Board gender diversity and ESG performance: Do mandatory reporting rules reduce its influence?
取締役会のジェンダー多様性とESGパフォーマンス：強制報告ルールはその影響を低減するか？ (AI 翻訳)
WA Wan Ismail, Khairul Anuar Kamarudin, D Zainal
🤖 gxceed AI 要約
日本語
2010～2023年の55カ国52,159件の企業データを用い、取締役会のジェンダー多様性とESG報告義務が企業のESGパフォーマンスに与える影響を分析。ジェンダー多様性はESGスコア向上と関連し、特にガバナンス項目で効果が大きいが、強制報告制度下ではその効果が減少する代替関係が見られた。報告義務は環境・社会パフォーマンスを向上させるがガバナンスへの効果は弱い。
English
Using an unbalanced panel of 52,159 firm-year observations from 55 countries between 2010 and 2023, this study examines how board gender diversity and mandatory ESG reporting affect ESG performance. Gender diversity is positively associated with ESG scores, especially in governance, but mandatory reporting reduces this marginal effect. Mandatory reporting improves environmental and social performance but has weaker impact on governance.
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基準の策定が進む中、開示義務が取締役会構成の効果に与える影響は実務上有益。本論文は、強制開示がジェンダー多様性の効果を代替する可能性を示唆し、日本の開示制度設計に示唆を与える。
In the global GX context
This paper provides evidence on how mandatory ESG reporting can interact with board composition, relevant for global disclosure mandates like ISSB and CSRD. The substitution effect implies that as reporting becomes mandatory, the incremental benefit of board diversity on ESG performance may decrease, which regulators should consider.
👥 読者別の含意
🔬研究者:Provides robust causal evidence (event-study, SUR) on the interaction between mandatory reporting and board diversity in driving ESG outcomes.
🏢実務担当者:Highlights that under mandatory ESG reporting regimes, the ESG performance benefit of board gender diversity may be reduced, suggesting a need to re-evaluate diversity strategies.
🏛政策担当者:Shows that mandatory disclosure rules can substitute for governance-driven improvements, implying that regulators should consider complementary policies to enhance board diversity effects.
📄 Abstract（原文）
This study examines how board gender diversity and country-level environment, social and governance (ESG) reporting mandates influence firms’ ESG performance. Using an unbalanced panel of 52,159 firm-year observations from 55 countries between 2010 and 2023, the analysis combines baseline regressions with a lead-lag model, seemingly unrelated regressions (SUR), and staggered event-study estimates. The results show that gender-diverse boards are associated with higher ESG scores, with the strongest effects in the governance pillar. Mandatory ESG reporting raises environmental and social performance, while its effect on governance remains weaker. The interaction term indicates a negative substitution pattern, in which the marginal contribution of gender diversity declines under mandatory reporting regimes. SUR tests reveal systematic differences across ESG pillars, with governance responding more to board structure, while environmental and social outcomes respond more to regulations. Event-study estimates show that improvements appear several years after implementation, with no evidence of pre-trends or immediate post-adoption effects. These findings have implications for regulators designing ESG disclosure mandates and firms aiming to strengthen sustainability outcomes through board structures.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.71747/uow-r3gk326m.33032366.v1first seen 2026-07-23 05:12:06 · last seen 2026-07-23 05:12:07
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