Gender Diversity, ESG Practices, and Firm Performance: Evidence From a 3SLS and Quantile Regression Analysis
研究了2011至2021年71家法国非金融企业董事会性别多样性、ESG实践与企业绩效间的双向关系，发现外部女性董事显著改善ESG实践并提升企业价值，尤其在绩效较低和中等企业中效果更明显。
ABSTRACT This study explores the interconnections between board gender diversity, ESG practices, and firm performance using panel data from 71 French nonfinancial firms listed on the SBF 120 index from 2011 to 2021. The firms were selected based on continuous listing during the study period and ESG and governance data availability, and the unit of analysis is firm year observations. To address potential endogeneity and simultaneity, we use a three‐stage least squares (3SLS) approach to model the bidirectional relationship between gender diversity and participation in ESG initiatives, and examine their joint effect on firm performance. We apply quantile regression to capture heterogeneity in these effects across different levels of firm performance, which mean‐based methods may overlook. Our results show that external female directors significantly improve ESG practices, enhancing firm value, especially as Tobin's Q , indicating strong investor recognition of sustainability efforts. The effect of gender diversity is more pronounced in firms with lower and median performance, highlighting a context‐dependent strategic role of female board leadership. By combining 3SLS with quantile regression, this study contributes methodologically and theoretically by contributing a refined perspective on how gender‐diverse boards improve ESG effectiveness and value creation. The findings underscore the importance of promoting independent and strategically engaged female leadership as a lever for stronger governance and long‐term sustainability outcomes.