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Gender diversity on the board and in top management and ESG performance: evidence from Italian non-financial listed companies

取締役会および経営トップのジェンダーダイバーシティとESGパフォーマンス：イタリア非金融上場企業からの証拠 (AI 翻訳)

M. Arcuri, R. Pisani

Journal of Management and Governance📚 査読済 / ジャーナル2026-07-06#ESGOrigin: EU経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1007/s10997-026-09803-0
原典: https://link.springer.com/content/pdf/10.1007/s10997-026-09803-0.pdf
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🤖 gxceed AI 要約

日本語

本研究は、2015～2022年のイタリア非金融上場企業290社を対象に、女性取締役・女性経営幹部（PWDM）および女性CEOとESGパフォーマンスの関係を分析。結果、PWDMとESG評価には負の関係があるが、CEOが女性の場合、PWDMが50%前後以上でESGスコアに正の影響を与えることを示した。また、独立取締役比率や企業規模、財務変数との関連も確認。

English

This study explores the relationship between the percentage of women directors and managers (PWDM) and women CEOs on ESG performance of 290 Italian non-financial listed firms (2015-2022). The results show a negative overall relationship between PWDM and ESG ratings, but a positive effect on some ESG scores when the CEO is female and PWDM is near or above 50%. The study also finds associations with independent directors, firm size, and financial variables.

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

日本のコーポレートガバナンス・コードでは取締役会の多様性が求められており、本稿は女性登用がESG評価に与える影響を示唆する。ただしイタリアに焦点を当てており、日本の規制環境との違いに留意が必要。

In the global GX context

This paper contributes to the global discourse on board diversity and ESG performance, relevant to ISSB and integrated reporting frameworks. It highlights the conditional role of women CEOs in amplifying the positive ESG effect of gender-diverse boards.

👥 読者別の含意

🔬研究者:Provides panel evidence on the nuanced relationship between gender diversity and ESG, with conditional effects of female CEO.

🏢実務担当者:Companies with gender-diverse boards and a female CEO may see better ESG ratings; useful for diversity and ESG strategy.

🏛政策担当者:Supports policies promoting gender diversity in top management, not just board membership, to enhance sustainability outcomes.

📄 Abstract（原文）

This study explores the relationship between the percentage of women directors and managers (PWDM) and women CEOs on one hand, and the ESG performance of companies on the other. We carried out a panel analysis on 290 Italian non-financial listed companies over 2015–2022. Our results demonstrate that there is a negative relationship between PWDM and ESG ratings, but when the company’s CEO is a woman, the Bloomberg ESG score and E score from LSEG and E and S scores from Bloomberg are positively influenced by a PWDM close to or above 50%. We also find that ESG performance is mainly associated with the percentage of independent directors, number of employees, firm age and certain financial variables, including ROA, ROA volatility, Tobin’s Q and P/E. The novelty of this study lies, among other things, in examining the relationship between corporate governance and sustainability while focusing on operational roles in addition to board membership. The study may also have important implications for policies and programmes to promote gender equality in the broader context of Diversity and Inclusion.

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