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<p>This study examines the moderating role of board gender diversity (BGD) in the relationship between busy directors, foreign directors, non-executive directors, and environmental, social, and governance (ESG) performance. Using a sample of European sustainable companies listed in the <i>Euronext Sustainable Europe 120 index</i> from 2014 to 2023, the hypotheses were tested through a panel data structure and a one-step system Generalized Method of Moments approach. The findings reveal that BGD negatively moderates the relationship between foreign directors and ESG performance. However, BGD does not moderate the relationships between busy directors, non-executive directors, and ESG performance. To provide a deeper analysis, this study also examines the three ESG pillars separately. The results indicate that BGD negatively moderates the effect of foreign directors on environmental and social performance. Conversely, BGD positively moderates the effect of non-executive directors on governance performance, while it shows no moderating effect for busy directors across the ESG dimensions. Overall, our findings underscore the importance of BGD as a key board mechanism that influences board members’ contributions to ESG performance. This highlights the importance of carefully considering board characteristics to enhance sustainable performance.</p>

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Director typology and ESG performance: does board gender diversity matter? Evidence from European sustainable companies

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年2月28日

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  • Alfredo Grau,
  • Inmaculada Bel-Oms,
  • Manuel Castelo-Branco,
  • Janny Núñez-Almonte

摘要

This study examines the moderating role of board gender diversity (BGD) in the relationship between busy directors, foreign directors, non-executive directors, and environmental, social, and governance (ESG) performance. Using a sample of European sustainable companies listed in the Euronext Sustainable Europe 120 index from 2014 to 2023, the hypotheses were tested through a panel data structure and a one-step system Generalized Method of Moments approach. The findings reveal that BGD negatively moderates the relationship between foreign directors and ESG performance. However, BGD does not moderate the relationships between busy directors, non-executive directors, and ESG performance. To provide a deeper analysis, this study also examines the three ESG pillars separately. The results indicate that BGD negatively moderates the effect of foreign directors on environmental and social performance. Conversely, BGD positively moderates the effect of non-executive directors on governance performance, while it shows no moderating effect for busy directors across the ESG dimensions. Overall, our findings underscore the importance of BGD as a key board mechanism that influences board members’ contributions to ESG performance. This highlights the importance of carefully considering board characteristics to enhance sustainable performance.