JOURNAL OF CORPORATE FINANCE, VOLUME 52，OCTOBER 2018

女性更加环保吗？公司性别多样性和环境违法行为

作者：Chelsea Liu (The University of Adelaide)

摘要：本论文探讨了董事会性别多元化与企业环境违规之间的关系。根据性别社会化和多元化理论，更多的女性董事会代表和女性首席执行官（CEO）有望减少企业环境违法行为的频率。实证检验表明，董事会性别多元化程度较高的公司不太经常因环境侵权而被起诉。相比之下，CEO性别仅在女性董事会代表性较低的公司中与环境诉讼的减少有关。本文探讨了董事会性别多元化与企业环境政策改善之间的关系，作为解释诉讼频率降低的机制。该结果在控制反向因果关系，倾向得分匹配，子样本分析，不同变量定义，备择模型以及行业控制和调整后具有很强的稳健性。这些发现为投资者、管理者和政策制定者提供了重要的视角，使其了解女性领导在上市公司中的作用。

关键词：公司环境责任；董事会性别多样性；女性CEO；公司诉讼；环境诉讼

Are women greener? Corporate gender diversity and environmental violations

Chelsea Liu (The University of Adelaide)

ABSTRACT

This study examines the relationship between board gender diversity and corporate environmental violations. Drawing on gender socialization and diversity theories, greater female board representation and female chief executive officers (CEO) are expected to reduce the frequency of corporate environmental violations. Empirical evidence in this study shows that firms with greater board gender diversity are less often sued for environmental infringements. In contrast, CEO gender is linked to reduced environmental litigation only in firms with low female board representation. I explore the relationship between board gender diversity and improved corporate environmental policies as a mechanism to explain the reduced litigation frequency. The findings are robust to controlling for reverse causality, propensity score matching, subsample analyses, different variable definitions, alternative model specifications, and industry controls and adjustments. These findings provide important insights to investors, managers, and policymakers into the role of female leadership in public companies.

Keywords: Corporate environmental responsibility; Board gender diversity; Female CEOs; Corporate litigation；Environmental lawsuits

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119918301408

翻译：陈然