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Do female directors add to climate-related disclosure? Critical mass and structural power in the context of exogenous shock

女性取締役は気候関連開示を促進するか？外部ショック下での臨界量と構造的権力 (AI 翻訳)

Maria Aluchna, Leszek Bohdanowicz, Bogumił Kamiński

DECISION📚 査読済 / ジャーナル2026-05-21#AI×ESGOrigin: EU対象セクター: cross_sector
DOI: 10.1007/s40622-026-00463-5
原典: https://doi.org/10.1007/s40622-026-00463-5
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🤖 gxceed AI 要約

日本語

本研究は、NFRDによる義務的開示導入後、女性取締役の存在が気候関連開示（エネルギー使用・GHG排出）の範囲に与える影響を検証。ワルシャワ証券取引所上場72社を対象に差の差分析を用い、女性取締役が3人以上または女性議長がいる企業では開示が有意に拡大することを示した。数値的代表性と構造的権力が企業の開示対応に影響することを実証している。

English

This study examines how female board representation affects the scope of climate-related disclosure (energy use and GHG emissions) after mandatory NFRD reporting. Using a difference-in-differences design on 72 Warsaw Stock Exchange firms, it finds that companies with at least three female directors or a female board chair show significantly larger post-NFRD increases in disclosure. The results highlight that numerical representation and structural power of female directors condition firms' responsiveness to mandatory sustainability reporting.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ開示基準の適用が迫る中、取締役会の多様性が開示の質に与える影響は重要な示唆を提供。女性取締役の臨界量が開示対応を促進するという知見は、日本の企業統治改革や開示実務に参考となる。

In the global GX context

This paper contributes to global disclosure scholarship by showing that board gender diversity, particularly critical mass and structural power, enhances compliance with mandatory climate disclosure. It offers evidence from an emerging European market (Poland) that can inform ISSB/CSRD implementation and corporate governance debates worldwide.

👥 読者別の含意

🔬研究者:Provides causal evidence on board diversity and disclosure quality, useful for governance and disclosure research.

🏢実務担当者:Suggests that increasing female board representation can improve climate disclosure compliance, relevant for board composition strategies.

🏛政策担当者:Highlights that mandatory reporting effectiveness depends on board characteristics, informing policy design for disclosure mandates.

📄 Abstract（原文）

Abstract The aim of this paper is to investigate how the presence of women on corporate boards shapes the scope of climate disclosure on energy use and greenhouse gas emissions in the context of mandatory reporting introduced by the Non-Financial Reporting Directive (NFRD). Addressing inconsistencies in prior research and the limited evidence on gender-related dynamics in compliance with mandatory disclosure, we examine whether different forms of female board representation generate heterogeneous treatment effects once the NFRD enters into force. Using a sample of 72 companies listed on the Warsaw Stock Exchange subject to the NFRD requirements, we apply a difference-in-differences design to capture firm-level variation in disclosure behavior over time. The findings show that the introduction of the NFRD does not affect all firms uniformly: Companies with a critical mass of at least three female directors or a female board chair experience significantly stronger post-NFRD increases in the scope of climate-related disclosure. These heterogeneous treatment effects suggest that numerical representation and structural power of female directors, treated independently, condition firms’ responsiveness to mandatory sustainability reporting. The results are robust to a series of additional tests, including pooled models, sector-specific subsamples, and propensity score matching.

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