Unveiling the Role of Women Directors in Shaping Corporate ESG Performance: Evidence from China

This paper explores how female directors on board affect the environmental, social, and governance (ESG) performance of companies in China. Using stakeholder, gender socialization, and resource dependence theories, the study examines the relationship between women’s board representation and overall ESG scores, as well as individual ESG pillars. Utilizing a sample of 1,520 Chinese listed companies from 2006 to 2023 and a panel data regression model with fixed effects, the results reveal a negative relationship. The study further explores the moderating effects of female directors' age and financial background, finding that older directors and those with more financial expertise have a less adverse impact on ESG scores. The findings offer nuanced insights into the complexities of boardroom gender composition and ESG, with implications for corporate governance and sustainability conducts in China. This study also contributes to the ongoing discussion about the role of women in shaping corporate social responsibility and environmental stewardship.