Women's Leadership in Sustainability: New Research Reveals Positive Effects on Firm Value

Strategic Insights -

A recent study published in the Journal of Discover Global Society has found a significant positive correlation between the presence of women on corporate boards and carbon emission disclosure practices. The research, conducted by Afifah Ma'wa and Doddy Setiawan at Universitas Sebelas Maret, analyzed data from 765 observations in the transportation and logistics sector in ASEAN-5 countries between 2017 and 2022. The study used Ordinary Least Squares (OLS) and Moderated Regression Analysis (MRA) to measure the impact of women's leadership on firm value.

Key Takeaways:

  • The presence of women on the board of directors has a positive effect on carbon emission disclosure practices, with a strengthening of this relationship when women directors have a business and economics education.
  • The study's findings support the "green and competitive" perspective on sustainability and business value, suggesting that diversity and education can lead to better sustainability policies.
  • The research aims to inform recruitment strategies and corporate policies, encouraging the consideration of gender diversity and board members' educational qualifications.
  • The sample size of 765 observations from 2017 to 2022 provides a robust dataset for analysis.
  • The use of EViews 13 and OLS/MRA methods enhances the study's methodological rigor.
  • The results imply that women's leadership can contribute to improved sustainability practices and increased firm value.
  • The study emphasizes the importance of combining gender diversity and educational background in promoting sustainability practices.

Statistics:

  • 765 observations were collected over the period from 2017 to 2022.
  • The study used the Ordinary Least Squares (OLS) method and Moderated Regression Analysis (MRA) to measure the ability of the moderating variable.
  • The Tobin's Q measure was used as a proxy for firm value.
  • The "green and competitive" perspective links diversity, education, and sustainability with business value, providing a framework for corporate policies.

Sources:

  • Ma'wa, A., & Setiawan, D. (2025). The role of women on board in carbon emission disclosure and the consequences on firm value. Discover Global Society, 3(1), 1-19. doi: 10.1007/s44282-025-00266-6
  • Universitas Sebelas Maret
  • Kementerian Pendidikan, Kebudayaan, Riset, Dan Teknologi; Direktorat Riset Dan Pengabdian Masyarakat; Direktorat Jenderal Pendidikan Tinggi