in lead-
e ship oles display heigh ened sensi i i y o en i onmen al
and social conce ns (McGuinness, Viei o, and Wang 2017;
Tingbani e  al. 2020; Mon ei o, Ga cía- Sánchez, and Aiba -
Guzmán2022), e lec ed in a p oac i e app oach o s akeholde
expec a ions o anspa ency and accoun abili y (Al- Shae
and Zaman2016; Ben- Ama , Chang, and McIlkenny2017). On
boa ds, emale di ec o s a e o en associa ed wi h os e ing a
esponsible co po a e cul u e, ad ancing sus ainable and de-
ca boniza ion p ac ices (Nielsen and Huse2010; Cioci lan and
Pe e sson2012; A i e al.2021; Ga cía- Sánchez e al.2023b)
and encou aging clea , p ecise disclosu e ega ding p og ess
in hese a eas (Liao, Luo, and Tang2015; Hossain e al.2017;
Hollindale e al.2019).
Al hough p e ious esea ch has examined he in luence o e-
male di ec o s on co po a e clima e disclosu e, mos s udies
ocus p ima ily on GHG disclosu e (P ado- Lo enzo and Ga cia-
Sanchez 2010; Liao, Luo, and Tang 2015; Ben- Ama , Chang,
and McIlkenny 2017; Hollindale e  al. 2019; Al- Qah ani and
Elgha bawy2020; Tingbani e al.2020). The ew s udies ha ex-
amine b oade clima e- ela ed co e age a e o en limi ed o a sin-
gle coun y (e.g., A a a and Sayedy(2019): Tu key; Cha uma hi
and Rahman(2019): India). Thus, he in luence o BGD on he
disclosu e o in o ma ion abou i ms' deca boniza ion s a -
egies emains unde explo ed. Mo eo e , ecen s udies ha e
shown ha he COVID- 19 pandemic has led o shi s in BGD,
which may a ec he in luence o emale di ec o s on co po a e
s a egies (Ga cía- Sánchez e al.2024b). Meanwhile, con ex ual
ac o s ha e been shown no only o in luence co po a e sus-
ainabili y epo ing (Nicolò and And ades- Peña2024) bu also
o mode a e emale di ec o s' in luence on such disclosu e p ac-
ices (By on and Pos 2016; Nadeem, Zaman, and Saleem 2017;
Nicolò e al.2022; Wasiuzzaman and Sub amaniam2023).
This s udy aims o b idge exis ing gaps by add essing wo key
challenges in co po a e go e nance: gende di e si y on boa ds
and anspa ency in clima e change disclosu es (Ben- Ama ,
Chang, and McIlkenny2017; Al- Qah ani and Elgha bawy2020).
Speci ically, we analyze he e ec o BGD on he anspa ency
o deca boniza ion s a egy disclosu es, ocusing on whe he he
p esence o emale di ec o s enhances he b ea h and cla i y o
clima e- ela ed epo ing. Addi ionally, we explo e how di e se
o ganiza ional and ins i u ional con ex s may mode a e he im-
pac o emale di ec o s in his a ea. Thus, ou analysis o e s
a nuanced pe spec i e on co po a e clima e commi men s and
anspa ency in ad ancing deca boniza ion goals, shedding
ligh on he speci ic ole o emale di ec o s and he ac o s ha
shape hei impac .
D awing on an unbalanced panel da ase o 6575 i ms (46,561
obse a ions) o e he 2015–2022 pe iod, ou indings suppo
he hypo hesis ha inc eased BGD is posi i ely associa ed wi h
g ea e anspa ency in deca boniza ion disclosu es. We ob-
se e ha he p esence o e en a single woman on he boa d is
associa ed wi h mo e comp ehensi e epo ing on deca boniza-
ion a ge s, imelines, s a egies, and pe o mance. Mo eo e ,
emale di ec o s con ibu e o he quali y o hese disclosu es,
ensu ing ha i ms p o ide clea and de ailed in o ma ion on
hei deca boniza ion ini ia i es. Addi ionally, ou esul s e eal
ha con ex ual ac o s—such as indus y en i onmen al sensi-
i i y, egional egula o y amewo ks, pa icula ly he ins i u-
ional se ing o he Eu opean Union (EU), and clima e- ela ed
business oppo uni ies—mode a e he in luence o emale di-
ec o s on co po a e deca boniza ion anspa ency. Speci ically,
al hough indus y en i onmen al sensi i i y ampli ies hei im-
pac , bo h he EU ins i u ional en i onmen and clima e- ela ed
business oppo uni ies sligh ly a enua e i .
This s udy makes se e al key con ibu ions o he co po a e
sus ainabili y and go e nance li e a u e by o e ing a mul idi-
mensional unde s anding o he ole o emale di ec o s in p o-
mo ing anspa ency a ound deca boniza ion s a egies. Unlike
p io esea ch, ou indings indica e ha he posi i e in luence
o emale di ec o s on anspa ency does no equi e a c i ical
mass o women on he boa d; each emale di ec o appea s o
b ing dis inc alue ha s eng hens he o ganiza ion's commi -
men o sus ainabili y anspa ency. This insigh challenges c i -
ical mass heo y and sugges s new di ec ions o examining he
in luence dynamics o boa ds wi h low emale ep esen a ion in
ESG con ex s.
We also con ibu e o ins i u ional heo y by demons a ing he
mode a ing ole o con ex ual ac o s on he in luence o emale
di ec o s on sus ainabili y disclosu e p ac ices. By p o iding
empi ical e idence on how indus y en i onmen al sensi i -
i y and EU egula ions a ec he ela ionship be ween gende
di e si y and anspa ency o deca boniza ion- ela ed in o -
ma ion, we b oaden he unde s anding o how ins i u ional con-
ex s and business oppo uni ies shape co po a e sus ainabili y
10990836, 2025, 3, Downloaded om h ps://onlinelib a y.wiley.com/doi/10.1002/bse.4183 by Readcube (Lab i a Inc.), Wiley Online Lib a y on [26/05/2025]. See he Te ms and Condi ions (h ps://onlinelib a y.wiley.com/ e ms-and-condi ions) on Wiley Online Lib a y o ules o use; OA a icles a e go e ned by he applicable C ea i e Commons License
3894 Business S a egy and he En i onmen , 2025
p ac ices. Speci ically, his esea ch ex ends ins i u ional heo y
by showing ha en i onmen s demanding sus ainabili y and
anspa ency inc ease he alue o BGD, excep when ins i u-
ional manda es educe he eliance on speci ic boa d composi-
ions. Finally, his esea ch con ibu es o discussions on gende
pe spec i es in he ansi ion o a sus ainable, ze o- ca bon econ-
omy by highligh ing he ole o emale di ec o s in p omo ing
anspa en and esponsible co po a e p ac ices.
The emainde o he pape is o ganized as ollows: Sec ion2
ou lines he heo e ical amewo k and hypo hesis de elopmen .
Sec ion 3 desc ibes he s udy's empi ical app oach. Sec ion 4
p esen s and discusses he main indings. The inal sec ion sum-
ma izes he s udy's conclusions and implica ions.
2 | Backg ound and Hypo hesis De elopmen
2.1 | Theo e ical F amewo k
The in luence o BGD on he adop ion and disclosu e o ESG
s a egies has been examined h ough a ious heo e ical
amewo ks, including agency heo y, esou ce dependence
heo y, uppe echelon heo y, and s akeholde heo y (Nguyen,
N im, and Malagila2020; Amo elli and Ga cía- Sánchez2021).
Ne e heless, se e al schola s (e.g., Elmag hi e al.2019; Ga cía-
Sánchez e al.2023b) a gue ha he ole o emale di ec o s in
his domain canno be ully explained by any single heo y, ad-
oca ing o a combina ion o heo e ical app oaches. Following
his ecommenda ion and in alignmen wi h ecen s udies
(e.g., Al- Najja and Salama 2022; Nicolò e  al. 2022; Abbasi
e al.2024), his s udy adop s a mul i heo e ical amewo k o
explain he in luence o BGD on he anspa ency abou deca -
boniza ion s a egies. Speci ically, we apply esou ce depen-
dence heo y, c i ical mass heo y, and ins i u ional heo y.
Resou ce dependence heo y posi s ha i ms a e open sys ems
ha depend on ex e nal esou ces ha a e o en con olled by
o he ac o s in he en i onmen (P e e and Salancik 1978;
Hillman and Dalziel2003). To mi iga e unce ain y and man-
age dependencies, i ms s a egically assemble hei boa ds
o enhance hei access o c i ical esou ces, including di-
e se pe spec i es, knowledge, and ne wo ks (P e e and
Salancik1978), and o add ess social and en i onmen al chal-
lenges (Mani a e al.2018; Nicolò e al.2022; Ga cía- Sánchez
e al.2024d). F om his pe spec i e, boa d capi al e e s o he
alue ha boa d membe s b ing o he o ganiza ion in e ms
o expe ience, knowledge, skills, and social ne wo ks (Zah a
and Pea ce 1989). Female di ec o s enhance boa d capi al
(Cha uma hi and Rahman2019; Hollindale e al.2019; O azalin
and Baydaule o 2020) by b inging di e se skills and pe spec-
i es ha complemen hose o male di ec o s (Ben- Ama ,
Chang, and McIlkenny2017; Nguyen, N im, and Malagila2020;
Amo elli and Ga cía- Sánchez2021; Nicolò e al.2022).
Acco ding o c i ical mass heo y, a h eshold o “c i ical
mass” o pa icipa ion mus be eached o mino i ies wi hin
a g oup o exe meaning ul in luence on collec i e decision-
making (Kan e  1977). O iginally applied o he s udy o
women's ep esen a ion in poli ics, his heo y has been ex-
ended o he co po a e a ena, sugges ing ha a su icien
numbe o emale di ec o s is equi ed o meaning ully impac
boa d decision- making (Nicolò e al.2022; Wasiuzzaman and
Sub amaniam 2023). Thus, low ep esen a ion o women on
boa ds may limi hei impac on policies and decisions, whe eas
eaching a c i ical h eshold allows emale di ec o s o d i e
subs an i e change (To chia, Calab ò, and Huse2011; Joecks,
Pull, and Ve e 2013; A i , Liu, and Huang2019). K is ie(2011,
22) illus a es his concep as ollows: “One is a oken, wo is
p esence, and h ee is oice.” By shi ing he balance o in lu-
ence wi hin he boa d oom, a c i ical mass o emale di ec o s
ampli ies hei collec i e oice, enabling mo e consis en ad o-
cacy o obus and anspa en sus ainabili y p ac ices (Pos ,
Rahman, and Rubow2011; To chia, Calab ò, and Huse2011;
Cha uma hi and Rahman2019; A i e al.2021).
Finally, ins i u ional heo y posi s ha o ganiza ions adap o
socie al no ms and expec a ions in o de o main ain legi imacy
(DiMaggio and Powell1983). Thus, ins i u ional p essu es in-
luence sus ainabili y disclosu e p ac ices, al hough his in-
luence may a y depending on he na u e o he ins i u ional
p essu es aced by i ms (Nicolò e al.2024). Acco ding o in-
s i u ional heo y, hese p essu es can be unde s ood as coming
om h ee main sou ces (DiMaggio and Powell1983): coe ci e
p essu es om egula o y equi emen s o powe ul s akehold-
e s, mime ic p essu es om indus y leade s se ing p eceden s
in clima e anspa ency, and no ma i e p essu es om socie al
expec a ions o sus ainabili y. These o ces shape how com-
panies na iga e and espond o en i onmen al issues (Nicolò
e al.2024). F om his pe spec i e, ins i u ional p essu es may
shape boa d decisions on clima e anspa ency, ampli ying he
impac o gende - di e se boa ds.
2.2 | Li e a u e Re iew and Hypo hesis
De elopmen
Resea ch on he d i e s o clima e change disclosu e has iden-
i ied bo h in e nal ac o s, such as i m cha ac e is ics and
go e nance mechanisms, and ex e nal ac o s as key de e mi-
nan s (Al- Qah ani and Elgha bawy2020; Song and Xian2024).
Among he in e nal ac o s, esea che s show ha la ge and
mo e p o i able i ms, hose wi h la ge and mo e specialized
boa ds, a highe p esence o ins i u ional in es o s, and hose in
ossil uel- in ensi e sec o s a e mo e likely o disclose clima e-
ela ed in o ma ion (Caby, Ziane, and Lama que2020; Subedi
and Zoe 2024). Ex e nal ac o s, including a coun y's economic
de elopmen , legal amewo k, cul u al dimensions, and a i-
udes owa ds clima e change, se e as sou ces o ins i u ional
p essu e ha posi i ely in luence disclosu e p ac ices (Vel e,
S awinoga, and Lueg2020; Bose e al.2024). Mo eo e , se e al
s udies highligh ha many o hese ac o s in luence no only
he likelihood o disclosu e bu also he quali y and ma e ial-
i y o he in o ma ion disclosed (Ma eo- Má quez, González-
González, and Zamo a- Ramí ez 2022; Rod íguez, Gambe a,
and Ga cía- Benau2023).
P e ious s udies ha e examined he ela ionship be ween
BGD and co po a e anspa ency on sus ainabili y ma -
e s (e.g., Pos , Rahman, and Rubow 2011; F ias- Acei uno,
Rod iguez- A iza, and Ga cia- Sanchez 2013; Al- Shae and
Zaman2016; Ib ahim and Hane ah2016; Rao and Til 2016;
10990836, 2025, 3, Downloaded om h ps://onlinelib a y.wiley.com/doi/10.1002/bse.4183 by Readcube (Lab i a Inc.), Wiley Online Lib a y on [26/05/2025]. See he Te ms and Condi ions (h ps://onlinelib a y.wiley.com/ e ms-and-condi ions) on Wiley Online Lib a y o ules o use; OA a icles a e go e ned by he applicable C ea i e Commons License
3895
Elmag hi e  al. 2019; Ga cía- Sánchez e  al. 2024a). In gen-
e al, hese s udies documen a posi i e associa ion be ween
he p esence o emale di ec o s and en i onmen al disclosu e
(Qu eshi e  al. 2020; Nicolò e  al. 2022; Wasiuzzaman and
Sub amaniam2023). Speci ically, in he con ex o clima e-
ela ed in o ma ion, empi ical e idence highligh s a simila
posi i e e ec o BGD on olun a y clima e disclosu es. Liao,
Luo, and Tang (2015), Al- Qah ani and Elgha bawy (2020),
and Tingbani e al.(2020) documen a posi i e ela ionship
be ween he p opo ion o emale di ec o s and he likeli-
hood o la ge UK i ms disclosing in o ma ion on GHG and
he comp ehensi eness o such disclosu es. Simila indings
a e epo ed by Ben- Ama , Chang, and McIlkenny(2017) and
Hollindale e al.(2019) in Canada and Aus alia, espec i ely.
Cha uma hi and Rahman(2019) and Ooi e al.(2019) also e-
po a posi i e associa ion be ween BGD and ca bon disclo-
su e in eme ging ma ke s (India and Malaysia, espec i ely).
Howe e , some s udies o e con as ing pe spec i es: Am an,
Pe iasamy, and Zulka li (2014) ind a nega i e ela ionship
be ween BGD and clima e disclosu e in a sample o 13 Asia-
Paci ic coun ies, P ado- Lo enzo and Ga cia- Sanchez(2010)
epo no signi ican associa ion in an in e na ional sample,
and A a a and Sayedy(2019) no e ha , in Tu kish i ms, e-
male p esence on boa ds does no p omo e GHG disclosu e, al-
hough i does so in boa d commi ees. O e all, his empi ical
e idence sugges s ha gende - di e se boa ds a e mo e likely
o ad oca e o he disclosu e o in o ma ion on deca boniza-
ion s a egies.
Because o hei di e en socializa ion and p o essional ex-
pe iences, emale di ec o s a e o en pe cei ed as agen s
o change, ad oca ing o g ea e accoun abili y and s ake-
holde engagemen (Nicolò e  al. 2022). Thei p esence can
lead o inc eased sensi i i y o ex e nal p essu es (Ha jo o,
Laksmana, and Lee2015; Al- Shae and Zaman2016; Rao and
Til 2016; Mani a e al.2018), such as in es o demands and
socie al expec a ions o clima e ac ion (Ben- Ama , Chang,
and McIlkenny 2017; Ilhan e  al. 2023; Ga cía- Sánchez
e  al. 2023b; Subedi and Zoe  2024). This alignmen wi h
b oade s akeholde conce ns os e s p oac i e anspa ency
p ac ices (Ben- Ama , Chang, and McIlkenny2017; Hollindale
e al.2019; Al- Qah ani and Elgha bawy2020; Wasiuzzaman
and Sub amaniam 2023; Abbasi e  al. 2024; Nicolò and
And ades- Peña 2024; Ga cía- Sánchez e  al. 2024a), espe-
cially in a eas such as deca boniza ion, whe e public sc u iny
and egula o y demands a e inc easing (Am an, Pe iasamy,
and Zulka li 2014; Bauckloh e  al. 2023; Ngo e  al. 2023).
Consequen ly, om he pe spec i e o esou ce depen-
dence heo y, BGD can be seen as a s a egic esponse ha
s eng hens a i m's s a egic capabili ies and aligns esou ce
acquisi ion and use wi h e ol ing sus ainabili y impe a i es
(Nicolò e al.2022), he eby enhancing he boa d's abili y o
add ess complex issues such as clima e change and deca -
boniza ion and e ec i ely espond o s akeholde demands
h ough clima e- ela ed disclosu es (Ben- Ama , Chang, and
McIlkenny2017; Ooi e al.2019; Al- Najja and Salama2022;
Ga cía- Sánchez e al.2023b; Abbasi e al.2024).
In addi ion o b inging human and ela ional capi al o he boa d,
which a o s di e en pe spec i es, emale di ec o s also b ing
di e en leade ship s yles (Rao and Til 2016; Nicolò e al.2022).
Bass (1999, 10–11) p oposed a ypology o leade ship s yles,
dis inguishing be ween ansac ional and ans o ma ional
leade ship. The o me e e s o “ he exchange ela ionship be-
ween he leade and ollowe s o sa is y hei own in e es s,”
whe eas he la e desc ibes ans o ma ional leade s as hose
who can mobilize hei ollowe s “beyond hei immedia e sel -
in e es s” and mo i a e hem o achie e b oade socie al goals.
F om his pe spec i e, emale and male di ec o s end o di e
in hei leade ship s yles (Mon ei o, Ga cía- Sánchez, and Aiba -
Guzmán2022; Nicolò and And ades- Peña2024), wi h he o -
me mo e likely o adop a ans o ma ional leade ship s yle and
he la e mo e likely o adop a ansac ional leade ship s yle
(Reu e s e al.2008; S empel, Rigo i, and Moh 2015). Thus,
gi en ha clima e change disclosu es ha go beyond legal e-
qui emen s in ol e “ ans o ma ional change” in anspa ency
policies, hey would be encou aged by ans o ma ional leade -
ship om di ec o s, and hus, g ea e BGD would inc ease he
anspa ency o deca boniza ion- ela ed in o ma ion.
The e o e, conside ing ha emale di ec o s no only add alue
in e ms o capi al and esou ces bu also p omo e mo e e hical
managemen and a commi men o anspa ency on en i on-
men al and social issues, he ollowing hypo hesis is p oposed:
Hypo hesis 1. Female p esence on boa ds is associa ed wi h
g ea e anspa ency o deca boniza ion- ela ed in o ma ion.
Al hough mos s udies sugges ha he p esence o emale
di ec o s inc eases co po a e anspa ency on en i onmen-
al and social issues (Al- Qah ani and Elgha bawy 2020;
Qu eshi e  al. 2020; Nicolò e  al. 2022; Wasiuzzaman and
Sub amaniam 2023; Ga cía- Sánchez e  al. 2024a), i may be
necessa y o women o hold a su icien numbe o sea s o be
mo e han a oken p esence (To chia, Calab ò, and Huse2011;
A i e al.2021). F om he pe spec i e o c i ical mass heo y,
isola ed emale di ec o s may ace challenges such as oken-
ism o esis ance o hei con ibu ions, which may dilu e hei
abili y o shape o ganiza ional p io i ies, including anspa -
ency in en i onmen al disclosu e (Mani a e al.2018; De Masi
e al.2021). Howe e , when women's ep esen a ion eaches a
c i ical mass, i os e s a suppo i e en i onmen o hei pe -
spec i es and ini ia i es o gain ac ion (Pos , Rahman, and
Rubow2011; Cha uma hi and Rahman2019). This ans o ma-
ion s eng hens he boa d's abili y o p io i ize sus ainabili y
conce ns and espond o ex e nal demands o g ea e deca bon-
iza ion anspa ency. In he con ex o sus ainabili y disclosu e,
au ho s such as Mani a e al.(2018) and De Masi e al.(2021)
show ha a c i ical mass o emale di ec o s is equi ed o sig-
ni ican ly impac disclosu e, whe eas Ben- Ama , Chang, and
McIlkenny(2017), Cha uma hi and Rahman(2019), Hollindale
e al.(2019), and Abbasi e al.(2024) do he same wi h espec o
clima e disclosu e.
The e o e, conside ing he possibili y ha a c i ical mass o e-
male di ec o s is equi ed o hei pe spec i es on co po a e
anspa ency wi h espec o deca boniza ion s a egies o be
in luen ial, we hypo hesize he ollowing:
Hypo hesis 2. Female boa d p esence is associa ed wi h
g ea e anspa ency o deca boniza ion- ela ed in o ma ion only
when i eaches a c i ical mass.
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3896 Business S a egy and he En i onmen , 2025
P e ious esea ch sugges s ha ex e nal p essu es a e ins u-
men al in d i ing sus ainabili y epo ing (Ga cía- Sánchez
e  al. 2023a; Nicolò and And ades- Peña 2024), including
clima e- ela ed disclosu es (Luo, Lan, and Tang2012; Am an,
Pe iasamy, and Zulka li2014; Kalu, Buang, and Aliagha2016;
He e  al. 2019). Mo eo e , in addi ion o boa d oom powe
dynamics, esea ch has also shown ha he in luence o
emale di ec o s on i m s a egy and co po a e anspa -
ency is also in luenced by he cha ac e is ics o he o gani-
za ional and ins i u ional con ex in which i ms ope a e
(By on and Pos 2016; A a a and Sayedy2019; Sa han, N im,
and Al- Najja  2019; Wasiuzzaman and Sub amaniam2023;
Alma ayeh, Aiba - Guzman, and Suá ez- Fe nández 2024).
F om he pe spec i e o ins i u ional heo y, he b oade in-
s i u ional en i onmen shapes he oppo uni ies and con-
s ain s ha emale di ec o s encoun e in ad ancing he
sus ainabili y agenda (Nicolò e al.2024). The e o e, emale
di ec o s a e mo e likely o succeed in inc easing deca -
boniza ion anspa ency when ins i u ional p essu es om
he o ganiza ional and ins i u ional con ex align wi h hei
ad ocacy e o s. This alignmen ampli ies hei abili y o
in luence decision- making p ocesses and p omo e anspa -
ency and collec i ely shape co po a e beha io and decision-
making p ocesses (Wasiuzzaman and Sub amaniam 2023;
Ga cía- Sánchez e al.2024b).
Indus ies cha ac e ized by high en i onmen al sensi i -
i y, such as mining, anspo a ion, and oil and gas, ace in-
c eased sc u iny om s akeholde s, which incen i izes i ms
o adop mo e anspa en p ac ices (Qu eshi e al.2020). In
addi ion, i ms ope a ing in en i onmen ally sensi i e sec o s
mus comply wi h sus ainabili y and anspa ency s anda ds
(Mon ei o and Aiba - Guzmán2010), o cing hem o inc ease
anspa ency o e lec hei deca boniza ion s a egies. These
coe ci e p essu es c ea e an enabling en i onmen o emale
di ec o s o in luence anspa ency, as alignmen wi h sus-
ainabili y no ms no only sa is ies ex e nal demands bu also
enhances he social legi imacy o he i m. In his sense, in
i ms ope a ing in en i onmen ally sensi i e sec o s, emale
di ec o s may ind s onge o ganiza ional suppo o sus-
ainabili y ini ia i es as hey align wi h indus y- le el no ms
and s akeholde expec a ions.
In addi ion, egula o y amewo ks c ea e coe ci e p es-
su es ha o ce companies o disclose ex ensi e in o ma ion
(Wasiuzzaman and Sub amaniam2023; Nicolò e al.2024).
The EU, in pa icula , is ecognized as a leading egion in
p omo ing sus ainable de elopmen and co po a e anspa -
ency (Qu eshi e al.2020; Nicolò e al.2022). The EU's s in-
gen ESG egula ions c ea e an en i onmen in which obus
anspa ency p ac ices a e p io i ized, leading boa ds o di-
ec o s o adop p oac i e anspa ency app oaches (Fe e ,
López- A ceiz, and del Rio2020; Lippai- Mak a, Ko ács, and
Kiss2022; Ga cía- Sánchez e al.2023a; Nicolò and And ades-
Peña2024). In his sense, he s ingen sus ainabili y disclo-
su e equi emen s manda ed by Eu opean di ec i es, such as
he Co po a e Sus ainabili y Repo ing Di ec i e (CSRD) and
he Eu opean Sus ainabili y Repo ing S anda ds (ESRS),
o ce companies o disclose de ailed in o ma ion ela ed o
deca boniza ion. Such coe ci e p essu es educe in e nal e-
sis ance o anspa ency ini ia i es, allowing emale di ec o s
o use egula o y compliance as a pla o m o ad ancing de-
ca boniza ion disclosu e p ac ices.
Finally, i m- le el oppo uni ies ela ed o clima e change, such
as he de elopmen o g een echnologies o access o sus ain-
able inancing, u he mode a e he ela ionship be ween BGD
and anspa ency. Fi ms ha pe cei e clima e change as a s a-
egic oppo uni y a e mo e likely o in eg a e sus ainabili y in o
hei co e ope a ions and disclosu es as a means o gaining com-
pe i i e ad an age (Aiba - Guzmán e al.2024; Ga cía- Sánchez
e al.2024d). The mime ic p essu es ha such ac ions exe on
o he i ms ein o ce he ad ocacy e o s o emale di ec o s,
who can champion deca boniza ion anspa ency as a means o
enhancing he i m's ma ke posi ioning and adap i e capaci y
in a low- ca bon economy.
Thus, he ollowing o e a ching hypo hesis is p oposed:
FIGURE 1 | Resea ch model.
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3897
Hypo hesis 3. The in luence o BGD on he anspa ency o
deca boniza ion- ela ed in o ma ion is posi i ely mode a ed by he
o ganiza ional and ins i u ional con ex s in which i ms ope a e.
To u he delinea e his hypo hesis, h ee subhypo heses a e
p esen ed:
Hypo hesis 3a. The in luence o BGD on he anspa ency
o deca boniza ion- ela ed in o ma ion is posi i ely mode a ed
by he en i onmen al sensi i i y o he indus y o which a i m
belongs.
Hypo hesis 3b. The in luence o BGD on he anspa ency o
deca boniza ion- ela ed in o ma ion is posi i ely mode a ed by
he egula o y con ex o he EU.
Hypo hesis 3c. The in luence o BGD on he anspa ency o
deca boniza ion- ela ed in o ma ion is posi i ely mode a ed by
he i m's clima e change- ela ed business oppo uni ies.
Figu e1 illus a es he o e all esea ch model.
3 | Me hodology
3.1 | Sample
The empi ical es ing o ou esea ch hypo hesis equi es a
igo ous me hodological design o ensu e he logical sound-
ness, adequacy, and ep esen a i eness o he da a. The i s
elemen o be de ined is he popula ion o in e es . In align-
men wi h p io esea ch (Aiba - Guzmán e al.2023, 2024),
we ha e selec ed la ge global companies, as hese en i ies
a e no only subjec o g ea e sc u iny due o hei isibili y,
bu hey also possess he esou ces and capabili ies o imple-
men ambi ious clima e change ini ia i es (Ga cía- Sánchez
e al.2023b, 2024d).
D awing on da a om he Re ini i da abase, he inal sample
comp ises an unbalanced panel da ase wi h 6575 companies
(46,561 obse a ions) co e ing he pe iod o 2015–2022. The
s a ing yea e lec s he signing o he Pa is Ag eemen , ma k-
ing an in ensi ica ion in co po a e commi men s o clima e
ac ion. Table1 summa izes he sample selec ion s ages and c i-
e ia, all de ined by he a ailabili y o essen ial in o ma ion.
3.2 | Va iables
In o de o analyze ou esea ch hypo hesis, we ha e de ined a
se o a iables acco ding o he p e ious li e a u e and he main
o ganiza ions in he ield. We ha e classi ied hem in o depen-
den , independen , mode a ing, and con ol a iables acco ding
o hei ole in he empi ical pa .
In his sense, he dependen a iable, DescIn , co esponds
o a composi e indica o anging om 0 o 100, cap u ing he
anspa ency o companies ega ding hei deca boniza ion
commi men s. This indica o is calcula ed as
∑9
i=1
DescI emi
9
,
based on nine i ems ha e lec disclosu es ela ed o deca -
boniza ion ag eemen s and commi men s, implemen ed mea-
su es, and p og ess made in emission educ ion. These i ems
we e selec ed acco ding o a ious s anda ds and guide-
lines, such as Regula ion (EU) 2018/1999 o he Eu opean
Pa liamen and he Council on he Go e nance o he Ene gy
Union and Clima e Ac ion and he Task Fo ce on Clima e-
ela ed Financial Disclosu es (TCDF) epo s. As o he
p ocedu e o c ea e he DescIn sco e, we iden i ied he in o -
ma ion a ailable in he Re ini i da abase o he nine i ems in
Panel A o Table2. The i ems co espond o dummy a iables
ha ake he alue o 1 i he company disclosed in o ma ion
on ha i em and 0 o he wise.
In addi ion, o ensu e obus esul s, we c ea ed a ca ego ical
a iable Omission, which akes he alue 1 i a company omi s
in o ma ion i ems DI8 and DI9 and 0 o he wise.
Consis en wi h p io s udies, ou independen a iable, BGD,
is p oxied by he p opo ion o women on he boa d (P ado-
Lo enzo and Ga cia- Sanchez2010; Liao, Luo, and Tang2015;
Cha uma hi and Rahman2019; Tingbani e al.2020; Al- Najja
and Salama2022; Ga cía- Sánchez e  al.2023b, 2024a), coded
he e as he a iable FemD.
Fo he c i ical mass a iable, we use di e en app oaches.
Model 2a ela es emale ep esen a ion o he h ee ypes o
boa ds de ined by Seebeck and Ve e (2022) and Ga cía- Sánchez
e al.(2023b) based on gende composi ion: (i) Skewed boa ds,
whe e women hold less han 20% o sea s and men domina e;
(ii) Til ed boa ds, wi h 20%–40% emale ep esen a ion bu no
gende balance; and (iii) Balanced boa ds, wi h 40%–60% emale
p esence. These ca ego ies a e ope a ionalized by h ee dicho -
omous a iables (Skewed, Til ed, and Balanced), which ake he
alue 1 i he p opo ion o emale di ec o s alls wi hin each
ange and 0 o he wise.
Inspi ed by A i e al.(2021), Model 2b includes dummy a i-
ables o boa ds wi h one emale di ec o (OneWomen), wo e-
male di ec o s (TwoWomen), and h ee o mo e emale di ec o s
(3 + Women) ha ake he alue o 1 when he p opo ion o e-
male di ec o s alls wi hin each coun .
TABLE 1 | S ages and c i e ia o sample selec ion.
Sou ce Re ini i
S ages and c i e ia
Numbe o
companies
C i e ion 1. Companies wi h in o ma ion
on he p esence/absence o a public
commi men o deca boniza ion. Companies
wi h missing alues o his a iable a e
excluded
8905
C i e ion 2. A ailabili y o he necessa y
in o ma ion o he es o he a iables ha
make up he empi ical models
7578
C i e ion 3. A ailabili y o he equi ed
in o ma ion pe company o a leas 5
consecu i e yea s
6575
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3898 Business S a egy and he En i onmen , 2025
In Model 2c, we in oduced ano he measu e wi h he a iable
NoWomen, a dummy ha iden i ies all- male boa ds. The a i-
able akes he alue 1 i he di ec o s a e all male and 0 o he wise.
Finally, in Models 2d and 2e, we include he p esence o emale di-
ec o s and he squa e o hei numbe and p opo ion, espec i ely.
Rega ding he analysis o he e ec mode a ing con ex s
p oposed by Hypo hesis 3, he e m Scena io e e s o
h ee di e en a iables: Sus Ind, EU, and Oppo o es
Hypo heses 3a, 3b, and 3c, espec i ely. Sus Ind cap u es
indus y- speci ic en i onmen al sensi i i y. I akes a alue o
1 o sec o s wi h high en i onmen al impac , such as mining
and qua ying, oad anspo , and oil and gas, and 0 o o he
sec o s. The ins i u ional en i onmen o he EU, whe e sus-
ainabili y and anspa ency a e p io i ized, is p oxied by he
a iable EU, a dummy ha akes a alue o 1 o companies
TABLE 2 | Va iables.
Panel A. In o ma ion i ems on business deca boniza ion
F equency (%)
DI1. The company ha e a public comp omise wi h emission educ ion 60.80
DI2. The company has a se a ge s o objec i es o be achie ed on emission educ ion (i.e., pe cen age
o emission educ ion a ge )
55.18
DI3. The company has ixed he yea by which he emission educ ion a ge is se 34.42
DI4. The company has es ablished di e en scena ios o ensu e he esilience o he s a egy
(in o ma ion on changes in he s a egy o add ess possible clima e changes)
23.09
DI5. The company epo s on he deca boniza ion le e s and he key ac ions and ools planned o
achie e he es ablished objec i es wi hin he indica ed pe iod
52.29
DI6. The company has he o ganiza ional s uc u es ela ed o sus ainabili y esponsibili ies 41.14
DI7. The company has app o ed ha he boa d and/o commi ees conside issues ela ed o
sus ainabili y and clima e when e iewing and guiding he s a egy, ac ion plans, e c.
52.60
DI8. The company p esen s in o ma ion on i s clima e coal 39.61
DI9. The company epo he pe cen age o a ge annual educ ion in emissions 32.27
Panel B. Independen and con ol a iables
Mean S d. de .
DescIn Composi e index o deca boniza ion in o ma ion disclosu es 43.49 26.52
FemD P opo ion o emale di ec o s 19.17 14.08
En Pe En i onmen al sco e om Re ini i 46.34 20.89
Boa D Numbe o di ec o s 9.62 3.28
Mee Numbe o mee ings o he boa d 9.44 5.49
InD P opo ion o independen di ec o s 61.64 24.95
Size Na u al loga i hm o o al asse s 22.17 1.97
Le Deb o o al asse s a io 18.59 19.68
ROA Re u n on asse s 5.43 7.15
In es men In es men o sales a io 19.36 1.91
In es o s P opo ion o sha es held by ins i u ional in es o s 8.86 6.82
F equency (%)
Sus Ind 19.73
EU 12.39
Oppo 16.06
Duali y Dummy akes alue 1 i he CEO is also he Chai o he boa d 34.39
Sus Com Dummy akes alue 1 i i ms ha e a sus ainabili y commi ee 52.69
Dis upE en s Dummy akes alue 1 o 2020 o 2022 40.42
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3899
domiciled in EU membe s a es and 0 o he wise. Las ly, he
a iable Oppo deno es he p esence o business oppo uni ies
linked o deca boniza ion, coded as 1 o i ms ha epo
business oppo uni ies ela ed o emission educ ion and 0
o he wise. The in e ac ion e ms be ween hese a iables and
BGD (FemD*Sus Ind, FemD*EU, and FemD*Oppo) cap u e
he mode a ing e ec s o indus y- speci ic en i onmen al
sensi i i y, he EU ins i u ional en i onmen , and he exis-
ence o deca boniza ion- ela ed business oppo uni ies on
he in luence o BDG on he anspa ency o deca boniza ion
s a egies, espec i ely.
To minimize po en ial biases, we include se e al con ol a i-
ables in he empi ical model. The concep ualiza ion o hese
a iables is de ailed in Panel B o Table2. Fo ins ance, he a i-
able En Pe con ols o co po a e en i onmen al pe o mance,
as p io esea ch has shown ha be e - pe o ming compa-
nies end o disclose mo e ele an in o ma ion (i.e., Cla kson
e al.2008; P ado- Lo enzo and Ga cia- Sanchez2010). Following
p e ious s udies (Ben- Ama , Chang, and McIlkenny2017; Al-
Qah ani and Elgha bawy 2020; A i e  al. 2021; Al- Najja
and Salama2022; Ga cía- Sánchez e al.2023a, 2024a; Abbasi
e al.2024), boa d e ec i eness is ep esen ed by he a iables
Boa D, Mee , and InD, which cap u e boa d size, ac i i y, and
independence, espec i ely. Addi ionally, Duali y and Sus Com
con ol o CEO duali y and he exis ence o a sus ainabili y-
ocused commi ee. To ep esen i m- speci ic capabili ies and
esou ces, we include he a iables Size, Le , ROA, and In es ,
e lec ing i m size, deb le el, p o i abili y, and in es men ,
espec i ely. These a iables' ele ance o co po a e anspa -
ency policies is es ablished in p e ious li e a u e (Da adkeh
e al.2023; Wang e al.2024). Fu he mo e, we con ol o s a-
egic in es o s, gi en hei es ed in e es in clima e- ela ed
isks (Aiba - Guzmán e al.2023; Ilhan e al.2023), as well as
o he egula o y impac s o ecen e en s like he COVID- 19
pandemic and he wa in Uk aine (Ben- Ama , Comyns, and
Ma inez2023; Ga cía- Sánchez e al.2024c).
3.3 | Empi ical Model
Based on he p e ious sec ions and he li e a u e, we de ine di -
e en dependence models o es ou hypo hesis. In his sense,
Model 1 below is designed o es ou i s esea ch hypo hesis
(Hypo hesis1):
To es Hypo hesis2 and assess whe he a c i ical mass o emale
di ec o s is necessa y o in luence he disclosu e o in o ma ion
on deca boniza ion s a egies, we eplace he a iable FemD
wi h al e na i e measu es o BGD ha e lec di e en le els
o emale ep esen a ion on he boa d. To do his, we cons uc
Model 2.
Resea ch hypo heses (Hypo heses 3a, 3b, and 3c) a e es ed
using he Model 3 p esen ed below, in which we in e ac he
measu e o BGD wi h Scena io o con ol o he mode a ing e -
ec o he o ganiza ional and ins i u ional en i onmen :
In bo h models, i iden i ies he i m; is he pe iod; and
δ
and 𝛽
a e he coe icien s o be calcula ed.
The p oposed models a e es ima ed using bo h o dinal
and linea eg essions o panel da a, he la e using bo h
ixed and andom e ec s. The choice o o dinal me hods in
he basic models is guided by he o dinal quan i a i e na u e
o he dependen a iable, DescIn . The use o linea eg es-
sion me hods allows us o gua an ee ha he esul s ob ained
wi h he p e ious me hodology a e obus o changes in he
me hodological speci ica ions. Howe e , Model 1b is es i-
ma ed wi h p obi and logi eg essions o panel da a, he la -
e wi h bo h ixed and andom e ec s. The choice o hese
me hods is guided by he dicho omous na u e o he depen-
den a iables.
To add ess po en ial causali y issues, a iables a e ins umen ed
using ime lags, and he models inco po a e i m- speci ic e -
ec s, whe e η deno es he unobse able he e ogenei y and μ, he
dis u bance e m.
(1a)
DescIn
i
=δ
0
+𝛅
1
FemD
i
+δ
2
En Pe
i
+δ
3
Boa D
i
+δ
4
Mee
i
+
δ
5InDi +δ6Duali yi +δ7Sus Comi +δ8Sizei +δ9Le i +δ10ROAi
+
δ
11In es men i +δ12In es o si +δ13Dis upE en si +δ14Coun yi
+
δ15Indus yi+δ16Yea +μi +ηi
(1b)
Omission
i
=δ
0
+𝛅
1
FemD
i
+δ
2
En Pe
i
+δ
3
Boa D
i
+δ
4
Mee
i
+
δ
5InDi +δ6Duali yi +δ7Sus Comi +δ8Sizei +δ9Le i +δ10ROAi
+
δ
11In es men i +δ12In es o si +δ13Dis upE en si +δ14Coun yi
+
δ15
Indus y
i
+δ
16
Yea
+μ
i
+η
i
(2a)
DescIn
i =∝
0+∝
1
Skewed
i +∝
2
Til ed
i +∝
3
Balanced
i +
∝
4En Pe i +∝
5Boa Di ++∝
6Mee i +∝
7InDi +∝
8Duali yi +
∝
9Sus Comi +∝
10Sizei +∝
11Le i +∝
12ROAi +∝
13In es men i
+
∝
14In es o si +∝
15Dis upE en si +∝
16Coun yi+∝
17Indus yi+
∝18Yea +μi +ηi
(2b)
(2c)
DescIn
i =∝
0+∝
1
NoWomen
i +∝
2
En Pe
i +∝
3
Boa D
i +
+∝
4Mee i +∝
5InDi +∝
6Duali yi +∝
7Sus Comi +∝
8Sizei +
∝
9Le i +∝
10ROAi +∝
11In es men i +∝
12In es o si +
∝13Dis upE en si +∝
14Coun yi+∝
15Indus yi+∝
16Yea +μi +ηi
(2de)
DescIn
i
∝
0
+∝
1
Women∕FemD
i
+∝
2
Women squa e∕FemD squa e
i
+
∝
3En Pe i +∝
4Boa Di ++∝
5Mee i +∝
6InDi +∝
7Duali yi +∝
8Sus Comi
+
∝
9Sizei +∝
10Le i +∝
11ROAi +∝
12In es men i +∝
13In es o si +
∝14
Dis upE en s
i
+∝
15
Coun y
i
+∝
16
Indus y
i
+∝
17
Yea
+μ
i
+η
i
(3)
DescIn
i
=β
0
+β
1
FemD
i
+β
2
Scena io
i
+β
3
FemD∗Scena io
i
+
β
4En Pe i +β5Boa Di +β6Mee i +β7InDi +β8Duali yi +β9Sus Comi
+
β
10Sizei +β11Le i +β12ROAi +β13In es men i +β14In es o si +
β15
Dis upE en s
i
+β
16
Coun y
i
+β
17
Indus y
i
+β
18
Yea
+μ
i
+η
i
DescIn
i =∝
0+∝
1
OneWomen
i +∝
2
TwoWomen
i +∝
3
3
+
Women
i +∝
4En Pe i +∝
5Boa Di ++∝
6Mee i +∝
7InDi +
∝8Duali yi +∝
9Sus Comi +∝
10Sizei +∝
11Le i +∝
12ROAi +
∝13In es men i +∝
14In es o si +∝
15Dis upE en si +∝
16Coun yi
+
∝
17Indus yi
+∝
18Yea
+μ
i
+η
i
10990836, 2025, 3, Downloaded om h ps://onlinelib a y.wiley.com/doi/10.1002/bse.4183 by Readcube (Lab i a Inc.), Wiley Online Lib a y on [26/05/2025]. See he Te ms and Condi ions (h ps://onlinelib a y.wiley.com/ e ms-and-condi ions) on Wiley Online Lib a y o ules o use; OA a icles a e go e ned by he applicable C ea i e Commons License
3900 Business S a egy and he En i onmen , 2025
4 | Empi ical Findings
4.1 | Desc ip i e S a is ics
Table 2 p esen s he desc ip i e s a is ics o he a iables
used o es he esea ch hypo heses. Panel B highligh s ha
he a e age p opo ion o emale di ec o s (FemD) is 19.17%
and ha la ge companies wo ldwide disclose an a e age o
43.49% o he nine deca boniza ion- ela ed in o ma ion i ems
included in he DescIn a iable. Panel A p o ides a de ailed
b eakdown o he equency o disclosu e o each i em, e-
ealing signi ican oppo uni ies o imp o emen , pa icu-
la ly ega ding pe o mance me ics, p og ess owa ds s a ed
a ge s, and scena io analyses o bols e he esilience o co -
po a e s a egies.
Figu e2 illus a es he empo al e olu ion o he p ima y a ge
a iables unde analysis, DescIn and FemD. A posi i e end
is obse ed o bo h a iables ac oss he s udy pe iod, wi h a
pa icula ly p onounced inc ease in co po a e anspa ency.
Ne e heless, BGD emains a om a balanced composi ion,
unde sco ing he pe sis en gap in achie ing gende pa i y a a
boa d le el (Ga cía- Sánchez e al.2024b).
Table3 displays he bi a ia e co ela ions, con i ming he ab-
sence o collinea i y issues among he a iables.
4.2 | Main Findings and Robus ness Tes s
4.2.1 | The E ec o BGD on T anspa ency
o Deca boniza ion- Rela ed In o ma ion
Table4 epo s he esul s o Model 1a, es ima ed using o dinal
eg ession (Column 1) and linea eg ession me hods (Columns
2 and 3, wi h ixed and andom e ec s, espec i ely) o panel
da a. The inclusion o mul iple me hodological speci ica ions
s eng hens he obus ness o he indings.
Resul s om he o dinal eg ession in Column 1 e eal a
posi i e e ec o FemD on DescIn (δ1 = 0.0198), signi ican
a a 99% con idence le el. This posi i e associa ion is u he
con i med in he ixed- e ec and andom- e ec s linea e-
g essions (Columns 2 and 3, espec i ely). This esul s sup-
po Hypo hesis1, indica ing ha a highe ep esen a ion o
women on boa ds is posi i ely associa ed wi h a mo e com-
p ehensi e disclosu e o co po a e deca boniza ion policies.
This inding aligns wi h p io e idence ob ained by Liao, Luo,
and Tang(2015), Ben- Ama , Chang, and McIlkenny (2017),
Cha uma hi and Rahman (2019), Hollindale e  al. (2019),
Ooi e  al. (2019), Al- Qah ani and Elgha bawy (2020), and
Tingbani e al.(2020), all o whom epo a simila posi i e
link be ween BGD and clima e- ela ed disclosu es.
Rega ding con ol a iables, he analysis shows ha la ge ,
less indeb ed, and less p o i able companies wi h s onge
en i onmen al pe o mance a e mo e inclined o epo on
deca boniza ion s a egies. Disclosu e is also posi i ely co -
ela ed wi h la ge , mo e ac i e boa ds ha ha e a g ea e p o-
po ion o execu i e membe s and a dedica ed sus ainabili y
commi ee. Addi ionally, he in luence o ins i u ional ini ia-
i es in he 2020–2022 pe iod on en i onmen al epo ing is
e iden . These indings a e consis en wi h p io esea ch on
en i onmen al disclosu e (Al- Shae and Zaman2016; Ga cía-
Sánchez e al.2023a) and clima e change epo ing (Am an,
Pe iasamy, and Zulka li2014; Liao, Luo, and Tang2015; Ben-
Ama , Chang, and McIlkenny2017; A a a and Sayedy2019;
Cha uma hi and Rahman2019; Hollindale e al.2019).
To u he ensu e he obus ness o ou indings, Table 5
p esen s he esul s based on al e na i e designs o he de-
penden a iable and econome ic me hods sui ed o i s na-
u e. Speci ically, we used he ca ego ical a iable Omission.
Es ima ing Model 1b wi h his dummy a iable allows us o
examine he ac o s d i ing a company's choice o wi hhold
in o ma ion on i s clima e impac and p og ess owa ds emis-
sion educ ion a ge s. A a 99% con idence le el, he esul s
indica e ha he p opo ion o emale di ec o s has a nega i e
e ec (δ1 = −0.0193) on he likelihood o wi hholding such in-
o ma ion. This u he con i ms ha emale boa d p esence
encou ages he disclosu e o mo e ele an in o ma ion on
co po a e deca boniza ion e o s.
FIGURE 2 | Female di ec o s and desca boniza ion disclosu es.
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3907
TABLE 7 | Basic and obus esul s o Hypo hesis3: Ins i u ional and o ganiza ional scena ios.
Ologi eg ession
Coe . Coe . Coe .
(S d. e o ) (S d. e o ) (S d. e o )
FemD 0.0162*** 0.0181*** 0.0201***
(0.00198) (0.00196) (0.00189)
Sus Ind 0.886***
(0.119)
FemD*Sus Ind 0.0205***
(0.00398)
EU 1.303***
(0.184)
FemD*EU −0.00819*
(0.00486)
Oppo 0.621***
(0.0998)
FemD*Oppo −0.000129
(0.00378)
En Pe 0.121*** 0.119*** 0.118***
(0.00181) (0.00182) (0.00183)
Boa D 0.0536*** 0.0493*** 0.0540***
(0.00944) (0.00948) (0.00945)
Mee 0.0118*** 0.0121*** 0.0112***
(0.00359) (0.00359) (0.00359)
InD −0.0174*** −0.0173*** −0.0168***
(0.00133) (0.00134) (0.00133)
Duali y −0.0703 −0.0598 −0.0677
(0.0523) (0.0525) (0.0524)
Sus Com 2.302*** 2.339*** 2.327***
(0.0523) (0.0525) (0.0524)
Size 0.573*** 0.589*** 0.556***
(0.0286) (0.0289) (0.0287)
Le −0.261** −0.294** −0.278**
(0.128) (0.129) (0.128)
ROA −0.351*** −0.325*** −0.304***
(0.100) (0.100) (0.0998)
In es men 0.0355 0.0279 0.0428*
(0.0256) (0.0258) (0.0257)
In es o s −0.00766 −0.00697 −0.00568
(0.00657) (0.00640) (0.00611)
(Con inues)
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3908 Business S a egy and he En i onmen , 2025
upon a c i ical mass o women on he boa d, as e en a single
emale di ec o has a measu able impac , wi h he e ec in en-
si ying as mo e emale di ec o s join. This challenges he appli-
ca ion o c i ical mass heo y in his speci ic con ex , p oposing
ins ead ha he isibili y and in luence o e en one emale di-
ec o s on sus ainabili y opics can b ing anspa ency issues o
he boa ds' a en ion.
Inco po a ing hese indings wi h hose o he ins i u ional he-
o y analysis, we obse e ha ex e nal con ex is also ele an o
he ela ionship be ween BGD and anspa ency in deca bon-
iza ion. In en i onmen ally sensi i e indus ies, he posi i e in-
luence o BGD on anspa ency is ampli ied, aligning wi h he
ins i u ional heo y asse ion ha o ganiza ions espond o con-
ex ual p essu es o legi imize hei p ac ices. Con e sely, in he
EU en i onmen , whe e s ingen ESG egula ions p e ail, he
uni e sal push o anspa ency diminishes he need o gende
di e si y on boa ds as a de e minan . Fo i ms iden i ying busi-
ness oppo uni ies in deca boniza ion, anspa ency appea s
embedded wi hin hei s a egic app oach and shows no di ec
eliance on BGD, sugges ing ha when sus ainabili y aligns
closely wi h co e s a egy, he p esence o emale di ec o s may
no be essen ial. Collec i ely, hese indings imply ha p essu es
o anspa ency wi hin sus ainabili y ini ia i es di e en ially
condi ion he ole o emale di ec o s in co po a e disclosu e on
deca boniza ion s a egies. These indings no only highligh
he capaci y o emale di ec o s o shape s a egic decisions c i -
ical o sus ainable de elopmen bu also emphasizes he impo -
ance o in eg a ing bo h in e nal o ganiza ional a ibu es and
ex e nal ins i u ional con ex when e alua ing co po a e sus-
ainabili y p ac ices.
5.2 | P ac ical Implica ions
In p ac ical e ms, his s udy o e s aluable insigh s o manag-
e s, in es o s, egula o s, and socie y. Fo co po a e manage s,
he indings unde sco e he s a egic alue o BGD as a le e
o enhance anspa ency, pa icula ly on sensi i e opics like
sus ainabili y and deca boniza ion, which in u n s eng hens
co po a e epu a ion and legi imacy. Fo in es o s, his esea ch
sugges s ha i ms wi h a emale boa d ep esen a ion a e mo e
likely o commi o anspa en sus ainabili y s a egies, signal-
ing po en ially lowe egula o y isk and be e alignmen wi h
esponsible in es men c i e ia. Fo egula o s, he indings ad-
oca e o p omo ing gende di e si y on boa ds as an e ec i e
Ologi eg ession
Coe . Coe . Coe .
(S d. e o ) (S d. e o ) (S d. e o )
Dis upE en s 1.080*** 1.100*** 1.065***
(0.0300) (0.0301) (0.0300)
Coun y Yes Yes Yes
Indus y Yes Yes Yes
Yea Yes Yes Yes
Log likelihood −36574.37*** −36634.05*** −36625.90***
***p < 0.01.
**p < 0.05.
*p < 0.1.
TABLE 7 | (Con inued)
TABLE 8 | Desc ip i e s a is ics by scena ios.
To al Sus Ind EU Opo
0 1 0 1 0 1
DescIn 43.49 40.72 48.35 40.27 55.26 37.61 67.33
FemD 19.17 18.75 17.04 16.89 29.32 18.27 19.69
Balanced 8.33 8.37 7.43 5.93 24.60 8.04 9.90
Til ed 36.92 37.74 33.28 34.92 50.49 36.43 39.59
Skewed 33.45 33.37 34.50 35.95 16.49 33.68 32.19
3 + Women 27.03 27.78 24.40 22.57 57.25 25.11 37.53
TwoWomen 23.57 23.80 21.79 24.03 20.46 23.91 21.70
OneWomen 28.84 28.65 29.64 30.85 15.21 29.90 23.04
NoWomen 20.56 19.77 24.17 22.54 7.08 21.07 17.73
10990836, 2025, 3, Downloaded om h ps://onlinelib a y.wiley.com/doi/10.1002/bse.4183 by Readcube (Lab i a Inc.), Wiley Online Lib a y on [26/05/2025]. See he Te ms and Condi ions (h ps://onlinelib a y.wiley.com/ e ms-and-condi ions) on Wiley Online Lib a y o ules o use; OA a icles a e go e ned by he applicable C ea i e Commons License
3909
means o ad ancing anspa ency in sus ainabili y p ac ices, a
c i ical componen aspec o he ansi ion o sus ainable and
equi able economies.
F om a socie al pe spec i e, he s udy highligh s he b oade
socie al bene i s o os e ing gende equali y in he co po a e
sphe e, unde sco ing he ans o ma i e ole women can play
in s a egic decision- making ele an o sus ainable de elop-
men , pa icula ly in sec o s wi h high en i onmen al impac s.
In his way, ou esea ch ad ances heo e ical insigh s in o go -
e nance and sus ainabili y while p o iding ac ionable pa hways
o meaning ul change in co po a e p ac ice, wi h a - eaching
posi i e implica ions o socie y.
5.3 | Limi a ions and Fu u e Resea ch A enues
Whe eas his s udy o e s signi ican insigh s in o he impac o
BGD in p omo ing anspa ency a ound deca boniza ion s a e-
gies, se e al limi a ions mus be acknowledged. Fi s , al hough
he sample includes a b oad ep esen a ion o la ge global com-
panies, i s ocus on he la ges co po a ions may limi he gen-
e alizabili y o he indings o smalle o ganiza ions, which
may ace dis inc challenges and cons ain s in implemen ing
deca boniza ion s a egies. Second, his s udy employs a quan i-
a i e app oach, which p ecludes an in- dep h explo a ion o he
in e nal boa d dynamics ha may in luence clima e disclosu es.
Addi ionally, his s udy does no accoun o he demog aphic
cha ac e is ics o speci ic expe ise and knowledge o emale di-
ec o s, which may play a c i ical ole in shaping hei in luence
on deca boniza ion anspa ency. Finally, al hough he s udy
examines a ange o con ex ual ac o s, o he elemen s—such
as speci ic na ional policies o he in luence o local s akehold-
e s—could impac he ela ionship be ween BGD and clima e
anspa ency and ha e no been exhaus i ely add essed.
Building upon he limi a ions iden i ied, se e al a enues o u-
u e esea ch eme ge. Expanding he analysis o include smalle
i ms could p o ide a mo e comp ehensi e unde s anding o he
ela ionship be ween BGD and deca boniza ion anspa ency.
Addi ionally, quali a i e me hodologies, such as in- dep h in e -
iews o case s udies, could o e aluable insigh s in o he in e -
nal dynamics o boa ds, e ealing how gende di e si y and o he
boa d cha ac e is ics shape s a egic decision- making and ans-
pa ency p ac ices. Examining he demog aphic cha ac e is ics
and speci ic expe ise o emale boa d membe s also ep esen s a
p omising di ec ion, as i could shed ligh on how hese a ibu es
con ibu e o boa d e ec i eness in add essing clima e- ela ed
issues. Fu he mo e, u u e esea ch could explo e he ole o
na ional policy amewo ks and local s akeholde p essu es in
mode a ing he in luence o BGD on sus ainabili y anspa ency.
Finally, longi udinal s udies acking changes in boa d compo-
si ion and anspa ency p ac ices o e ime could enhance ou
unde s anding o causal ela ionships and he long- e m impac
o gende - di e se boa ds on co po a e sus ainabili y.
5.4 | Concluding Rema ks
Ou indings ein o ce he iew ha gende di e si y in co po a e
boa ds is mo e han a co po a e social esponsibili y objec i e; i
is a ounda ional elemen o imp o ed go e nance and isk man-
agemen , pa icula ly in he ace o clima e- ela ed challenges.
Female di ec o s' in luence in shaping co po a e cul u e and ad-
oca ing o enhanced accoun abili y and anspa ency appea s
o be a c i ical d i e in adop ing mo e sus ainable and espon-
sible p ac ices. In a global landscape ha inc easingly demands
co po a e accoun abili y, equi y, and anspa ency, his s udy
p o ides c i ical e idence and guidance o academics, egula-
o s, in es o s, and manage s seeking o build mo e esponsible,
sus ainable, and equi able o ganiza ions.
Con lic s o In e es
The au ho s decla e no con lic s o in e es .
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