Women on management board and ESG performance

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Purpose – The purpose of this paper is the analysis of women on management board and their impact on environmental, social and governance (ESG) performance in two European two tier countries.
Design/methodology/approach – The empirical quantitative study covers a sample of German and Austrian companies which are listed at the Prime Standard of the Frankfurt and Vienna Stock Exchange for the business years 2010-2014 (1,019 firm-year observations). A correlation and regression analysis is conducted to measure a possible link between gender diversity and ESG performance in these European countries.
Findings - Multiple regressions state that female members in the management board do have a positive impact on ESG performance, measured by the AssetFour database by Thomson Reuters. Surprisingly, CSR expertise does not have a significant impact on ESG performance, whether the implementation of a CSR committee has a positive and significant link with ESG performance.
Originality/value- The analysis is the first empirical study that has a focus on Germany and Austria as the main representatives of the European two tier system. The findings have impli-cations for both users and public policy and suggest that current national and European regu-lations on corporate governance and CSR could have a great impact on future CSR perfor-mance and market reactions.
ZeitschriftJournal of Global Responsibility
Seiten (von - bis)98-109
Anzahl der Seiten12
PublikationsstatusErschienen - 2016

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