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Gender diversity, sustainability reporting, CEO overconfidence, and efficient risk‐taking: Evidence from South Asian agri‐food industry

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  • Farzan Yahya
  • Li Meiling
  • Chien‐Chiang Lee
  • Muhammad Waqas
  • Zhang Shaohua

Abstract

This article aims to understand the impact of board gender diversity (BGD) on the firm's deviation from efficient risk‐taking (DERT) along with the mediating effect of sustainability reporting and the moderating effect of CEO overconfidence. The sample consists of 77 South Asian agri‐food firms over the period 2010–2019. To account for endogeneity and other statistical biases, we use a system GMM approach. The results show that there is a non‐monotonic relationship between BGD and DERT. Consistent with critical mass theory, we find that at least three women on board (WOB) are required to reduce the firm's DERT. The findings of the study also reveal that the overconfident CEO may restrict the female directors to achieve the firm's efficient risk‐taking. The evidence further suggests that sustainability reporting quality (SRQ) does not mediate the link between BGD and a firm's DERT. The robustness tests are performed based on alternative risk proxy and the likelihood of financial distress. Our results theoretically support stakeholder, critical mass, and agency perspective that South Asian capital markets should enhance the representation of WOB to mitigate agency conflicts and to improve long‐term firm sustainability. Cet article vise à comprendre l'impact de la diversité au sein du conseil d'administration (DCA) sur l'écart de l'entreprise par rapport à une prise de risque efficace (EPRE), ainsi que l'effet médiateur des déclarations de durabilité et l'effet modérateur de l'excès de confiance des PDG. L'échantillon est composé de 77 entreprises agroalimentaires sud‐asiatiques sur la période 2010 à 2019. Pour tenir compte de l'endogénéité et d'autres biais statistiques, nous utilisons un système MMG. Les résultats montrent qu'il existe une relation non monotone entre DCA et EPRE. Conformément à la théorie de la masse critique, nous constatons qu'au moins trois femmes au conseil sont nécessaires pour réduire l'écart de l'entreprise par rapport à une prise de risque efficace. Les résultats de l'étude révèlent également qu'un PDG trop confiant peut restreindre les administratrices à atteindre une prise de risque efficace pour l'entreprise. Les résultats suggèrent en outre que la qualité des déclarations sur la durabilité n'influence pas le lien entre DCA et l'écart d'une entreprise par rapport à une prise de risque efficace. Les tests de robustesse sont effectués sur la base d'un indicateur alternatif de risque et de la probabilité de difficultés financières. Nos résultats soutiennent théoriquement la perspective des parties prenantes, de la masse critique et de l'agence selon laquelle les marchés financiers sud‐asiatiques devraient améliorer la représentation des femmes à bord pour atténuer les conflits d'agence et améliorer la durabilité à long terme de l'entreprise.

Suggested Citation

  • Farzan Yahya & Li Meiling & Chien‐Chiang Lee & Muhammad Waqas & Zhang Shaohua, 2022. "Gender diversity, sustainability reporting, CEO overconfidence, and efficient risk‐taking: Evidence from South Asian agri‐food industry," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 70(3), pages 219-238, September.
    • Handle: RePEc:bla:canjag:v:70:y:2022:i:3:p:219-238
    DOI: 10.1111/cjag.12318
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