The Impact of Women's Board Representation on Environmental Sustainability: Empirical Evidence From US Firms
研究了2000-2021年657家美国企业数据，发现女性在董事会中占比越高，企业碳排放越低、环境创新和资源效率越高，表明增加董事会性别多样性可促进企业环境可持续性。
ABSTRACT This study investigates the impact of women's representation on corporate boards on firm‐level environmental sustainability. Female board presence is measured by both the percentage of women and the number of female board members, while environmental sustainability is assessed through six indicators: total CO 2 emissions, direct CO 2 emissions, CO 2 intensity, emission score, environmental innovation score, and resource efficiency score. Using annual data from 2000 to 2021 for 657 US firms, we employ robust panel econometric techniques that account for potential endogeneity in the models. The findings show that higher female representation on boards significantly improves environmental performance by reducing emissions and promoting innovations and resource efficiency. Further analysis confirms that corporate social responsibility (CSR) and environmental, social, and governance (ESG) strategies also play important roles in promoting sustainability. These results are consistent across alternative specifications and measurements. The empirical evidence clearly highlights a critical policy outcome: increasing gender diversity in corporate boards can be a strategic tool for advancing environmental sustainability at the firm level.