The Impact of Women’s Board Representation on Environmental Sustainability: Empirical Evidence from US Firms

Ahmed Hassan Ahmed; Sudharshan Reddy Paramati; Chandan Sharma; Imam Arafat

doi:10.1002/bse.70964

The Impact of Women’s Board Representation on Environmental Sustainability: Empirical Evidence from US Firms

Ahmed Hassan Ahmed
, Sudharshan Reddy Paramati (Lead / Corresponding author)
, Chandan Sharma
, Imam Arafat

Accounting and Finance

Research output: Contribution to journal › Article › peer-review

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Abstract

This study investigates the impact of women's representation on corporate boards on firm-level environmental sustainability. Female board presence is measured by both the percentage of women and the number of female board members, while environmental sustainability is assessed through six indicators: total CO₂ emissions, direct CO₂ emissions, CO₂ intensity, emission score, environmental innovation score, and resource efficiency score. Using annual data from 2000 to 2021 for 657 US firms, we employ robust panel econometric techniques that account for potential endogeneity in the models. The findings show that higher female representation on boards significantly improves environmental performance by reducing emissions and promoting innovations and resource efficiency. Further analysis confirms that corporate social responsibility (CSR) and environmental, social, and governance (ESG) strategies also play important roles in promoting sustainability. These results are consistent across alternative specifications and measurements. The empirical evidence clearly highlights a critical policy outcome: increasing gender diversity in corporate boards can be a strategic tool for advancing environmental sustainability at the firm level. JEL Classification: L21L22M14Q56R11.

Original language	English
Journal	Business Strategy and the Environment
Early online date	8 May 2026
DOIs	https://doi.org/10.1002/bse.70964
Publication status	E-pub ahead of print - 8 May 2026

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 8 Decent Work and Economic Growth
SDG 12 Responsible Consumption and Production

Keywords

gender diversity
corporate boards
environmental sustainability
corporate social responsibility

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10.1002/bse.70964

Author Accepted ManuscriptAccepted author manuscript, 592 KBLicence: CC BY

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title = "The Impact of Women{\textquoteright}s Board Representation on Environmental Sustainability: Empirical Evidence from US Firms",

abstract = "This study investigates the impact of women's representation on corporate boards on firm-level environmental sustainability. Female board presence is measured by both the percentage of women and the number of female board members, while environmental sustainability is assessed through six indicators: total CO2 emissions, direct CO2 emissions, CO2 intensity, emission score, environmental innovation score, and resource efficiency score. Using annual data from 2000 to 2021 for 657 US firms, we employ robust panel econometric techniques that account for potential endogeneity in the models. The findings show that higher female representation on boards significantly improves environmental performance by reducing emissions and promoting innovations and resource efficiency. Further analysis confirms that corporate social responsibility (CSR) and environmental, social, and governance (ESG) strategies also play important roles in promoting sustainability. These results are consistent across alternative specifications and measurements. The empirical evidence clearly highlights a critical policy outcome: increasing gender diversity in corporate boards can be a strategic tool for advancing environmental sustainability at the firm level. JEL Classification: L21L22M14Q56R11.",

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AU - Sharma, Chandan

AU - Arafat, Imam

PY - 2026/5/8

Y1 - 2026/5/8

N2 - This study investigates the impact of women's representation on corporate boards on firm-level environmental sustainability. Female board presence is measured by both the percentage of women and the number of female board members, while environmental sustainability is assessed through six indicators: total CO2 emissions, direct CO2 emissions, CO2 intensity, emission score, environmental innovation score, and resource efficiency score. Using annual data from 2000 to 2021 for 657 US firms, we employ robust panel econometric techniques that account for potential endogeneity in the models. The findings show that higher female representation on boards significantly improves environmental performance by reducing emissions and promoting innovations and resource efficiency. Further analysis confirms that corporate social responsibility (CSR) and environmental, social, and governance (ESG) strategies also play important roles in promoting sustainability. These results are consistent across alternative specifications and measurements. The empirical evidence clearly highlights a critical policy outcome: increasing gender diversity in corporate boards can be a strategic tool for advancing environmental sustainability at the firm level. JEL Classification: L21L22M14Q56R11.

AB - This study investigates the impact of women's representation on corporate boards on firm-level environmental sustainability. Female board presence is measured by both the percentage of women and the number of female board members, while environmental sustainability is assessed through six indicators: total CO2 emissions, direct CO2 emissions, CO2 intensity, emission score, environmental innovation score, and resource efficiency score. Using annual data from 2000 to 2021 for 657 US firms, we employ robust panel econometric techniques that account for potential endogeneity in the models. The findings show that higher female representation on boards significantly improves environmental performance by reducing emissions and promoting innovations and resource efficiency. Further analysis confirms that corporate social responsibility (CSR) and environmental, social, and governance (ESG) strategies also play important roles in promoting sustainability. These results are consistent across alternative specifications and measurements. The empirical evidence clearly highlights a critical policy outcome: increasing gender diversity in corporate boards can be a strategic tool for advancing environmental sustainability at the firm level. JEL Classification: L21L22M14Q56R11.

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KW - corporate boards

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The Impact of Women’s Board Representation on Environmental Sustainability: Empirical Evidence from US Firms

Abstract

UN SDGs

Keywords

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