Are Women on Boards Associated With Disclosure Asymmetry? Evidence From Environmental and Social Disclosures in S&P 500 Firms
研究标普500公司2016-2022年数据，发现董事会女性比例越高，环境披露相对社会披露越强，但该效应在女性比例高时递减，且董事会规模大会削弱此关联。
ABSTRACT As Environmental, Social, and Governance (ESG) disclosures gain prominence among stakeholders, regulators, and investors, attention needs to be paid not just to their extent but also to their balance. While prior research has explored the board‐related drivers of overall ESG disclosure and its impact on firm performance, the board‐level antecedents of asymmetry between environmental and social disclosures remain underexamined. Many firms disproportionately emphasize one dimension, creating imbalances in sustainability communication. Concurrently, debates continue over whether women appointed to corporate boards, often during periods of adversity, have meaningful influence over governance outcomes. This study investigates whether board female representation is associated with reduced asymmetry between environmental and social disclosures. Grounded in signaling, institutional, and agency theories, we employ panel data from S&P 500 firms spanning 2016–2022. Our results show that higher female representation on boards is linked to relatively stronger environmental disclosures, though this relationship exhibits diminishing returns at higher levels of women representation. Additionally, we find that larger board size weakens this association, while board age has no significant moderating effect. These findings contribute to governance and ESG literature by highlighting how female‐centric boards shape sustainability communication strategies and by offering practical insights for firms seeking more integrated ESG reporting.