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How does boardroom diversity influence the relationship between ESG and firm financial performance?

Author

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  • Wu, Zihao
  • Gao, Jun
  • Luo, Chengdi
  • Xu, Hui
  • Shi, Guanqun

Abstract

This study examines the impact of Environment, Social, and Governance (ESG) and firm financial performance (FFP), focusing on the moderating role of boardroom diversity (BRD). Panel data of 494 non-financial listed Chinese firms from 2018 to 2022 are analyzed. By employing a robust econometric approach of GMM, we control the model for industry effects, time effects, and potential endogeneity issues. Furthermore, we employ a rigorous and comprehensive approach, utilizing a six-dimensional index to measure boardroom diversity as moderating variable. We find a significant and positive impact of ESG and its sub-dimensions (i.e., environment, social, and governance) on firm performance; nonetheless, the existence of diverse perspectives in the boardroom is found to have a negative impact on the relationship between ESG and FFP. Then, by analyzing the sub-dimensions of BRD, we find that overseas background, degree, age and affiliations diversity have a significantly negative impact, while the impact of function diversity is not statistically significant and the impact of gender diversity is positive and significant. Heterogeneity analysis reveals that BRD's negative impact is more pronounced in non-SOEs and firms with large board size and short board tenure. These findings have important policy implications for managers and practitioners by supporting companies adopting ESG practices. However, they should also be cautious about conflicts when considering boardroom diversity and ESG initiatives regarding FFP. A stable and less divisive corporate governance environment is of great help to ESG practices. We suggest an approach where efforts could be made to promote board diversity that best aligns with sustainability goals.

Suggested Citation

  • Wu, Zihao & Gao, Jun & Luo, Chengdi & Xu, Hui & Shi, Guanqun, 2024. "How does boardroom diversity influence the relationship between ESG and firm financial performance?," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 713-730.
    • Handle: RePEc:eee:reveco:v:89:y:2024:i:pb:p:713-730
    DOI: 10.1016/j.iref.2023.10.045
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