Are Firms with Female CEOs More Environmentally Friendly?

22 Pages Posted: 23 Apr 2019

See all articles by Zigan Wang

Zigan Wang

The University of Hong Kong - School of Economics and Finance; Columbia University

Luping Yu

The University of Hong Kong - Faculty of Business and Economics

Date Written: March 24, 2019

Abstract

In this paper, we document a previously unknown benefit of women’s role in firm management: the enhancement of environmental protection. Through a panel data analysis, we find that firms with female CEOs produce less air and water pollution and greenhouse gas emissions, and receive fewer environmental penalties, compared to firms with male CEOs. Our difference-in-differences analysis shows that firms also reduce air and water toxic releases, greenhouse gas emissions, and receive fewer environmental penalties after experiencing a male-to-female CEO transition. Moreover, firms demonstrate higher awareness of environmental protection, reflected in their 10-K filings, when being led by female CEOs.

Keywords: Female CEOs, Pollution, Environmental Penalties

JEL Classification: G41, J16, Q53

Suggested Citation

Wang, Zigan and Yu, Luping, Are Firms with Female CEOs More Environmentally Friendly? (March 24, 2019). Available at SSRN: https://ssrn.com/abstract=3359180 or http://dx.doi.org/10.2139/ssrn.3359180

Zigan Wang

The University of Hong Kong - School of Economics and Finance ( email )

8th Floor Kennedy Town Centre
23 Belcher's Street
Kennedy Town
Hong Kong

Columbia University ( email )

3022 Broadway
New York, NY 10027
United States

Luping Yu (Contact Author)

The University of Hong Kong - Faculty of Business and Economics ( email )

Hong Kong

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