Board Gender Diversity and Circular Business Performance: A Novel Moderated Mediation Framework in Emerging Economies
研究了非洲撒哈拉以南地区化工企业董事会中女性董事比例如何通过环境导向影响循环业务绩效，并发现制度压力和利益相关者参与会增强这一效应。
ABSTRACT This study examines the influence of female directors on circular business performance (CBP), incorporating the mediating role of environmental orientation and the moderating roles of institutional pressure and stakeholder engagement. Drawing on Behavioral Agency Theory and the Natural Resource Based View, we argue that board gender diversity strengthens firms' commitment to circular strategies by promoting long‐term environmental investment and enhancing responsiveness to external sustainability pressures. Using panel data from 538 chemical manufacturing firms in sub‐Saharan Africa between 2013 and 2024, we test a moderated mediation framework using the Baron and Kenny approach. To address potential endogeneity, we employ instrumental variable two‐stage least squares estimation. The findings show that female directors significantly enhance CBP. Environmental orientation partially mediates this relationship, indicating that gender‐diverse boards promote circular outcomes through strengthened environmental strategic commitment. Institutional pressure and stakeholder engagement further amplify the governance–performance link. Additional analyses reinforce the robustness of these results. The Quantile heterogeneity results reveal that the positive effect of female directors is stronger among firms with higher levels of circular performance, suggesting performance‐dependent governance dynamics. Placebo tests show no evidence of reverse causality, supporting the credibility of the identification strategy. The results remain consistent across regulatory environments, industry carbon intensity levels, and board critical mass thresholds. By moving beyond ESG disclosure toward operational circular transformation, this study advances research at the intersection of corporate governance and circular strategy in emerging market contexts.