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<p>This study investigates the impact of board secretary gender on ESG (Environmental, Social, and Governance) rating divergence using data from Chinese A-share listed companies. Firms with female board secretaries experience significantly higher ESG rating divergence, driven by gender bias and stereotypes that reduce stakeholder recognition. Contextual factors, such as regional gender equality awareness, social trust, education levels, and the development of the tertiary industry, mitigate these effects. Additionally, corporate governance characteristics, including ownership structure, firm size, and agency costs, moderate the relationship. This study contributes to the literature by identifying gender bias as a key driver of ESG rating divergence, highlighting the role of contextual and governance factors in shaping these dynamics, and offering actionable insights for improving ESG evaluation mechanisms and fostering gender equity in corporate leadership. These findings have significant implications for policymakers, corporate leaders, and market participants seeking to enhance market efficiency, reduce biases, and promote sustainable development.</p>

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Gender and ESG Rating Divergence: Evidence from Chinese Board Secretaries

  • 期刊论文

  • 发表日期：

    2025年8月29日

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  • Zhi Yu,
  • Xiangqiang Liu,
  • Yuan-Teng Hsu,
  • Xuewu Wang

摘要

This study investigates the impact of board secretary gender on ESG (Environmental, Social, and Governance) rating divergence using data from Chinese A-share listed companies. Firms with female board secretaries experience significantly higher ESG rating divergence, driven by gender bias and stereotypes that reduce stakeholder recognition. Contextual factors, such as regional gender equality awareness, social trust, education levels, and the development of the tertiary industry, mitigate these effects. Additionally, corporate governance characteristics, including ownership structure, firm size, and agency costs, moderate the relationship. This study contributes to the literature by identifying gender bias as a key driver of ESG rating divergence, highlighting the role of contextual and governance factors in shaping these dynamics, and offering actionable insights for improving ESG evaluation mechanisms and fostering gender equity in corporate leadership. These findings have significant implications for policymakers, corporate leaders, and market participants seeking to enhance market efficiency, reduce biases, and promote sustainable development.