Board gender diversity, quotas, and ESG disclosure: Global evidence

This study examines the impact of gender-diverse boards and the staggered initiation of gender quotas around the world on environmental, social, and governance (ESG) disclosure. Using a sample of 48 countries from 2005 to 2019, we show a significantly positive relationship between gender-diverse boards and ESG disclosure. This positive effect of gender diversity becomes stronger in countries with weaker stakeholder regimes and infor-mation environments, suggesting that those countries can obtain greater benefits by appointing more female directors. Further, using a staggered difference-in-differences design, we document a significant increase in ESG disclosure following the enactment of gender quotas. Overall, our findings demonstrate why gender-diverse boards for corporate social actions are relevant in an international setting.