Executive Gender and Firm Environmental Management: Evidence from CFO Transitions

Wang, Bo; Wang, Zehui; Wen, Jun; Zhang, Xiaotian Tina

doi:10.3390/su13073653

Cited by 9 publications

(15 citation statements)

References 76 publications

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“…In correspondence to the critical mass of women leader's H1, I created a dummy variable which I called "WO_TMT", and coded as one if at least three women prevail in the TMT, and zero otherwise. As many authors argued (Wang et al, 2021;Lim and Chung, 2021;Pan et al, 2020;Yang et al, 2019), this dummy variable allows the use of a single regression equation to represent multiple groups (female leaders [2] minority).…”

Section: Samplementioning

confidence: 99%

“…Second, Furlotti et al (2019) found that, consistent with gender self-schema, women pay more attention to social initiatives when they are in the chairperson's position. Two recent seminal empirical analyses by Lim and Chung (2021) and Wang et al (2021) revealed that companies led by female CEOs participated in more socially and environmentally responsible activities overall.…”

Section: Introductionmentioning

confidence: 99%

“…Evidence on how CEO managerial ability moderates the relationship between TMTs' gender diversity and CSP is underlined by two recent studies (Wang et al, 2021;Yuan et al, 2019). On the one hand, Wang et al (2021) posit that gender differences within TMTs lead CEOs to pay more attention to social knowledge and skills that help promote beneficial sustainable policies for several reasons. First, as women have a higher risk aversion than men, their preferences for risks will influence their choices and decisions.…”

Section: Introductionmentioning

confidence: 99%

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Women leaders and corporate social performance: do critical mass, CEO managerial ability and corporate governance matter?

Jouber

2022

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PurposeThis study aims to investigate the impact of top management team (TMT)'s gender diversity on corporate social performance (CSP). It sheds light on inconsistent results in literature by testing the moderator effects of chief executive officer (CEO) managerial ability and corporate governance (CG) on such impact.Design/methodology/approachA dynamic panel estimator is applied to an international sample of 8640 firm‐year observations from 2013 to 2017.FindingsThe author finds reliable evidence that the critical mass of at least three women leaders has a positive impact on the firm's CSP. Obtained results suggest, moreover, the deterrence effects of CEO managerial ability and CG tools (board independence, board gender diversity, the presence of a corporate social responsibility committee and family control) on the women leaders' contribution to the firm's CSP level. These results remain consistent with alternative measures for women leaders and CEO managerial ability. However, findings are lost when women achieve the CEO position, the chairperson position or both positions, which imply that men and women leadership styles are closely similar rather than different. Furthermore, women leaders' effect on CSP seems dependent (do not) on the country (industry) which a firm belongs to.Practical implicationsFrom a practical standpoint, the study highlights the importance of fostering the achievement of a critical mass of women leaders and the combination of CEO managerial ability – educational/professional backgrounds – and CG attributes to improve the firm's CSP. The study has important implications for investors and regulators. If investors wish to increase CSP, they should ask for more gender diversified TMTs. Furthermore, this study supports regulators in their efforts to increase senior women's quotas by providing empirical evidence of better social outcomes under leader gender diversity. The study’s evidence is also useful for companies in setting the criteria to identify CEOs who can support their strategic decisions.Originality/valueBy studying the impact female leaders have on CSP under CEO managerial ability and CG as moderators, this study is the first to display complementarities and substitutions between CEO's managerial ability and selected CG attributes in the promotion of CSP by female senior executives. Furthermore, it fills the void on how TMT's gender diversity impact CSP. In fact, while it is conventionally considered that women are more likely to engage in socially responsible activities, sensitive findings of this study shed light on the brighter side of female executives when they achieve the CEO, the chairperson position or both positions.

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Section: Samplementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Women leaders and corporate social performance: do critical mass, CEO managerial ability and corporate governance matter?

Jouber

2022

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“…Therefore, this cluster depicts the significance of environmental disclosures and performance considering the role of TMT characteristics. First, several studies documented that female CFOs, directors, and CEOs significantly enhance environmental performance (Elmagrhi et al 2019;Tran and Pham 2020;Wang et al 2021). Second, studies in the cluster found mixed evidence regarding the relationship between TMT education and environmental performance.…”

Section: Thematic Mapmentioning

confidence: 99%

Influence of Senior Executives Characteristics on Corporate Environmental Disclosures: A Bibliometric Analysis

Arslan

Bilal

et al. 2022

JRFM

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This study aims to synthesize the literature on the top management team (TMT) characteristics influence on environmental disclosures of public organizations and identify recent trends, key themes, influential journals, and authors. Our study recruited 88 research articles on the relationship of TMT characteristics and environmental disclosures from 54 academic journals published from 2010 to 2021 for bibliometric analysis. Our study has identified three influential streams: (1) Role of Politically connections of TMT, good governance in environmental disclosures; (2) Significance of environmental disclosures and performance; and (3) institutional investors and environmental disclosures. Thematic map classifies the TMT characteristics and environmental disclosures relationship themes into four categories: Niche theme (e.g., financial expertise, CFO characteristics, CEO tenure, and board backgrounds); motor themes (e.g., environmental sustainability and climate change); emerging/declining themes (e.g., Environmental disclosure, managerial ownership, and CEO tenure); and basic/transversal themes (e.g., CEO characteristics, upper echelon theory, corporate governance). This study assists academicians, policymakers, managers, and consultants in the corporate sector to understand the role of different dimensions of TMT characteristics regarding environmental disclosures. Our study concludes with important practical implications and future research directions.

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“…Female CFOs also improve firm performance such as debt cost saving as they conduct more environmentally responsible activities, whose effects are more prominent in high risk firms (Wang et al, 2021).…”

Section: Sustainability Effects On Firm Performance and Valuementioning

confidence: 99%

Women in top echelon positions and their effects on sustainability: a review, synthesis and future research agenda

2021

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This article aims to review and systematize prior works that investigate how the presence of women in top echelon positions of firms affects sustainability and to create an agenda to guide future research in this promising area. In contrast to previous reviews, ours examines how women in top echelon positions affect sustainability by distinguishing both the position women held in the firm (i.e. Board of Directors—BoD, top management team, CEO and relevant committees) and the specific elements of sustainability (i.e. activity, performance, and disclosure). Our structured systematic review resulted in 187 publications retrieved from Web of Science and Scopus and revealed that the presence of women in top echelon positions is associated with greater engagement in social and environmental projects. Their presence also positively influences the environmental and social performance and increases the level, quality, and transparency of sustainability disclosure. Furthermore, the presence of women in top echelon positions and the implementation of sustainable activities improve both the firm financial performance and value. However, conflicting results have also emerged. On the basis of these findings, research gaps and future research agenda are identified and presented.

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Executive Gender and Firm Environmental Management: Evidence from CFO Transitions

Cited by 9 publications

References 76 publications

Women leaders and corporate social performance: do critical mass, CEO managerial ability and corporate governance matter?

Women leaders and corporate social performance: do critical mass, CEO managerial ability and corporate governance matter?

Influence of Senior Executives Characteristics on Corporate Environmental Disclosures: A Bibliometric Analysis

Women in top echelon positions and their effects on sustainability: a review, synthesis and future research agenda

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