IDEAS home Printed from https://ideas.repec.org/a/arh/jmabec/v100y2026i3p117-126.html

When more is not always better: Non-linear and governance-layer effects of female representation on ESG performance

Author

Listed:
  • Chaoran Li

    (Ms., Rotterdam, Netherlands)

  • Alexandre Madelaine

    (Dr., Rotterdam, Netherlands)

Abstract

This study investigates whether more female representation always leads to better ESG performance using European STOXX 600 firms from 2010 to 2023. Across firms, higher female representation in the top management team is associated with better ESG performance. We find limited evidence that this association is non-linear; if anything, the relationship appears to weaken at high levels of representation. Within firms over time, increases in board female representation weaken the positive association between top management female representation and ESG performance, suggesting substitution across governance layers. Overall, our findings suggest that more female representation is not always better for ESG performance.

Suggested Citation

  • Chaoran Li & Alexandre Madelaine, 2026. "When more is not always better: Non-linear and governance-layer effects of female representation on ESG performance," Maandblad Voor Accountancy en Bedrijfseconomie Articles, Maandblad Voor Accountancy en Bedrijfseconomie, vol. 100(3), pages 117-126, May.
    • Handle: RePEc:arh:jmabec:v:100:y:2026:i:3:p:117-126
    DOI: 10.5117/mab.100.166423
    as

    Download full text from publisher

    File URL: https://mab-online.nl/article/166423/
    Download Restriction: no
    File URL: https://libkey.io/10.5117/mab.100.166423?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Keywords

    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arh:jmabec:v:100:y:2026:i:3:p:117-126. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Teodor Georgiev (email available below). General contact details of provider: https://mab-online.nl/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.