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減少させるか？ (AI 翻訳)
Wan Adibah Wan Ismail, Khairul Anuar Kamarudin, Dalilawati Zainal
🤖 gxceed AI 要約
日本語
本研究は55カ国52,159の企業-年観測データを用いて、取締役会のジェンダー多様性と強制的なESG報告ルールが企業の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、特にガバナンスで効果が大きい。一方、強制報告は環境・社会スコアを高めるがガバナンスへの効果は限定的で、両者の間に代替関係が存在することを示す。
English
Using 52,159 firm-year observations from 55 countries (2010-2023), this study examines how board gender diversity and mandatory ESG reporting rules affect ESG performance. Gender-diverse boards are associated with higher ESG scores, strongest in governance. Mandatory reporting raises environmental and social scores but shows a substitution effect, reducing the marginal contribution of diversity.
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によるサステナビリティ開示基準の策定が進む中、本論文は強制開示が取締役会構成の効果に与える影響を実証。ジェンダー多様性推進と開示規制の相互作用を理解することは、日本企業のコーポレートガバナンス戦略に示唆を与える。
In the global GX context
As mandatory ESG reporting expands globally (CSRD, ISSB, SEC), this paper provides cross-country evidence on how disclosure mandates interact with board characteristics. It informs the design of regulations: mandatory reporting may substitute for some board diversity effects, suggesting that both structure and rules matter for ESG outcomes.
👥 読者別の含意
🔬研究者:Provides robust panel-data evidence on the substitution effect between board diversity and mandatory reporting across 55 countries, with multiple identification strategies.
🏢実務担当者:Suggests that under mandatory reporting, the ESG performance boost from gender diversity may diminish; boards should prioritize governance contributions.
🏛政策担当者:Highlights a potential trade-off: mandatory reporting rules can reduce the incremental benefit of board diversity on ESG scores, implying disclosure design should consider complementary governance mechanisms.
📄 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/10.1016/j.sftr.2026.102007first seen 2026-07-03 04:56:37
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。