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Environmental Performance and Firm Value: The Moderating Effect of Board Gender Diversity

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  • Mukesh Nepal
  • Priya Das
  • Ragubir Sahu

Abstract

This study aims to empirically examine the moderating effect of board gender diversity (BGD) on environmental performance and firm value. Following a longitudinal research design, it collects data by accessing the Bloomberg database for the National Stock Exchange (NSE)-listed Nifty-50 indexed firms covering 2018–2021. The study employs the Hausman test to identify a suitable model between fixed and random effects. The results have revealed that BGD is unlikely to moderate the relationship between environmental performance and firm value. However, the study reveals that BGD positively and significantly impacts environmental performance. On the other hand, the results report an insignificant relationship between BGD and firm value, proxying both accounting and market-based firm value measures. The study has acknowledged a few limitations and provided policy implications, such as introducing stringent measures for ensuring the independence of women directors (WDs) in boardroom discussions and a new provision to increase women’s participation on the board. Moreover, the study also paved the way for future research.

Suggested Citation

  • Mukesh Nepal & Priya Das & Ragubir Sahu, 2025. "Environmental Performance and Firm Value: The Moderating Effect of Board Gender Diversity," Indian Journal of Corporate Governance, , vol. 18(1), pages 92-109, June.
    • Handle: RePEc:sae:ijcgvn:v:18:y:2025:i:1:p:92-109
    DOI: 10.1177/09746862251315539
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