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<p>The main purpose of this research is to examine the impact of sustainability-linked strategies like gender diversity of boards and carbon performance on stakeholder value of automotive corporations. Stakeholder value is conceptualized as a three-dimensional construct incorporating the social, environmental and governance values of organizations, which is of much relevance to a broad array of stakeholders including the employees, suppliers, consumers, government, and so on, apart from their shareholders. The sample includes listed automotive companies with ESG data availability in Refinitiv Eikon during the years 2016–2021 (1392 firm-year observations). The random effects model is employed for panel data analysis after confirming its appropriateness using the Hausman test. Robustness check was conducted using alternative variable specifications and methods. Further, potential endogeneity concerns were addressed by adopting GMM estimation. The results show a highly significant positive association between process-based carbon performance and stakeholder value. In contrast, the relationships between emissions-based carbon performance and stakeholder value, as well as board gender diversity and stakeholder value, are positive, though not statistically significant. The findings remain robust across alternate specifications and methods. This is one of the pioneering studies to explore the influence of sustainability-linked strategies—specifically gender diversity of boards and carbon performances on stakeholder value within global automotive industry. Drawing upon legitimacy theory and stakeholder theory coupled with gender socialization theory, and Porter’s hypothesis, this study establishes a framework to explore the interplay between sustainability-linked governance mechanisms and an overall performance value of a carbon-intensive industry. Utilizing a novel cross-country dataset, this study tackles a significant gap in the extant literature and contributes to theoretical advancements and practical implications to researchers, investors, business leaders and policy makers.</p>

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Paving the way towards sustainable growth: women on automotive boards, carbon performance and stakeholder value- global evidence

  • 期刊论文

  • 发表日期：

    2026年6月22日

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  • Rhoda Alexander,
  • Husam-Aldin N. Al-Malkawi,
  • Nidhi Singh

摘要

The main purpose of this research is to examine the impact of sustainability-linked strategies like gender diversity of boards and carbon performance on stakeholder value of automotive corporations. Stakeholder value is conceptualized as a three-dimensional construct incorporating the social, environmental and governance values of organizations, which is of much relevance to a broad array of stakeholders including the employees, suppliers, consumers, government, and so on, apart from their shareholders. The sample includes listed automotive companies with ESG data availability in Refinitiv Eikon during the years 2016–2021 (1392 firm-year observations). The random effects model is employed for panel data analysis after confirming its appropriateness using the Hausman test. Robustness check was conducted using alternative variable specifications and methods. Further, potential endogeneity concerns were addressed by adopting GMM estimation. The results show a highly significant positive association between process-based carbon performance and stakeholder value. In contrast, the relationships between emissions-based carbon performance and stakeholder value, as well as board gender diversity and stakeholder value, are positive, though not statistically significant. The findings remain robust across alternate specifications and methods. This is one of the pioneering studies to explore the influence of sustainability-linked strategies—specifically gender diversity of boards and carbon performances on stakeholder value within global automotive industry. Drawing upon legitimacy theory and stakeholder theory coupled with gender socialization theory, and Porter’s hypothesis, this study establishes a framework to explore the interplay between sustainability-linked governance mechanisms and an overall performance value of a carbon-intensive industry. Utilizing a novel cross-country dataset, this study tackles a significant gap in the extant literature and contributes to theoretical advancements and practical implications to researchers, investors, business leaders and policy makers.