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The rate of climate change due to global warming has become a substantial concern and appeared as a real-world phenomenon in the recent years. However, it is imperative to know how business enterprises alter such concern. Recent studies involve a variety of firm-level factors to create a robust link between business enterprises' environmental and financial performance. However, little is known regarding the role of research and development (R&D) investment on firms' environmental performance. Using a firm-level data for the period 2004-2016 from G-6 countries, this study empirically investigates how R&D investment affects the firm environmental performance measured by energy and carbon emissions intensities. We find that R&D investment improves the firm's environmental performance consistent with the theoretical argument of natural resource-based view (NRBV). Our findings are robust to alternative econometric specifications, alternative variable specifications, and sub-samples. Our findings offer novel insights to the policymakers, business managers, and regulators.

This paper examines whether board gender diversity affects corporate cash holdings using S&P 1500 index firms in the US for the period 2006-2015. We document a significantly negative relationship between board gender diversity and cash holdings. We also find a strong negative effect of female independent directors consistent with monitoring function. Moreover, in accordance with the critical mass theory, we find a negative effect of female directors' presence and voice on cash holdings. Our findings are robust to alternative econometric specifications, alternative measures of cash holdings and corporate governance, difference-in-differences, propensity score matching, and two-stage least squares. This study offers useful insights into the current global debate on gender diversity and its implications for firms. K E Y W O R D Scash holdings, corporate governance, gender diversity

We show that U.S. anti-discriminatory laws prohibiting discrimination in the workplace based on sexual orientation and gender identity (i.e. lesbian, gay, bisexual, and transgender (LGBT) identities) spur innovation, which ultimately leads to higher firm performance. We use the Human Rights Campaign's Corporate Equality Index (CEI) of 398 (1,592 firm-year observations) U.S. firms between 2011 and 2014, and find a significantly positive relationship between CEI and firm innovation. We also find that an interacting effect of CEI and firm innovation leads to higher firm performance. We use our understanding of Rawls' Theory of Justice and stakeholder theory to show that firms with workplace diversity policies are likely to be more innovative and perform better than those without such policies. Our results are robust to endogeneity, reverse causality and simultaneity issues. Our results will trigger debate in similar markets around the globe on the economic benefits of LGBT workplace diversity policies for firms.

Are female directors greener than their male counterparts? We investigate this issue by examining the impact of female directors on firm sustainable investment. Using data of S&P 1500 indexed firms in the United States, covering the period 2004-2016, we find a positive relationship between female directors and sustainable investment. Consistent with critical mass theory, we also find that boards with two or more female directors have a pronounced impact on sustainable investment. Moreover, female independent directors have a stronger impact on sustainable investment than female executive directors. Our additional analysis shows higher value for firms with the presence of female directors and sustainable investment. Our findings are robust to alternative variable specification, estimation techniques, and different identification strategies including the two-stage least squares, generalized method of moments, and propensity score matching. The study provides novel evidence on the role of female directors in promoting sustainable investment and adds a new dimension to the ongoing debate in sustainability literature. K E Y W O R D S environmental protection, female directors, sustainable investment 1 Although the United States has indicated its intention to withdraw from the Paris Agreement, all the major carbon-emitting countries, including China, Germany, India, Japan, and Russia, have expressed their strong intention to maintain their commitments.