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Biodiversity reporting and Staggered Board

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  • Treepongkaruna, Sirimon
  • Suttipun, Muttanachai
  • Padungsaksawasdi, Chaiyuth

Abstract

This paper explores the effect of staggered board on company’s biodiversity reporting for the U.S. firms over the period of 2002 to 2018. Together with and without selected control variables, evidence from the pooled regression and the panel regressions with the fixed effect and the random effect clearly demonstrates that firms with staggered board are less likely to report on biodiversity. The negative effect of staggered board on biodiversity provides evidence of adverse effects on environmental sustainability. The results of the two-stage least squares regression show that endogeneity is not of concern, implying unbiased and valid estimations of the main results. Our findings support the agency theory and managerial entrenchment hypothesis.

Suggested Citation

  • Treepongkaruna, Sirimon & Suttipun, Muttanachai & Padungsaksawasdi, Chaiyuth, 2026. "Biodiversity reporting and Staggered Board," Finance Research Letters, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:finlet:v:88:y:2026:i:c:s1544612325024158
    DOI: 10.1016/j.frl.2025.109166
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