Are Women on Boards Associated With Disclosure Asymmetry? Evidence From Environmental and Social Disclosures in S&P 500 Firms
女性取締役は開示の非対称性と関連しているか？ S&P500企業の環境・社会開示からの証拠 (AI 翻訳)
Nitin Jain
🤖 gxceed AI 要約
日本語
本研究は、取締役会における女性の比率が環境開示と社会開示のバランスに与える影響を分析。2016～2022年のS&P500企業のパネルデータを用いた結果、女性取締役の増加は相対的に環境開示を強化するが、その効果は逓減する。また、取締役会の規模が大きいとこの効果が弱まる一方、取締役の年齢は影響しない。
English
This study investigates whether female board representation is associated with reduced asymmetry between environmental and social disclosures. Using panel data from S&P 500 firms (2016-2022), it finds that higher female representation is linked to stronger environmental disclosures, but with diminishing returns. Larger board size weakens this association, while board age has no significant effect.
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
日本でも取締役会の女性比率向上が進む中、本研究成果は、日本の企業がESG開示のバランスを改善する際に、女性取締役の役割を考慮する示唆を提供する。特に、統合報告書や有報での環境・社会情報の均整のとれた開示に貢献できる。
In the global GX context
This paper contributes to global ESG disclosure literature by highlighting board gender diversity as a determinant of disclosure balance. It offers insights for firms and regulators seeking to improve the quality of sustainability reporting, particularly in the context of integrated reporting frameworks like the ISSB.
👥 読者別の含意
🔬研究者:Adds to governance and ESG literature by examining board-level antecedents of disclosure asymmetry, revealing a nuanced relationship between female board representation and environmental vs. social disclosure emphasis.
🏢実務担当者:Provides evidence that increasing female board representation can lead to more balanced ESG disclosures, but firms should be aware of diminishing returns and the moderating effect of board size.
🏛政策担当者:Suggests that policies promoting gender diversity on boards may have positive spillover effects on the balance of ESG disclosures, supporting more comprehensive sustainability reporting.
📄 Abstract（原文）
ABSTRACT As Environmental, Social, and Governance (ESG) disclosures gain prominence among stakeholders, regulators, and investors, attention needs to be paid not just to their extent but also to their balance. While prior research has explored the board‐related drivers of overall ESG disclosure and its impact on firm performance, the board‐level antecedents of asymmetry between environmental and social disclosures remain underexamined. Many firms disproportionately emphasize one dimension, creating imbalances in sustainability communication. Concurrently, debates continue over whether women appointed to corporate boards, often during periods of adversity, have meaningful influence over governance outcomes. This study investigates whether board female representation is associated with reduced asymmetry between environmental and social disclosures. Grounded in signaling, institutional, and agency theories, we employ panel data from S&P 500 firms spanning 2016–2022. Our results show that higher female representation on boards is linked to relatively stronger environmental disclosures, though this relationship exhibits diminishing returns at higher levels of women representation. Additionally, we find that larger board size weakens this association, while board age has no significant moderating effect. These findings contribute to governance and ESG literature by highlighting how female‐centric boards shape sustainability communication strategies and by offering practical insights for firms seeking more integrated ESG reporting.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1002/bse.70367first seen 2026-05-05 19:08:32
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