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Do female directors influence the relationship between environmental, social and governance scores and firm market value in emerging economies?

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  • Rahul Matta
  • Himanshu Seth

Abstract

This study explores the impact of female directors (FD) on board on the relationship between environmental, social and governance score (ESGS) and the firm's market value (FMV) in developing markets such as India. Using the panel data regression approach on the sample of 253 public listed firms from India from 2016 to 2021, the association between the ESGS of Indian firms and their market value was investigated and scrutinising the effect of females on board on this relationship. Further, the dynamic GMM method was used to strengthen the conclusions and combat endogeneity bias. The results show that the FD on board do not affect the relationship between the combined ESGS, environmental and governance score and firm market value. However, the findings also show that the FD positively and significantly influences the relationship between the social score and firm market value. Further, this study suggests practical implications and future research directions.

Suggested Citation

  • Rahul Matta & Himanshu Seth, 2025. "Do female directors influence the relationship between environmental, social and governance scores and firm market value in emerging economies?," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 15(1), pages 46-74.
    • Handle: RePEc:ids:ijcgov:v:15:y:2025:i:1:p:46-74
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