中文摘要
为考察女性为董事会带来了什么，我们首先利用盖洛普民意调查（Gallup Poll）表明，在权衡环境收益与经济收益时存在显著的性别差距。接着我们证明，这种性别差距延伸至董事会层面。拥有女性董事与企业更环保的经营运作相关，但同时也与更高的环境保护投资相关。利用加利福尼亚州一项强制实施董事会性别配额的法律变更所做的分析，结果指向女性董事可能存在因果效应。借助一套丰富的董事人口统计特征与董事会特征，我们表明，在解释企业环境绩效方面，没有任何一项特征能持续超越女性董事比例，这表明女性董事在解释企业环境保护投资方面发挥着独特作用。本文获Caroline Flammer（可持续发展领域）接受。资助：P.-H. Hsu感谢台湾地区教育事务主管部门与台湾地区科学技术委员会玉山学者计划[资助号MOE-108-YSFMS-0004-012-P1与NSTC 113-2410-H-007-008-MY3]、宾夕法尼亚大学沃顿商学院Mack创新管理研究所，以及玉山学术奖的财务与研究支持。K. Li获得加拿大公司治理研究讲席、加拿大社会科学与人文研究理事会[资助号435-2022-0285]以及不列颠哥伦比亚大学尚德商学院Montalbano负责任领导力发展中心的财务支持。补充材料：在线附录与数据文件可在https://doi.org/10.1287/mnsc.2024.07730获取。
Abstract
To examine what women bring to the boardroom table, we first show a significant gender gap in viewing the tradeoff between environmental and economic benefits, using the Gallup Poll. We next demonstrate that such a gender gap extends into boardrooms. Having female directors is associated with more environmentally friendly business operations, but also with higher investment in environmental protection at the same time. Results from an analysis using a California law change that imposed board gender quotas point to a potentially causal effect of female directors. Employing a rich set of director demographics and board characteristics, we show that none consistently supersedes the share of female directors in explaining corporate environmental performance, suggesting that female directors play a unique role in explaining firms’ investment in environmental protection. This paper was accepted by Caroline Flammer, sustainability. Funding: P.-H. Hsu acknowledges the Yushan Fellow Program by the Ministry of Education and the National Science and Technology Council, Taiwan [Grants MOE-108-YSFMS-0004-012-P1 and NSTC 113-2410-H-007-008-MY3], the Mack Institute for Innovation Management at the Wharton School, University of Pennsylvania, and the E.SUN Academic Award for financial and research support. K. Li received financial support from the Canada Research Chair in Corporate Governance, the Social Sciences and Humanities Research Council of Canada [Grant 435-2022-0285], and the Montalbano Centre for Responsible Leadership Development at UBC Sauder School of Business. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.07730 .