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<p>This study examines how public governance quality conditions the relationship between board gender diversity and environmental, social, and governance (ESG) performance. Using 3,501 firm-year observations from listed firms in five ASEAN countries (2009–2023), we find that board gender diversity is positively associated with ESG performance only in contexts with stronger government effectiveness and regulatory quality. In weaker-governance environments, the association is weak or negative, suggesting that board diversity may function more as symbolism rather than substance. These results hold across extensive robustness checks, including alternative specifications, endogeneity tests, pillar-level analyses, and considerations of national culture. By showing that the ESG implications of board gender diversity depend on institutional credibility, this study contributes to business ethics by clarifying when diversity enhances substantive accountability rather than serving as an ethically hollow compliance signal.</p>

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Beyond Symbolism: How Public Governance Conditions the ESG Role of Board Gender Diversity

  • 期刊论文

  • 发表日期：

    2026年5月28日

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  • Shaista Wasiuzzaman,
  • Janice C. Y. How,
  • Aina Nazurah Hj Nordin,
  • Wan Masliza Wan Mohammad,
  • Dian Agustia

摘要

This study examines how public governance quality conditions the relationship between board gender diversity and environmental, social, and governance (ESG) performance. Using 3,501 firm-year observations from listed firms in five ASEAN countries (2009–2023), we find that board gender diversity is positively associated with ESG performance only in contexts with stronger government effectiveness and regulatory quality. In weaker-governance environments, the association is weak or negative, suggesting that board diversity may function more as symbolism rather than substance. These results hold across extensive robustness checks, including alternative specifications, endogeneity tests, pillar-level analyses, and considerations of national culture. By showing that the ESG implications of board gender diversity depend on institutional credibility, this study contributes to business ethics by clarifying when diversity enhances substantive accountability rather than serving as an ethically hollow compliance signal.