Publication: The impact of board gender diversity on green building practices: Moving beyond traditional linear and logistic specifications
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Date
2024-10-13
Authors
Montero, Jose-María ; Valls Martínez, María del Carmen ; Santos Jaén, José Manuel
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Publisher
Willey
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DOI
https://doi.org/10.1111/corg.12624
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info:eu-repo/semantics/article
Description
© 2024 The Authors. This document is made available under the CC-BY-NC-ND 4.0 license http://creativecommons.org/licenses/by-nc-nd/4.0
This document is the accepted version of a published work that appeared in final form in
Corporate Governance: An International Review To access the final work, see DOI: https://doi.org/10.1111/corg.12624
Abstract
This article examines the relationship between sustainability and gender equality by
analyzing how the percentage of women on the board of directors (still less than 50%
in most cases) influences a company's commitment to green building practices. For
this analysis, we estimate 30 competing multivariate pooled and panel data logistic
specifications, including the gender diversity factor in both its traditional and polynomial
forms. This methodological innovation (the polynomial form) allows for the
examination of gender diversity's relationship with other variables beyond conventional
models that assume constant effects, thus enabling a more realistic depiction
of impacts that vary with the degree of diversity. Our dataset includes companies
listed on the Euro Stoxx 300 and Standard & Poor's 500 for the period 2010–2021.
The findings indicate that, in both indices, an increased percentage of women on the
board (and a higher Blau diversity index) correlates with a greater propensity for sustainable
building practices, up to a threshold nearing parity. The impacts are more significant
in Europe than in the U.S., where board gender diversity appears to have a
lesser influence on green building initiatives. The specification that best models the
relationship between sustainable building practices and gender diversity, along with
other relevant factors, is a multivariate panel data logistic model with the gender
diversity factor included as a cubic polynomial for companies listed on the Euro Stoxx
300. A similar model, but with the gender factor in a quadratic polynomial form, was
selected for companies listed on the Standard & Poor's 500. Therefore, the impact
function of gender diversity on sustainable building practices is not constant but
depends on the existing degree of board gender diversity, with the shape of the
impact function differing between Europe and the U.S. Additionally, the study finds
that other board characteristics—larger boards, longer tenures of directors, and higher
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Citation
Corporate Governance: An International Review, 2024; 0:1–22
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