Omenihu, Chinonye em Ma ilda; Abd akhmano a, Madina; Kou opoulos, Dimi ios
N.
A icle
Boa d gende di e si y and en i onmen al, social, and
go e nance (ESG) disclosu e in de eloped coun ies
Adminis a i e Sciences
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Omenihu, Chinonye em Ma ilda; Abd akhmano a, Madina; Kou opoulos,
Dimi ios N. (2025) : Boa d gende di e si y and en i onmen al, social, and go e nance (ESG)
disclosu e in de eloped coun ies, Adminis a i e Sciences, ISSN 2076-3387, MDPI, Basel, Vol. 15,
Iss. 4, pp. 1-26,
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Ci a ion: Omenihu, C. M.,
Abd akhmano a, M., & Kou opoulos,
D. N. (2025). Boa d Gende Di e si y
and En i onmen al, Social, and
Go e nance (ESG) Disclosu e in
De eloped Coun ies. Adminis a i e
Sciences,15(4), 141. h ps://doi.o g/
10.3390/admsci15040141
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A icle
Boa d Gende Di e si y and En i onmen al, Social, and
Go e nance (ESG) Disclosu e in De eloped Coun ies
Chinonye em Ma ilda Omenihu 1,* , Madina Abd akhmano a 1,* and Dimi ios N. Kou opoulos 2
1Depa men o Finance, Accoun ing and Risk, Glasgow Caledonian Uni e si y, Glasgow G4 0BA, UK
2Global Online MBA P og am, Uni e si y o London Wo ldwide, London WC1E 7HU, UK;
[email p o ec ed]
*Co espondence: [email p o ec ed] (C.M.O.); [email p o ec ed] (M.A.)
Abs ac : This pape examines he ela ionship be ween boa d gende di e si y and En-
i onmen al, Social, and Go e nance (ESG) disclosu e in de eloped economies. Using a
sample o o y- i e i ms ac oss de eloped coun ies be ween 2012 and 2023, he analysis
employs Bloombe g’s ESG disclosu e sco e as a p oxy. In e ms o me hodology, bo h
pooled o dina y leas squa es (OLS) and ixed e ec s eg ession models a e employed.
Howe e , o mi iga e po en ial endogenei y conce ns, he s udy employs an ins umen al
a iable app oach and dynamic panel eg ession echniques o p o ide obus causal in e -
ence. The indings o e wo signi ican insigh s. In acco dance wi h c i ical mass heo y,
i ms wi h a minimum o h ee emale di ec o s demons a e a signi ican posi i e ela ion-
ship be ween boa d gende di e si y and ESG disclosu e. This indica es ha achie ing a
c i ical le el o emale ep esen a ion is essen ial o os e ing meaning ul imp o emen s
in ESG disclosu e sco es. Second, i ms wi h me ely one o wo emale di ec o s, o en
conside ed oken ep esen a ion, exhibi a nega i e signi ican impac on ESG disclosu e.
Addi ionally, wi hin he UK con ex , boa d gende di e si y is posi i ely associa ed wi h
ESG disclosu e, sugges ing ha ins i u ional amewo ks and egula o y en i onmen
shape his ela ionship.
Keywo ds: boa d gende di e si y; ESG disclosu e; c i ical mass heo y
1. In oduc ion
A g owing body o esea ch has examined he ac o s in luencing ESG pe o mance,
wi h pa icula a en ion o boa d oom composi ion, especially boa d gende di e si y,
eme ging as one o he key de e minan s (Ya am & Adapa,2021;Abdelkade e al.,2024).
S udies sugges ha g ea e emale ep esen a ion on co po a e boa ds enhances i ms’
disclosu e o en i onmen al in o ma ion and esponsi eness o ex e nal s akeholde s’
in e es s (Puche a-Ma ínez & Bel-Oms,2019;A i e al.,2020). Female di ec o s b ing
di e se pe spec i es, os e ing mo e comp ehensi e decision-making ha accoun s o
a b oade ange o alues and in e es s. Thei p esence has been linked o imp o ed
en i onmen al pe o mance, including educed esou ce consump ion and g ea e p oduc
inno a ion (Wasiuzzaman & Wan Mohammad,2020).
Addi ionally, hei unique expe ise con ibu es o shaping co po a e social esponsibil-
i y a i udes and enhancing in o ma ion disclosu e (Wu e al.,2024). Ne e heless, s udies
ega ding he associa ion be ween boa d gende di e si y and ESG ha e yielded con lic ing
esul s. Some s udies indica ed a posi i e co ela ion (Bha ia & Ma waha,2022;Albi a
e al.,2023;Zhu & Chen,2024;Ma e al.,2024;Eissa e al.,2024;Wu e al.,2024), while
o he s epo ed a nega i e co ela ion (Hus ed & de Sousa-Filho,2019;Cuca i e al.,2018;
Adm. Sci. 2025,15, 141 h ps://doi.o g/10.3390/admsci15040141
Adm. Sci. 2025,15, 141 2 o 26
A hin ul e al.,2024) o no signi ican co ela ion wha soe e (Mani a e al.,2018;Zaid e al.,
2020). These con adic o y indings may s em om a ia ions in co po a e go e nance
s uc u es, he empi ical me hodologies employed, he s a is ical models u ilised, he ime
ames analysed, and he exclusion o ce ain a iables (Muhammad & Miglio i,2023).
Gi en he di e se ou comes, u he empi ical in es iga ion is needed o es ablish de ini i e
conclusions ega ding he impac o gende di e si y on boa ds on ESG disclosu e sco es.
The empi ical inconsis ency in p e ious s udies may a ise om he commonly used
es ima ion me hods. P e ious esea ch mos ly employed con en ional linea eg ession
echniques, including o dina y leas squa es (OLS) and ixed e ec s, which a e me hod-
ologically insu icien o a comp ehensi e analysis o he ela ionship be ween boa d
gende di e si y and ESG p ac ices. Acco ding o Win oki e al. (2012), hese echniques
ail o conside he inhe en endogenei y p oblem, which is a undamen al challenge in
go e nance esea ch ha has he po en ial o esul in skewed causal indings. As a esul ,
OLS eg ession may yield biased ou comes s emming om p oblems ela ed o endogenei y
and unobse ed he e ogenei y. Howe e , many o he ea lie s udies o e looked hese
issues. This unde sco es he necessi y o ho oughly examining and iden i ying all possible
explana ions o hese con lic ing esul s.
Consequen ly, his s udy employs mul iple es ima ion echniques o analyse he ela-
ionship be ween boa d gende di e si y and ESG disclosu e sco es. These include o dina y
leas squa es (OLS), ixed e ec s eg ession, and he ins umen al a iables-gene alised
me hod o momen s (IV-GMM) es ima o . While con en ional app oaches such as OLS a e
commonly used, hey a e limi ed in add essing endogenei y issues ha may a ise due o
omi ed a iable bias, measu emen e o , o e e se causali y. To mi iga e hese conce ns,
we implemen he IV-GMM app oach p oposed by Baum e al. (2003), which p o ides
consis en es ima es e en in he p esence o he e oskedas ici y and au oco ela ion in panel
da a. Fu he mo e, we apply wo-s age leas squa es (2SLS) and in e se p obabili y weigh -
ing (IPW) eg ession as addi ional obus ness checks o alida e he eliabili y o he esul s
and enhance con idence in he conclusions d awn.
This pape analyses da a om he Bloombe g da abase, ocusing on 45 i ms wi hin he
EURO STOXX Index, which has been comp ehensi ely upda ed o e a 12-yea pe iod om
2012 o 2023. Following Muhammad and Miglio i (2023), we u ilised a mul i- heo e ical
amewo k inco po a ing esou ce dependence heo y, s akeholde heo y, and c i ical mass
heo y o examine he ela ionship be ween boa d gende di e si y and ESG sco es. Ou
indings indica e a signi ican posi i e ela ionship be ween boa d gende di e si y and he
ESG disclosu e sco e, especially when a minimum o h ee emale di ec o s a e nomina ed.
This indica es ha a subs an ial p esence o emale ep esen a ion may be essen ial o
os e majo enhancemen s in ESG anspa ency, a he han supe icial appoin men s ha
a e unlikely o p oduce meaning ul ou comes. The indings exhibi consis ency when
e alua ed h ough di e se es ima ion echniques.
The emainde o his pape is s uc u ed as ollows. Sec ion 2p esen s he heo e ical
amewo k and esea ch hypo heses. Sec ion 3ou lines he esea ch me hodology. Sec-
ion 4 epo s he key empi ical indings, while Sec ion 5discusses he s udy’s conclusions
and implica ions.
2. Li e a u e Re iew
This s udy examines he ela ionship be ween gende di e si y and En i onmen al,
Social, and Go e nance (ESG) disclosu e sco es. Gi en he complex na u e o his ela ion-
ship, i is appa en ha no single heo e ical amewo k can p o ide an in-dep h analysis.
We employ a mul i- heo e ical amewo k, in eg a ing esou ce dependence heo y, s ake-
Adm. Sci. 2025,15, 141 3 o 26
holde heo y, and c i ical mass heo y o analyse he impac o boa d gende di e si y on
ESG disclosu e (Muhammad & Miglio i,2023).
The boa d o di ec o s is essen ial in p o iding c i ical esou ces, de eloping company
s a egy, and esponding o s akeholde demands (Hillman e al.,2009;Pos e al.,2015).
Resou ce dependence heo y asse s ha a i m’s pe o mance is con ingen upon he
expe ise, backg ound, psychological cha ac e is ics, and skills o i s di ec o s (Kyaw e al.,
2017). F om his pe spec i e, he impac o emale boa d membe ship on ESG p ac ices
is shaped by he unique con ibu ions women b ing o co po a e go e nance (T. Nguyen
e al.,2015). Shauka e al. (2016) con end ha he p esence o women on co po a e
boa ds imp o es he decision-making p ocess by in eg a ing a ied pe spec i es, skills,
and o ien a ions, which ul ima ely p omo es e hical business conduc .
Empi ical esea ch indica es ha women ypically exhibi g ea e esponsi eness o
sus ainabili y ini ia i es compa ed o men, asc ibed o psychological cha ac e is ics includ-
ing empa hy, sensi i i y, and a s ong commi men o e hical du y (Sama a e al.,2019;
Mani a e al.,2018). Hillman e al. (2000) u he a gued ha he inclusion o emale
di ec o s leads o be e co po a e decision-making h ough he in oduc ion o di e se
pe spec i es, which in u n enhances social and en i onmen al anspa ency. Pos e al.
(2015) indica e ha i ms ha ha e a g ea e numbe o women se ing on hei boa ds o
di ec o s a e mo e likely o o m pa ne ships ha a e ocused on sus ainabili y p ac ices.
Consequen ly, esou ce dependence heo y p esen s a s ong a ionale o he posi i e
ela ionship obse ed be ween boa d gende di e si y and ESG pe o mance, emphasising
he c i ical ole o emale di ec o s in add essing s akeholde conce ns ega ding ESG
issues. Menicucci and Paolucci (2024) subs an ia e his iew by inding ha boa d gende
di e si y is a c i ical de e minan o ESG pe o mance. The inc easing ocus on sus ainabil-
i y wi hin co po a e go e nance has esul ed in he inco po a ion o s akeholde heo y,
he eby b oadening he de ini ion o co po a e esponsibili y o encompass a wide a ay o
s akeholde s beyond jus sha eholde s. His o ically, he objec i e o co po a e go e nance
has been o enhance sha eholde alue h ough he execu ion o s a egic policies, esou ce
acquisi ion, and sus aining in e nal con ols (Lan & He acleous,2010). None heless, mod-
e n amewo ks o co po a e go e nance a e s a ing o acknowledge ha he e needs o
be a balance be ween sha eholde alue and e hical, social, and en i onmen al obliga ions
(Longo e al.,2005).
Schola s ha e obse ed ha he in luence o boa d ea u es on p omo ing ESG e -
o s can a y signi ican ly among coun ies, mainly due o di e ences in ins i u ional
amewo ks (Zaman e al.,2020). Nume ous ESG s udies employ ins i u ional heo y
as i p o ides an e ec i e amewo k o examining he in luence o socie al, legisla i e,
and cul u al ac o s on sus ainabili y p ac ices (Lewellyn & Mulle -Kahle,2023). Sco
and Meye (1994) a gue ha o ganisa ional p ac ices a e in luenced no only by e iciency
o pe o mance me ics bu also by he dominan belie s, assump ions, and expec a ions
ha exis wi hin a gi en con ex . F om his iewpoin , ESG disclosu e anscends being
jus a s a egic o ope a ional choice; i embodies he ins i u ionalised p essu es o align
wi h ecognised guidelines o co po a e sus ainabili y. O ganisa ions ha ope a e wi hin
ins i u ional amewo ks ha a e compa able o one ano he a e mo e inclined o emb ace
p ac ices ha a e equi alen o one ano he , such as e hical beha iou and anspa ency.
S akeholde heo y highligh s he signi icance o co po a e anspa ency, e hical
decision-making, and sus ainabili y p ac ices (De Vasconcelos e al.,2012;F eeman e al.,
2021). Acco ding o Chen and Robe s (2010), businesses a e equi ed o imp o e hei
economic pe o mance while simul aneously communica ing hei con ibu ions o sus ain-
able de elopmen and he p omo ion o human well-being. Adop ing a p oac i e s a egy
o engaging s akeholde s enables o ganisa ions o imp o e hei ESG pe o mance while
Adm. Sci. 2025,15, 141 4 o 26
add essing he a ied expec a ions o hose in ol ed (A ayssi e al.,2016). Rega dless o
hei independence, boa d membe s a e accoun able o making e hical and well-in o med
decisions ha a e consis en wi h he sus ainabili y objec i es o he o ganisa ion. In eg a -
ing esou ce dependence heo y wi h s akeholde heo y demons a es ha he p esence
o emale boa d membe s is associa ed wi h inc eased s akeholde ep esen a ion (F ee-
man,1984), enhanced access o aluable in o ma ion (Benson e al.,1978), and imp o ed
En i onmen al, Social, and Go e nance (ESG) pe o mance (Muhammad & Miglio i,2023).
Kan e ’s ea ly wo k (Kan e ,1977a,1977b) in oduced he concep o okenism, sug-
ges ing ha women who cons i u e a mino i y on co po a e boa ds a e equen ly iewed
as igu a i e membe s wi h es ic ed in luence. Bo h Kulich e al. (2007) and Lee and
James (2007) highligh ed ha he unde - ep esen a ion o women on boa ds can ein o ce
gende s e eo ypes and limi hei impac on boa d decisions. While Kan e ’s heo y e-
mains pe inen in he examina ion o boa d oom dynamics, i mus be con ex ualised
wi hin he b oade and e ol ing global landscape, whe e p og ess in gende di e si y has
been no ed ac oss di e en egions. Elabo a ing on his iewpoin , c i ical mass heo y
posi s ha mino i y g oup membe s mus each a speci ic h eshold o ha e subs an ial
in luence wi hin a bigge en i y. This heo y sugges s ha co po a e boa ds consis ing o
only one o wo women a e unlikely o e ec meaning ul change, as hei con ibu ions
may be minimal, and hei in luence easily o e looked. Kon ad e al. (2008) asse ha he
impac o emale di ec o s becomes signi ican only upon eaching a c i ical mass. To chia
e al. (2011) u nish empi ical e idence o his concep , illus a ing ha he p esence o a
minimum o h ee women on boa ds ma kedly enhances he p obabili y o emale di ec o s
engaging ac i ely in go e nance ac i i ies. A his junc u e, women possess a g ea e
capaci y o in luence he subs ance and dynamics o boa d deba es, po en ially a ec ing
s a egic decisions and supe iso y oles.
Empi ical esea ch by B ahma e al. (2021) and Schwa z-Zi (2017) indica es ha
boa ds wi h a minimum o h ee emale di ec o s exhibi enhanced in ol emen and mo e
inclusi e decision-making p ocesses. Jia and Zhang (2012) also disco e ha he exis ence
o a c i ical mass leads o subs an ial al e a ions in boa d in e ac ions. In a simila ein,
Amin e al. (2022) demons a e ha boa ds comp ising h ee o mo e emale di ec o s
a e associa ed wi h educed agency cos s, sugges ing enhanced go e nance e iciency.
Consequen ly, achie ing a minimum ep esen a ion o emale di ec o s can imp o e boa d
e ec i eness; howe e , i may no , on i s own, add ess mo e p o ound s uc u al and
cul u al obs acles.
Theo e ical F amewo k and Hypo hesis De elopmen
This subsec ion delinea es he heo e ical amewo k and hypo heses posi ed in his
s udy, building upon he heo e ical insigh s and empi ical indings discussed in he
p eceding sec ion. Al hough p e ious esea ch p esen s inconclusi e da a, he subsequen
a gumen s embody he au ho s’ concep ual amewo k g ounded in c i ical mass heo y
and associa ed iewpoin s.
The inclusion o di e se gende s on co po a e boa ds has eme ged as a i al componen
o go e nance s uc u es (Lewellyn & Mulle -Kahle,2023). Di e si y wi hin he boa d
en iches he knowledge base, os e s c ea i i y, and imp o es leade ship e ec i eness (Ma
e al.,2024). In he ealm o co po a e social esponsibili y, gende di e si y is acknowledged
as he mos p ominen boa d cha ac e is ic due o he di e ing leade ship s yles o men and
women (Ba & McQueen,2013), hei dispa a e sensi i i ies o ESG issues (Williams,2003),
a ia ions in in o ma ion-p ocessing expenses (Gul e al.,2011), and hei compa a i e
e ec i eness in o e seeing co po a e ac i i ies (Nielsen & Huse,2010).
Adm. Sci. 2025,15, 141 5 o 26
Empi ical s udies la gely suppo he no ion ha he p esence o women on boa ds
has a bene icial e ec on ESG sco es (O azalin & Mahmood,2021;Bha ia & Ma waha,
2022;Albi a e al.,2023;Zhu & Chen,2024;Eissa e al.,2024). Howe e , he exis ing
li e a u e showcases con adic o y esul s, indica ing a mo e complex ela ionship. Mani a
e al. (2018) indica e no signi ican co ela ion be ween boa d gende di e si y and ESG
disclosu e in S&P 500 companies; howe e , Hus ed and de Sousa-Filho (2019), Cuca i e al.
(2018), and A hin ul e al. (2024) demons a e ha emale boa d ep esen a ion has an
ad e se e ec on ESG pe o mance. In a simila ein, Abdelkade e al. (2024) obse e
ha boa d gende di e si y has a nega i e impac on ESG ou comes in publicly lis ed non-
inancial i ms in Sou h A ica. Fu he mo e, he mode a ing in luence o he ins i u ional
en i onmen is emphasised by Wasiuzzaman and Sub amaniam (2023), who demons a e
ha emale di ec o s imp o e ESG disclosu e quali y, bu only in de eloped economies.
The a ied indings highligh he need o a mo e de ailed in es iga ion o he e ec s o
emale ep esen a ion, especially ia he pe spec i e o c i ical mass heo y. The mixed
indings highligh he need o a de ailed analysis o he impac o emale ep esen a ion,
especially h ough he lens o c i ical mass heo y.
C i ical mass heo y is essen ial in cla i ying he ci cums ances unde which emale
boa d membe s shape go e nance ou comes and decision-making. The heo y sugges s
ha he capaci y o a mino i y g oup, speci ically women, o b ing abou signi ican change
depends on i s absolu e o ela i e nume ical s eng h (Kon ad e al.,2008). Liu e al. (2014)
summa ise his phenomenon by asse ing ha “one is a oken, wo is a p esence, and h ee
is a oice”. Nume ous esea ch (Amo elli & Ga cía-Sánchez,2021;Te jesen e al.,2009)
indica e ha a c i ical mass is eached when a boa d comp ises a minimum o h ee emale
di ec o s, allowing hem o signi ican ly impac o ganisa ional sus ainabili y policy. A i
e al. (2020) demons a e ha in S&P 500 companies, he inclusion o one woman on he
boa d p oduces only ma ginally signi ican ad ancemen s in sus ainable p ac ices, while
he pa icipa ion o wo o mo e women leads o signi ican bene i s.
O he esea ch sugges s ha he c i ical h eshold o signi ican in luence is eached
when a boa d con ains a leas hi y pe cen emale di ec o s (B ahma e al.,2021). Issa
and Hanaysha (2023) p esen empi ical e idence indica ing ha boa ds comp ising h ee o
mo e emale di ec o s expe ience a lowe numbe o ESG- ela ed con o e sies. Simila ly,
esea ch conduc ed by Toe ien e al. (2023) on 92 Sou h A ican companies indica es a
posi i e associa ion be ween emale boa d ep esen a ion and o e all ESG sco es. Despi e
hese indings, he e is s ill a dea h o e idence ha subs an ia es c i ical mass heo y. Ne -
e heless, emale di ec o s play a c ucial ole in ensu ing ha co po a ions a e anspa en
and esponsi e o he demands o s akeholde s (Khemakhem e al.,2023). Conside ing his,
we hypo hesize he ollowing.
H1: The p esence o h ee o mo e emale di ec o s has a posi i e impac on ESG disclosu e sco e.
Acco ding o c i ical mass heo y, an inc eased a io o emale di ec o s imp o es g oup
dynamics, educes okenism, and p omo es boa d decision-making ela ed o sus ainabili y
(Zaichkowsky,2014;Abdelkade e al.,2024). Con e sely, nume ous boa ds do no a ain
c i ical mass, leading o okenis ic ep esen a ion, whe ein emale di ec o s occupy one o
wo posi ions ye possess inadequa e powe wi hin a male-domina ed boa d oom. This
p oxy s a us limi s hei abili y o impac co po a e decisions, equen ly as a esul o
ins i u ionalised gende biases, p ede ined oles, and ma ginalisa ion (B ahma e al.,2021).
Al hough oken ep esen a ion may enhance he ESG disclosu e sco e, i s in luence is
expec ed o be less signi ican han ha o a c i ical mass. In ligh o hese conside a ions,
we p opose:
Adm. Sci. 2025,15, 141 6 o 26
H2: Token ep esen a ion o women on he boa d (one o wo emale di ec o s) will exe a weake
posi i e in luence on ESG disclosu e han c i ical mass ep esen a ion ( h ee o mo e emale di ec o s).
3. Ma e ials and Me hods
3.1. Sample and Da a Sou ces
Ou ini ial sample comp ises 50 cons i uen i ms o EURO STOXX, ully upda ed o
12 yea s om 2012 o 2023. A e excluding i ms wi h missing o incomple e in o ma ion,
he inal sample consis s o 45 i ms wi h comple e and consis en da a on ESG disclosu e
sco es, co po a e go e nance a iables, and inancial indica o s om 2012 o 2023. The
EURO STOXX 50 Index, Eu ope’s leading blue-chip index o he Eu ozone, p o ides a blue-
chip ep esen a ion o supe sec o leade s in he egion. The da ase comp ises a di e se
ange o 50 s ocks om 11 Eu ozone coun ies, including la ge-, mid-, and small-cap en i ies.
The Eu opean con ex was employed as a sample since Eu opean companies a e conside ed
leade s in CSR, ollowing speci ic Eu opean Commission guidelines and p inciples on CSR
(Eu opean Pa liamen ,2020). All i m-le el da a we e ob ained om Bloombe g, while
da a on g oss domes ic p oduc we e collec ed om he Wo ld De elopmen Indica o s
da abase. No issues a ise ega ding pa icipan con iden iali y o consen since he s udy
elies on a chi al da a.
3.2. Measu emen o Va iables
This s udy employed ESG disclosu e da a om he Bloombe g da abase, ecognised as
a p ominen s anda d o co po a e sus ainabili y epo ing. Bloombe g’s ESG disclosu e
sco e is based on he Global Repo ing Ini ia i e (GRI) ecommenda ions o gua an ee
adhe ence o in e na ional s anda ds. Rajesh and Rajend an (2020) poin ou ha he
o e all ESG sco e e alua es h ee undamen al dimensions: En i onmen al, Social, and
Go e nance (ESG) aspec s. The a ing sys em ope a es on a scale om 0, which signi ies
a comple e absence o ESG disclosu e, o 100 pe cen , which deno es comp ehensi e
disclosu e o all ESG da a moni o ed by Bloombe g. This index is de eloped h ough a
sys ema ic ga he ing and assessmen o da a poin s by Bloombe g expe s, wi h each da a
poin weigh ed based on i s impo ance and ele ance in he indus y. Thus, he sco e
se es as a measu e o he scope and comp ehensi eness o ESG epo ing a he han i s
quali y o impac . Due o i s epu a ion, Bloombe g’s ESG disclosu e sco es ha e been
widely employed in academic esea ch (Mani a e al.,2018), highligh ing hei signi icance
in empi ical s udies on business anspa ency.
The p ima y a iable o in e es in his s udy is boa d gende di e si y. D awing
upon he esea ch o Menicucci and Paolucci (2024), Khemakhem e al. (2023), B ahma
e al. (2021), and Bi indelli e al. (2018), we examine gende di e si y a he boa d le el
u ilising c i ical mass heo y (Kon ad e al.,2008). To implemen his, we in oduce wo
essen ial a iables. The ini ial a iable is c i ical mass, assigned a alue o 1 i a boa d
comp ises h ee o mo e emale di ec o s, and 0 o he wise. The second a iable is he oken
a iable, which assumes a alue o 1 i he numbe o emale di ec o s is ewe han h ee,
and 0 o he wise. This dis inc ion is c ucial, as p io esea ch sugges s ha a shi in boa d
dynamics is posi ed o occu when women occupy mo e han 30% o decision-making oles
inside o ganisa ions (To chia e al.,2011). This a io indica es a ansi ion om me e oken
ep esen a ion o a subs an ial mino i y, which holds conside able impo ance wi hin he
amewo k o c i ical mass heo y (Ku ebwa & Ndlo u,2017). The c ucial aspec o gende
di e si y on co po a e boa ds is no me ely he p esence o women bu a he he adequa e
ep esen a ion o women o e ec ua e meaning ul change. Kan e (1977a) posi ed ha a
minimum o h ee women is ypically necessa y o e ec i ely in luence g oup dynamics.
Consis en wi h Kan e (1977a) and To chia e al. (2011), we de ine c i ical mass as he
Adm. Sci. 2025,15, 141 7 o 26
inclusion o a minimum o h ee emale di ec o s, a benchma k commonly employed in
p e ious esea ch.
To u he de elop ou empi ical analysis, we include a comp ehensi e a ay o con ol
a iables ca ego ised in o h ee g oups (Wasiuzzaman & Sub amaniam,2023;Khemakhem
e al.,2023). Rega ding boa d cha ac e is ics, boa d size is conside ed unde he assump ion
ha la ge boa ds p o ide inc eased expe ise and esou ces, which may imp o e ESG
pe o mance (Pos e al.,2015;Alazzani e al.,2017;Beji e al.,2021). Boa d mee ings a e
accoun ed o , as inc eased equency may indica e g ea e engagemen and accoun abili y.
The age o he boa d is conside ed, ecognising ha gene a ional di e si y may in luence
iews on sus ainabili y. CEO duali y, de ined as he CEO concu en ly holding he posi ion
o boa d chai , is inco po a ed as a dummy a iable, in acco dance wi h Benjamin and
Biswas (2019) and Issa and Zaid (2021). P e ious esea ch indica es ha independen
boa ds a e mo e esponsi e o wide s akeholde in e es s and long- e m sus ainabili y
objec i es, wi h e idence sugges ing ha inc eased boa d independence is associa ed wi h
inc eased CSR disclosu e (Jizi e al.,2014). This s udy uses he pe cen age o independen
di ec o s as a p oxy o boa d independence.
In e ms o i m cha ac e is ics, i m size is de ined as he na u al loga i hm o o al
asse s, ecognising ha la ge i ms ypically ace inc eased public sc u iny and egula o y
demands, po en ially leading o mo e comp ehensi e ESG disclosu e. Financial le e age
is inco po a ed due o i s in ica e unc ion in disclosu e p ac ices. Baldini e al. (2018)
asse s ha highly le e aged i ms a e inclined o disclose mo e ESG in o ma ion o mee
c edi o expec a ions. In con as , Gianna akis (2014) and Toe ien e al. (2023) p esen
indings om he US and Sou h A ica ha sugges highly le e aged i ms ocus mo e on
ul illing inancial obliga ions han on making olun a y disclosu es. This s udy measu es
le e age by examining he a io o o al asse s- o-equi y (Mehmood e al.,2023;Menicucci
& Paolucci,2024). P o i abili y is ano he key ac o . Tobin’s Q a io se es as a p oxy,
indica ing ha mo e p o i able companies a e an icipa ed o in es mo e esou ces in CSR
ini ia i es (A ayssi e al.,2016). A a mac o le el, he model inco po a es G oss Domes ic
P oduc (GDP), d awing on p e ious esea ch indica ing a posi i e co ela ion be ween
economic g ow h and ESG pe o mance (Bi & Pasa ibu,2024). S onge ESG commi men s
om businesses a e equen ly he esul o inc eased egula o y p essu e and expec a ions
om s akeholde s in economies ha a e weal hie . Table 1p o ides all employed a iables
o he s udy along wi h hei measu emen desc ip ions.
Table 1. Desc ip ion and measu emen s o esea ch a iables.
Name o Va iable De ini ion
A P io i Expec a ion
Dependen a iable
ESG disclosu e sco e
A combined disclosu e sco e o an indi idual i m’s o e all
ESG anspa ency. I comp ises he En i onmen al, Social,
and Go e nance sco es.
Independen Va iables
C i ical mass
The dummy a iable equals one i boa ds ha e a leas h ee
women di ec o s on boa d and ze o o he wise. Posi i e
Token The dummy a iable is equal o 1 i he numbe o women
di ec o s on he boa d is 1 o 2 and 0 o he wise. Nega i e
Blau index Gende di e si y on he boa d anges om 0 o 0.5. Posi i e
Shannon index Gende di e si y on he boa d anging om 0 o 0.6. Posi i e
Adm. Sci. 2025,15, 141 8 o 26
Table 1. Con .
Name o Va iable De ini ion
A P io i Expec a ion
Con ol a iables
Boa d size Boa d size is he o al numbe o di ec o s. Posi i e
Boa d mee ings pe yea Numbe o boa d mee ings pe yea . Posi i e
Pc o independen di ec o s
Pe cen age o independen o ou side di ec o s on he boa d.
Posi i e/Nega i e
CEO duali y
(CEO)
A dummy a iable ha akes he alue o 1 i he
chai pe son is also he CEO and 0 o he wise. Posi i e/Nega i e
Financial le e age
(FILV)
Financial le e age is he o al deb di ided by he i m’s
o al asse s. Posi i e
Tobin Q a io
Tobin’s Q is calcula ed as he sum o he ma ke alue o
equi y, o al liabili ies, p e e ed equi y, and mino i y in e es
di ided by he alue o o al asse s.
Posi i e/Nega i e
Fi m size Fi m size is he na u al log o he o al asse s o he i m. Posi i e
GDP g ow h annual G oss domes ic p oduc annual g ow h a e. Posi i e/Nega i e
Indus y dummies
A dummy a iable o each indus y o accoun o
indus y-speci ic ixed e ec s. One indus y is es ablished as
he s anda d o ci cum en he dummy a iable ap.
Yea dummies
A dummy a iable o each yea om 2012 o 2023 o
accoun o ime-in a ian e ec s. The yea 2012 is chosen as
he e e ence poin o ci cum en he dummy a iable ap.
3.3. Me hods
The h ee p ima y me hods o es ima ion ha can be employed in panel da a analysis
a e pooled o dina y leas squa es (POLS), ixed e ec s (FE) eg ession, and andom e ec s
(RE) eg ession (Mack e al.,2024). Woold idge (2012) asse s ha he pooled o dina y
leas squa es me hod ega ds he panel da ase as a singula ex ensi e c oss-sec ion. This
me hod assumes ha all obse a ions a e independen and igno es any po en ial unde ly-
ing s uc u e in he da a. Howe e , when he e is unobse ed he e ogenei y p esen , he
es ima es a e ine icien and biassed. On he o he hand, he FE and RE models explici ly
acknowledge ha iden ical en i ies (e.g., i ms) a e p esen ac oss a ious ime pe iods,
he eby con olling unobse ed he e ogenei y speci ic o he en i ies. Unobse ed he e o-
genei y e e s o in insic cha ac e is ics speci ic o each i m ha emain cons an o e ime
bu a e no explici ly measu ed wi hin he model (Hsiao,2005). Fac o s such as o ganisa-
ional cul u e, managemen s yles, egional in luences, and o he unique cha ac e is ics o
he i m may skew he es ima ion esul s i no adequa ely con olled. To de e mine he
mos sui able es ima ion echnique, we pe o med he Hausman speci ica ion es , which
assesses whe he he ixed e ec s model o he andom e ec s model yields mo e eliable
es ima es (Hsiao e al.,2002). The Hausman es ejec s he null hypo hesis ha andom
e ec s a e app op ia e o es ima ion; he e o e, we employed ixed e ec s in ou eg ession
analysis. Thus, we employed he ixed e ec s eg ession model in ou empi ical analysis.
The s a ic model used in his s udy is speci ied in Equa ion (1) below.
ESG Disclosu e sco ei =β+∑2
n=1αn Boa d Gende di e si yi +∑8
m=1µm Con olsi +θj+Φk+εi (1)
ESG disclosu e sco ei ep esen s he ESG disclosu e sco e o i m i a ime ;
Boa d gende di e si yi ep esen s boa d gende di e si y indica o s i m i a ime
Con ols include a se o con ol a iables in luencing ESG disclosu e;
Adm. Sci. 2025,15, 141 15 o 26
g ea e access o esou ces and skills, enabling hem o unde ake mo e delibe a e and sig-
ni ican in es men s in ESG e o s. This compe i i e edge can be a ibu ed o specialised
g oups o di isions commi ed o sus ainabili y ini ia i es, along wi h he inancial e-
sou ces o acili a e sus ainable p ocesses and gua an ee adhe ence o egula o y s anda ds.
The indings om ou pooled OLS eg ession e eal a signi ican and posi i e ela ion-
ship be ween boa d size and ESG sco es, sugges ing ha i ms wi h la ge boa ds end o
demons a e imp o ed ESG pe o mance. This inding aligns wi h he empi ical e idence
p o ided by Su ipun (2021), Khoi iawa i and Nuswan a a (2021), Bamah os e al. (2022),
and Shu e al. (2024), who also epo he posi i e impac o boa d size on imp o ing ESG
p ac ices. Fu he mo e, ou esul s co espond wi h he heo e ical asse ions o Resou ce
Dependence Theo y, which sugges ha la ge boa ds a e mo e p o icien a deli e ing
essen ial esou ces, s eng hening s a egic o e sigh , and e ec i e decision-making (Daily
& Dal on,1994). Addi ionally, ou indings a e suppo ed by S akeholde Theo y, which
asse s ha a la ge boa d composi ion yields a b oade spec um o expe ise, enhanced
s akeholde ep esen a ion, and b oadens ex e nal connec ions, he eby s eng hening sus-
ainabili y p ac ices (Hillman e al.,2000). Howe e , ou esul con adic s he indings o
Bi indelli e al. (2018), Ala eeni and Hamdan (2020), and A hin ul e al. (2024), who a gue
ha he pe o mance o ESG may no always be enhanced by la ge boa ds, po en ially due
o challenges wi h coo dina ion, inc eased agency expenses, o decision-making dynamics.
Ou indings indica e a signi ican nega i e ela ionship be ween CEO duali y and
ESG sco es in he ixed e ec s model. This co obo a es he asse ions o Hus ed and de
Sousa-Filho (2019) and Khoi iawa i and Nuswan a a (2021), who a gue ha concen a ing
powe in a single indi idual can weaken accoun abili y, educe o e sigh , and diminish he
s a egic ocus on ESG ac o s. The dual ole o he CEO as boa d chai may comp omise
go e nance s uc u es ha en o ce s ingen ESG managemen and epo ing s anda ds,
he eby hinde ing anspa ency and sus ainabili y ini ia i es. Howe e , ou esul s in col-
umn 6 sugges a s a is ically signi ican and posi i e ela ionship be ween he CEO duali y
and ESG disclosu e sco e when endogenei y is accoun ed o . In addi ion, he pe cen age
o independen boa d membe s had a signi ican posi i e e ec on ESG disclosu e sco es in
bo h he OLS and IV-GMM es ima ions. This inding is consis en wi h p e ious s udies
conduc ed by Ha jo o and Wang (2020) and A hin ul e al. (2024), ein o cing he no ion ha
independen di ec o s a e essen ial in de e mining ESG ou comes. Thei p esence on co po-
a e boa ds imp o es co po a e go e nance by os e ing anspa ency and accoun abili y in
sus ainabili y epo ing. Howe e , con a y o ou esul s, s udies by Bi indelli e al. (2018)
and Shu e al. (2024) ha e epo ed a nega i e associa ion be ween boa d independence
and ESG sco e, sugges ing ha he in luence o independen di ec o s on ESG may a y
ac oss di e en con ex s and go e nance s uc u es. Rega ding coun y-le el a iables, he
esul e ealed a posi i e and signi ican ela ionship be ween GDP and ESG disclosu e
sco e. Gene ally, a highe GDP deno es economic expansion, which aises business p o i s
and ea nings. The e u n o he ESG indices ose due o imp o ed pe o mance, which
ansla ed in o be e alues. Mo eo e , obus economic g ow h implies g ea e pu chasing
powe o in es o s, boos ing in es men demand, including hose based on ESG c i e ia
(Bi & Pasa ibu,2024).
4.4. Robus ness Checks
Ou p ima y sample comp ises 45 i ms lis ed in he EURO STOXX 50 Index. To
alida e he eliabili y o ou empi ical indings and ensu e ha he ela ionship be ween
boa d gende di e si y and disclosu e sco e is no in luenced by he cha ac e is ics o a
speci ic index o coun y, we conduc obus ness es s. As pa o his p ocess, we i s adop
al e na i e measu es o boa d gende di e si y, speci ically he Blau and Shannon indices,
Adm. Sci. 2025,15, 141 16 o 26
wi hin he EURO STOXX 50 amewo k, allowing o a mo e comp ehensi e e alua ion
o gende di e si y’s impac on ESG disclosu e sco e. These al e na e di e si y measu es
e alua e ou esul s’ sensi i i y o he selec ed measu emen me hodology. Second, we
examine a c oss-indus y compa ison o gende di e si y and ESG disclosu e. Thi d, we
ee alua e ou econome ic model u ilising an al e na i e ma ke sample by concen a ing
on companies lis ed in he UK FTSE 100 om 2012 o 2023. This enables us o e alua e he
consis ency o ou indings ac oss a ious ins i u ional con ex s and go e nance s uc u es.
Finally, we applied a di e en analy ical me hod o enhance he alida ion o ou indings.
The esul s ac oss all obus ness check consis en ly align wi h he main indings ou lined in
Table 5.
4.4.1. Al e na i e Boa d Gende Di e si y Measu es
In his sec ion, we pe o m obus ness checks o ensu e he consis ency o ou esul s
by u ilising al e na i e a iables o gende di e si y, speci ically he Blau index and he
Shannon index, o con i m he eliabili y o ou indings. To add ess po en ial endogenei y
conce ns, we es ima e IV 2SLS models alongside ixed e ec s models. In he IV 2SLS
speci ica ions, he Blau index is ins umen ed wi h he indus y-le el a e age Blau index,
whe eas he Shannon index is ins umen ed wi h he indus y-le el a e age Shannon index.
The Du bin–Wu–Hausman es s p esen ed in Table 6indica e he exis ence o endogenei y
in bo h models, he eby jus i ying he applica ion o ins umen al a iable es ima ion.
The esul s om he i s -s age eg ession indica e a obus ele ance o he ins umen s,
e idenced by F s a is ics o 56.86 o he Blau model and 59.98 o he Shannon model, bo h
su passing he c i ical h esholds es ablished by S ock and Yogo (2005). The diagnos ics
indica e ha he ins umen s a e alid and ele an , he eby enhancing he s eng h o ou
p ima y indings.
Table 6. Impac o boa d gende di e si y (Blau and Shannon index) on ESG sco e.
Va iables FIXED EFFECT IV-2SLS
(1) (2) (3) (4)
Blau index 15.5683 *** 16.1782 ***
(4.4583) (4.7633)
Shannon index 11.1650 *** 11.0177 ***
(4.6337) (5.0319)
Boa d_size −0.3617 * −0.3495 * −0.0611 *** −0.0625 ***
(−1.8311) (−1.7721) (−2.625) (−2.6452)
Fi m size 7.0398 *** 6.9277 *** 0.0145 0.0136
(7.3351) (7.2065) (0.9637) (0.8862)
Financial le e age −0.0420 −0.0399 0.0081 ** 0.0079 **
(−0.5809) (−0.5541) (2.3577) (2.2864)
Pe cen age o independen di ec o s
−0.0049 −0.0048 −0.2803 −0.3077
(−0.2403) (−0.2326) (−1.4059) (−1.5253)
CEO duali y −1.7038 * −1.6768 * −0.0541 *** −0.0544 ***
(−1.8433) (−1.8167) (−4.7669) (−4.7205)
Boa d mee ings pe yea −0.0232 −0.0252 −0.1847 *** −0.1894 ***
(−0.3032) (−0.3304) (−3.3617) (−3.3936)
Tobin Q a io 1.7331 *** 1.7293 *** 0.0203 0.0164
(4.7572) (4.7556) (0.2861) (0.2284)
Adm. Sci. 2025,15, 141 17 o 26
Table 6. Con .
Va iables FIXED EFFECT IV-2SLS
(1) (2) (3) (4)
GDP g ow h annual 0.3813 ** 0.3826 ** −0.0099 −0.0103
(2.3862) (2.3988) (−0.8589) (−0.8826)
Cons an −26.1700 ** −24.9049 ** −1.7343 −1.1432
(−2.4258) (−2.3101) (−1.1405) (−0.8159)
Obse a ions 519 519 384 384
Numbe o cid 45 45 45 45
Coun y FE YES YES YES YES
Yea FE YES YES YES YES
Du bin (sco e) chi2(1) 19.8783
(p= 0.0000)
23.9178
(p= 0.0000)
Wu–Hausman F (1364) 19.8717
(p= 0.0000)
24.178
(p= 0.0000)
Fi s -s age F(1365)—Minimum
eigen alue s a is ic
56.8606
(p= 0.0000)
59.9802
(p= 0.0000)
No e: This able p esen s he impac o boa d gende di e si y on he ESG disclosu e sco e o i ms in he EURO
STOXX 50 Index. The dependen a iable is he ESG disclosu e sco e, while he key independen a iables a e
he Blau and Shannon indices. The analysis co e s he pe iod om 2012 o 2023. The able epo s esul s om
bo h ixed-e ec s eg ession and IV-2SLS es ima ion. -s a is ics a e shown in pa en heses. *** p< 0.01, ** p< 0.05,
*p< 0.1.
4.4.2. C oss-Indus y Compa ison o Gende Di e si y and ESG Disclosu e
The eg ession analysis in Table 7p esen s he empi ical esul s ac oss di e en in-
dus ies, examining whe he he impac o boa d gende di e si y on co po a e ESG
pe o mance a ies by indus y. To explo e his, he s udy ca ego ises i ms in o consume
disc e iona y, consume s aples, ene gy, inancial, heal hca e, indus ial, in o ma ion ech-
nology, and u ili ies and conduc s ixed-e ec s eg essions o each indus y sepa a ely.
The esul s indica e ha he pe cen age o women on co po a e boa ds signi ican ly im-
pac s ESG disclosu e sco es ac oss all indus ies excep o he u ili ies sec o , whe e he
coe icien is posi i e bu no s a is ically signi ican . This sugges s ha inc easing emale
ep esen a ion on boa ds gene ally enhances ESG pe o mance, hough he e ec a ies in
magni ude ac oss indus ies. By compa ing he coe icien s o boa d gende di e si y, he
indings e eal ha he impac is s onges in he heal hca e indus y, while he u ili ies
sec o exhibi s he lowes coe icien .
Table 7. Impac o he pe cen age o women on boa d on ESG disclosu e sco e in di e en indus ies.
(1) (2) (3) (4) (5) (6) (7) (8)
VARIABLES
Indus y:
Consume
Disc e iona y
Indus y:
Consume
S aples
Indus y:
Ene gy
Indus y:
Financial
Indus y:
Heal h Ca e
Indus y:
Indus ial
Indus y:
In o ma ion
Technology
Indus y:
U ili ies
Pe cen age o
women on boa d 0.147 ** 0.122 ** 0.414 * 0.265 *** 0.573 *** 0.127 * 0.420 *** 0.073
(2.276) (2.295) (1.885) (4.416) (4.054) (1.724) (3.304) (0.644)
Boa d size 0.817 −0.204 1.623 −0.715 ** 0.518 −0.106 1.258 −2.606
(1.625) (−0.430) (0.730) (−2.141) (0.505) (−0.206) (1.521) (−0.786)
Fi m size 8.308 *** 11.804 *** 17.130 9.383 *** 0.778 17.746 *** −2.748 14.889 *
(3.434) (4.249) (0.961) (2.847) (0.244) (5.488) (−0.730) (1.861)
Financial
le e age −1.449 *** −1.777 12.420 0.214 ** 3.957 −0.379 * −3.725 −
4.09 ***
(−5.149) (−0.658) (1.032) (2.467) (0.917) (−1.775) (−1.612) (−3.064)
Adm. Sci. 2025,15, 141 18 o 26
Table 7. Con .
(1) (2) (3) (4) (5) (6) (7) (8)
VARIABLES
Indus y:
Consume
Disc e iona y
Indus y:
Consume
S aples
Indus y:
Ene gy
Indus y:
Financial
Indus y:
Heal h Ca e
Indus y:
Indus ial
Indus y:
In o ma ion
Technology
Indus y:
U ili ies
Pe cen age o
independen
di ec o s
0.041 0.035 −0.419 −0.007 −0.054 0.192 *** 0.180 0.085
(1.090) (0.219) (−1.491) (−0.154) (−0.603) (3.955) (1.502) (0.533)
CEO duali y 3.992 1.907 10.886 −5.035 ** 0.478 0.307 9.181 2.606
(0.904) (1.003) (1.112) (−2.108) (0.156) (0.167) (1.190) (1.095)
Boa d mee ings
pe yea 0.292 * 0.392 −0.351 −0.017 −0.140 0.016 −0.031 −0.206
(1.985) (1.366) (−0.329) (−0.135) (−0.302) (0.059) (−0.093) (−1.049)
Tobin Q a io 0.946 3.447 *** 45.519 87.715 *** −1.374 1.234 1.673 * 7.044
(1.479) (2.769) (0.961) (2.826) (−0.864) (0.762) (1.982) (0.902)
GDP g ow h
annual 3.236 *** 0.610 0.048 0.326 * −0.019 −0.640 4.979 * 4.880 **
(3.195) (1.499) (0.066) (1.670) (−0.004) (−1.653) (1.999) (2.509)
Cons an −60.796 *** −82.323 *** −226.979 −162.321 ** 24.857 −148.81 *** 38.462 −
121.492
(−2.808) (−2.762) (−1.033) (−2.600) (0.500) (−4.326) (1.267) (−1.129)
Obse a ions 104 59 24 131 36 94 47 24
R-squa ed 0.741 0.584 0.612 0.497 0.753 0.631 0.672 0.951
Numbe o cids 10 5 2 11 3 8 4 2
No e: This able epo s he impac o he gende di e si y o UK FSTE 100 Index boa ds on he ESG disclosu e
sco e ac oss di e en indus ies. The ou come a iable is he ESG disclosu e sco e, and he main explana o y
a iables a e he Blau and Shannon index. The sample spans om 2012 o 2023. The able displays he esul s o
IV2SLS eg ession and ixed-e ec eg ession. -s a is ics in pa en heses. *** p< 0.01, ** p< 0.05, * p< 0.1.
4.4.3. Al e na i e Sample (UK FSTE 100)
The econome ic model was e-es ima ed, concen a ing on UK FTSE 100 i ms om
2012 o 2023. We employed a ixed-e ec s eg ession model alongside he wo-s age
leas squa es (2SLS) ins umen al a iables me hod o mi iga e endogenei y issues and
ensu e obus analysis. Implemen ing he 2SLS me hod necessi a es he iden i ica ion
o an exogenous ins umen ha demons a es a obus co ela ion wi h he explana o y
a iables ye exe s no di ec in luence on he ou come a iable. Following Muhammad
and Miglio i (2023), we selec ed he indus y-wide a e age o boa d gende di e si y as ou
exogenous ins umen . This decision was in luenced by i s capaci y o a ec a company’s
di e si y- ela ed choices, while i is no expec ed o ha e a di ec impac on he company’s
ESG disclosu e sco e.
We employed he Du bin–Wu–Hausman es o e alua e any endogenei y conce ns
wi hin ou model. The esul s o he es (F-s a is ic, p< 0.01) o bo h models alida e
he p esence o endogenei y, equi ing he implemen a ion o ins umen al a iables (IVs)
o mi iga e his issue in he OLS eg ession. The null hypo hesis o he Du bin–Wu–
Hausman es posi s ha he a iable in ques ion is exogenous. Conside ing he high
signi icance o bo h es s a is ics, we ejec he null hypo hesis and conclude ha he
boa d gende di e si y a iables (Blau index and Shannon index) mus be ega ded as
endogenous. Gi en ha he Pagan–Hall es is s a is ically signi ican , we can con iden ly
dismiss he e oskedas ici y conce ns (Pagan & Hall,1983). Mo eo e , he C agg–Donald
Wald F-s a is ic (C agg & Donald,1993) e i ies ha ou model is no unde mined by weak
ins umen al a iables, hence enhancing he c edibili y o ou IV me hodology. The esul s
in Table 8indica e a posi i e and signi ican ela ionship be ween ESG disclosu e sco es
and boa d gende di e si y, hence co obo a ing ou ea lie indings.
Adm. Sci. 2025,15, 141 19 o 26
Table 8. Impac o Boa d Gende Di e si y on ESG Sco e in he UK FTSE 100: Fixed E ec s and
Ins umen al Va iable Reg ession Models.
Va iables FIXED EFFECT IV 2SLS
(1) (2) (3) (4)
Blau index 8.629 *** 34.326 ***
(4.231) (4.839)
Shannon index 5.673 *** 23.457 ***
(4.011) (4.975)
Boa d size 0.329 *** 0.333 *** 0.250 * 0.256 *
(2.855) (2.879) (1.648) (1.692)
Boa d a e age enu e 0.276 ** 0.277 ** 0.348 ** 0.359 **
(2.108) (2.117) (2.028) (2.094)
Pe cen age o independen di ec o s 0.015 0.015 −0.075 ** −0.075 ***
(0.755) (0.778) (−2.558) (−2.577)
Financial le e age −0.017 −0.018 −0.364 ** −0.365 ***
(−0.408) (−0.417) (−9.721) (−9.742)
Fi m size 3.161 *** 3.213 *** 3.160 *** 3.166 ***
(6.284) (6.401) (13.810) (13.887)
CEO duali y 0.818 0.712 2.458 2.104
(0.552) (0.480) (1.012) (0.876)
Tobin Q a io 0.932 *** 0.955 *** 0.207 0.206
(3.014) (3.090) (1.051) (1.049)
Cons an 7.161 6.884 11.552 *** 12.374 ***
(1.473) (1.416) (3.808) (4.179)
Indus y dummies Yes Yes Yes Yes
Yea dummies Yes Yes Yes Yes
F (1944)
(P ob > F)
242.079
(0.0000)
262.046
(0.0000)
C agg and Donald’s s a is ic 242.079 242.079
Du bin (sco e) chi2(1)
(p- alue)
5.97392
(p= 0.0145)
6.15837
(p= 0.0131)
Wu–Hausman F (1943) 5.88022
(p= 0.0155)
6.06294
(p= 0.0140)
Pagan–Hall gene al es
(p- alue)
75.800
(0.0000)
77.229
(0.0000)
Obse a ions 964 964 964 964
R-squa ed 0.632 0.631 0.480 0.481
T- alues a e in pa en heses.
No e: This able epo s he impac o he gende di e si y o UK FSTE 100 Index boa ds on he ESG disclosu e
sco e. The ou come a iable is he ESG disclosu e sco e, and he main explana o y a iables a e he Blau and
Shannon index. The sample spans om 2012 o 2023. The able displays he esul s o IV2SLS eg ession and
ixed-e ec eg ession. -s a is ics in pa en heses. *** p< 0.01, ** p< 0.05, * p< 0.1.
4.4.4. In e se P obabili y Weigh ing (IPW) Reg ession
In e se p obabili y weigh ing (IPW) is a ea men e ec analysis me hod simila o
p opensi y sco e ma ching (PSM) (Rosenbaum & Rubin,1983). I is commonly employed
o mi iga e bias and he adjus men o unequal sampling ac ions in su ey esea ch
(Liu & Fan,2023). We employ he IPW model because i es ima es ea men e ec s in
Adm. Sci. 2025,15, 141 20 o 26
obse a ional esea ch by adjus ing weigh s by p opensi y sco es (Imbens & Woold idge,
2009). IPW is a wo-s ep p ocess. Fi s , i es ima es p opensi y sco es using a logis ic
eg ession model. Then, i calcula es in e se p obabili y weigh s o each i m based on
hei p opensi y sco e. These weigh s a e applied o compu e weigh ed a e ages o he
ou comes (ESG disclosu e sco es) o ea ed and con ol i ms, p o iding he a e age
ea men e ec on he ea ed (ATET). Unlike ma ching me hods, which can lead o losing
a signi ican po ion o he da a (signi ican ly when he con ol g oup is sh unk o ma ch
he ea men g oup), IPW p ese es he en i e sample. This a oids he p oblem o da a
loss while s ill achie ing a balance be ween ea ed and con ol g oups. He e, we employ
he ea men g oup as i ms wi h emale CEOs and he con ol g oup as i ms wi hou
emale CEOs o i s equi alen .
Table 9p esen s he esul s o ou IPW using he p opensi y sco e analysis. The
ou come a iable is he ESG disclosu e sco e. The a e age ea men e ec on he ea ed
(ATET) ESG sco e is 2.752011. This coe icien indica es ha i ms wi h emale CEOs ha e
an ESG disclosu e sco e o 2.752 poin s highe han i ms wi hou emale CEOs. The
p obabili y alue is s a is ically signi ican , indica ing ha emale CEO is signi ican ly
associa ed wi h ESG disclosu e sco es. Fu he , he coe icien o po en ial-ou come means
(POmean) sugges s ha he a e age ESG disclosu e sco e o i ms ha do no ha e emale
CEOs is 53.68. This indica es ha he ESG sco e o i ms wi h emale CEOs is 5.12%
(ATET/means* 100) highe han hose wi hou emale CEOs.
Table 9. Impac o Boa d Gende Di e si y on ESG Sco e in he UK FTSE 100: In e se P obabili y
Weigh ing (IPW) Reg ession.
ESG Disclosu e Sco e Coe icien S anda d E o Z-S a is ics p> |z|
ATET
Female CEO o equi alen
(1 s. 0) 2.752011 1.016004 2.71 0.007
POmean
Female CEO o equi alen
0 53.68396 0.6528433 82.23 0.000
Numbe o obs = 964
Ou come model: weigh ed mean
T ea men model: logi
No e: This able epo s he impac o gende di e si y on he boa ds o UK FTSE 100 Index i ms conce ning hei
ESG disclosu e sco e. The dependen a iable is he ESG disclosu e sco e, wi h he main independen a iable
being he p esence o emale CEOs. The sample co e s he pe iod om 2012 o 2023. The esul s p esen ed a e
based on he in e se p obabili y weigh ing (IPW) me hod.
Table 10 p esen s a summa y o he obus ness checks, de ailing he me hodologies
employed and he consis ency o he indings.
Table 10. Robus ness Summa y Table.
Tes Desc ip ion Change Applied Key Finding Table Re e ence
Al e na i e Boa d Gende
Di e si y Measu es
Employed a ious me ics o measu e
gende di e si y (Blau and Shannon index)
Finding emains consis en Table 6
C oss-Indus y Compa ison Analysed gende di e si y and ESG
disclosu es ac oss se e al indus ies
Finding emains consis en
ac oss all indus ies Table 7
Al e na i e Ma ke Sample Focused on UK FSTE 100 (2012–2023) Main inding pe sis s Table 8
Al e na i e echnique Applied in e se p obabili y weigh ing
(IPW) eg ession
Resul s a e obus o
me hodological change Table 9
Adm. Sci. 2025,15, 141 21 o 26
5. Conclusions
This s udy examines he ela ionship be ween boa d gende di e si y and ESG disclo-
su e sco es, ocusing on Eu opean publicly lis ed i ms om 2012 o 2023. Employing he
ins umen al a iables-gene alised me hod o momen s (IV-GMM) me hodology, widely
acknowledged o i s capaci y o minimise bias, ine iciency, and inconsis ency in panel
da a es ima ion, we show obus empi ical e idence ha con es s exis ing assump ions.
Ou indings indica e ha i ms wi h a minimum o h ee emale di ec o s demons a e
a g ea e commi men o ESG disclosu e. In con as , oken ep esen a ion (i.e., he ex-
is ence o one o wo emale di ec o s) has a signi ican and nega i e impac on ESG
disclosu e sco es. The indings a e consis en wi h p e ious esea ch (Khemakhem e al.,
2023;Menicucci & Paolucci,2024;Yada & P asha ,2022), which lends c edence o he
a gumen ha subs an ial gende di e si y imp o es boa d decision-making and p omo es
be e ESG p ac ices.
This s udy makes a subs an ial con ibu ion o he exis ing li e a u e. Fi s , i o e s
aluable pe spec i es on he impac o emale ep esen a ion on a i m’s ESG disclosu e
sco e. The inding ha appoin ing h ee o mo e emale di ec o s enhances sus ainabili y
p ac ices sugges s ha he e ec i eness o women’s ep esen a ion on co po a e boa ds
and i s in luence on ESG pe o mance depends on eaching a c i ical mass. The e o e, poli-
cymake s should ensu e a minimum o h ee women on a boa d o achie e a meaning ul
impac . This esul lends c edence o c i ical mass heo y while challenging he alidi y o
okenism heo y. Second, we employed a igo ous me hodological amewo k o mi iga e
any endogenei y, leading o mo e eliable causal esul s. Con en ional es ima e me hods
like o dina y leas squa es (OLS) some imes do no add ess endogenei y, which can a ise
om omi ed a iable bias, measu emen e o , o e e se causali y. To add ess hese issues,
we use he ins umen al a iables-gene alised me hod o momen s (IV-GMM) es ablished
by Baum e al. (2003), which yields consis en es ima es despi e he e oskedas ici y and au o-
co ela ion in panel da a. Thi d, his pape adop s a mul i- heo e ical amewo k o examine
he ela ionship be ween boa d gende di e si y and ESG disclosu e sco e, acknowledging
ha di e en pe spec i es shape co po a e go e nance discou se. I also examines he
dynamics o boa d gende di e si y wi hin he Eu opean con ex . Mo e impo an ly, he
s udy conside s he condi ions ha allow emale di ec o s o e ol e om me e symbolic
cha ac e s o p oac i e agen s o change in co po a e sus ainabili y ini ia i es.
F om a heo e ical pe spec i e, ou esea ch suppo s he p inciples o s akeholde
heo y and esou ce dependence heo y, a guing ha gende -di e se boa ds imp o e he
quali y o decision-making by in eg a ing a a ie y o pe spec i es and skillse s, which,
in u n, s eng hen he implemen a ion o ESG s a egies. In addi ion, he indings ha e
signi ican implica ions o c i ical mass heo y, which p oposes ha he p esence o h ee
o mo e emale di ec o s p omo es s a egic o e sigh and e ec i e go e nance. Con-
e sely, oken ep esen a ion, ypically a symbolic o compliance-o ien ed s a egy, ails
o yield majo imp o emen s in ESG pe o mance. This emphasises he necessi y o ad-
ancing om simple nume ical ep esen a ion o achie ing subs an ial gende inclusion
in co po a e go e nance. The p ac ical implica ions o ou indings a e signi ican o
policymake s, company execu i es, and egula o y au ho i ies who a e s i ing o imp o e
ESG compliance. Gi en he inc easing sc u iny om in es o s ega ding ESG disclosu es,
ou indings indica e ha businesses commi ed o genuine sus ainabili y objec i es mus
ensu e hei boa ds o di ec o s include mo e han a oken ep esen a ion o women. The e-
o e, policymake s should conside manda ing a minimum o h ee emale di ec o s a he
han exclusi ely concen a ing on b oad quo as. Fu he mo e, he p omo ion o emale
execu i es o senio posi ions, including CEO esponsibili ies, has he po en ial o u he
boos ESG anspa ency policies and co po a e sus ainabili y p og ams. Regula o s should
Adm. Sci. 2025,15, 141 22 o 26
es ablish policies ha os e subs an ial gende di e si y while also ensu ing ha i ms
in eg a e ESG p io i ies in o hei undamen al go e nance s uc u es.
Speci ically, ocused ec ui men , sys ema ic succession planning, and pe iodic di e -
si y e alua ions can assis o ganisa ions in cul i a ing and main aining inclusi e leade ship.
Mo eo e , boa d aining and de elopmen ini ia i es ha p io i ise pa icipa o y go -
e nance, insigh s in o ESG- ela ed isk and oppo uni ies, and he s a egic impo ance
o di e si y may gua an ee ha all membe s, bo h new and incumben , a e adequa ely
p epa ed o con ibu e e ec i ely. Collec i ely, hese app oaches can enhance ESG pe o -
mance beyond me e compliance wi h legal obliga ions and inc ease boa d e ec i eness.
S udy Limi a ions
Despi e i s obus empi ical app oach, he pape acknowledges signi ican limi a-
ions ha call o addi ional esea ch. Fi s , ou esea ch p ima ily ocuses on de eloped
Eu opean economies, wi h he analysis elying on i ms lis ed in he EURO STOXX and
FTSE 100 o obus ness check. Consequen ly, he indings may no be uni e sally ap-
plicable o o he de eloped egions. I is possible ha he ways in which emale boa d
membe ship a ec s ESG sco es a e in luenced by di e ences in ins i u ional amewo ks,
cul u al no ms, legal con ex s, and co po a e go e nance p ocedu es. This geog aphic
concen a ion indica es a limi a ion and highligh s he need o u u e esea ch o explo e
simila ela ionships in o he de eloped ma ke con ex s. Second, analysis depends on
a chi e da a, which, al hough obus in empi ical igou , ail o adequa ely encapsula e
he in icacies o boa d oom dynamics. Fu u e esea ch should combine quali a i e ap-
p oaches, including su eys, in e iews, and ocus g oups, o o e deepe insigh s in o he
ela ionship be ween gende di e si y and ESG pe o mance. Thi d, we ecognise ha he
analysis has limi a ions, no ably he exclusion o some a iables such as owne ship concen-
a ion and indus y compe i ion. The esul s migh be mo e obus i speci ic go e nance
measu es we e inco po a ed, subjec o he a ailabili y o da a. Mo eo e , we acknowledge
ha ESG disclosu e is in luenced by a a ie y o ac o s beyond he composi ion o he
boa d, including poli ical amewo ks, owne ship s uc u e, he quali y o go e nance, and
media co e age in eme ging ma ke s. Fu u e esea ch should inco po a e hese a iables o
gain a mo e comp ehensi e unde s anding o he ac o s ha in luence ESG pe o mance
in de eloping economies.
This esea ch is cons ained by a ious me hodological limi a ions. The ESG disclo-
su e sco e da a we e sou ced om Bloombe g. While his is a well- ega ded da abase
o da a collec ion, i is impo an o no e ha he e may be a ia ions in co e age and
epo ing s anda ds ac oss a ious companies and o e ime. The p esence o hese incon-
sis encies may impac he abili y o compa e ESG sco es e ec i ely. Mo eo e , while he
GMM me hod mi iga es po en ial endogenei y and unobse ed he e ogenei y, esidual
con ounding may pe sis due o omi ed a iables o measu emen e o s.
Au ho Con ibu ions: Concep ualiza ion, C.M.O., M.A. and D.N.K.; me hodology, C.M.O., M.A.
and D.N.K.; so wa e, C.M.O., M.A. and D.N.K.; alida ion, C.M.O., M.A. and D.N.K.; in es iga ion,
C.M.O., M.A. and D.N.K.; esou ces, C.M.O., M.A. and D.N.K.; da a cu a ion, C.M.O., M.A. and
D.N.K.; w i ing—o iginal d a p epa a ion, C.M.O., M.A. and D.N.K.; w i ing— e iew and edi ing,
C.M.O., M.A. and D.N.K.; isualiza ion, C.M.O., M.A. and D.N.K.; supe ision, C.M.O., M.A. and
D.N.K.; p ojec adminis a ion, C.M.O., M.A. and D.N.K.; All au ho s ha e ead and ag eed o he
published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Adm. Sci. 2025,15, 141 23 o 26
Da a A ailabili y S a emen : Da a a e con ained wi hin he a icle.
Con lic s o In e es : The au ho s decla e no con lic o in e es .
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