Beyond Tokenism? Exploring the Impact of Female Employment and Board Representation on ESG Disclosure in an Emerging Economy Under National Vision and SDGs
研究沙特非金融企业，发现沙特愿景2030和女性就业显著提升ESG披露并推动可持续发展目标，但女性董事会代表无显著影响，为政策制定者和投资者提供实证参考。
ABSTRACT Drawing on institutional and stakeholder theories, this study examines how Saudi Vision 2030 and gender diversity affect ESG disclosure (ESGD) and Sustainable Development Goal (SDG) contributions in nonfinancial firms. Using a mixed‐method analysis of 110 firms (2014–2019), results show that Vision 2030 significantly enhances ESGD, advancing SDG 12 (responsible consumption). Female employment (FEMP) also positively impacts ESGD, supporting SDGs 5 (gender equality) and 8 (decent work), with both Vision 2030 and FEMP operating as independent, positive drivers. In contrast, female board representation (FBR) shows no significant effect. A two‐stage least squares (2SLS) analysis confirms the causal positive impact of both Vision 2030 and FEMP on ESGD, addressing endogeneity concerns. This study provides novel empirical evidence by jointly analyzing Vision 2030, operational and board‐level gender diversity, and SDG alignment in the Saudi context, offering practical insights for policymakers and investors.