Gender Diversity, Board Size, and ESG Performance: Sectoral Evidence from GCC-Listed Firms

This study examines the relationship between board gender diversity, board size, and environmental, social, and governance (ESG) performance among Gulf Cooperation Council (GCC) listed firms. Drawing on Resource Dependence Theory (RDT), the analysis uses panel data from GCC-listed firms over the period 2018–2023. The findings show that board gender diversity is positively and consistently associated with aggregate ESG performance and its environmental and social dimensions, with results remaining robust across financial and non-financial firms, as well as energy and non-energy sectors. In contrast, board size is negatively associated with ESG performance, although sectoral heterogeneity is evident. Board size is negatively related to environmental performance in financial firms, while it is positively associated with ESG performance in energy firms, driven by the environmental dimension. Overall, the results highlight that the role of board characteristics varies across contexts and sectors in shaping ESG performance within the GCC.